Public Storage Reports First Quarter 2026 Results

Public Storage reported first-quarter 2026 results after the market closed on April 27, delivering a beat on key earnings measures and pairing the quarter with a major acquisition announcement.

The company said net income was $2.71 per share, up from $2.04 a year earlier. Core FFO came in at $4.22 per share, compared with $4.12 in the same quarter last year. Revenue was about $1.22 billion.

Public Storage also announced a pending all-stock acquisition of National Storage Affiliates Trust valued at about $10.5 billion. The deal adds a major strategic move to what was already a solid earnings release.

The company’s results suggest that underlying operations remain healthy, even as the acquisition points to a more aggressive growth strategy. Reuters-sourced coverage said shares edged higher after the report.

Leadership also changed earlier this month: Tom Boyle became CEO effective April 1, while Shank Mitra became chairman on the same date.

For investors, the immediate focus now shifts from the quarter’s beat to how the National Storage Affiliates transaction will affect Public Storage’s scale, financing and future earnings profile.