REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-07-29 — Q2 2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Total revenue rose 2.6% to $1.23B as Same Store revenue fell 0.6% to $1.01B, with growth carried by acquired, developed and ancillary operations.
Biggest Revenue Drivers
Self-storage facilities$1,139,947K+1.9% YoY
Growth from acquired and developed/expanded facilities offset a decline at Same Store Facilities
Ancillary operations$92,934K+$10,498K YoY
Tenant reinsurance premiums up 11.8% on larger customer base and higher coverage and premium rates
Biggest Revenue Drivers
Total revenue: $1,232,881K
Self-storage facilities$1,139,947K+1.9% YoY
Growth from acquired and developed/expanded facilities offset a decline at Same Store Facilities
Within Self-storage facilities
Same Store Facilities$1,006,549K-0.6% YoY
0.8% decrease in realized annual rent per occupied square foot and 1.7% lower late charges and administrative fees
Acquired Facilities$78,871K+37.0% YoY
306 facilities acquired or unstabilized since January 1, 2024, totaling $4.5 billion of cost
Developed and Expanded Facilities$51,314K+15.6% YoY
120 facilities with 13.8 million net rentable square feet still in lease-up
Ancillary operations$92,934K+$10,498K YoY
Tenant reinsurance premiums up 11.8% on larger customer base and higher coverage and premium rates
Largest Expense Items
Self-storage cost of operations$307,820K+8.1% YoY
Property taxes rose 5.9% at Same Store on higher assessed values; marketing up 6.3% on more paid search
Depreciation and amortization$287,757K+1.6% YoY
Primarily due to acquired facilities and newly developed and expanded facilities
Interest expense$84,781K
Issuance of U.S. Dollar and Euro denominated unsecured notes in 2025 and 2026
General and administrative$44,369K+$18.6M YoY
Executive severance and CEO transition, corporate transformation, and NSA transaction and integration costs
Margins: Same Store gross margin before depreciation fell to 74.2% from 75.4%, as a 4.4% rise in cost of operations outpaced a 0.6% revenue decline. Total NOI slipped 0.2%.
Watch Items from the Filing
Same Store revenue fell 0.6% and NOI 2.2%; management expects full-year 2026 Same Store revenues modestly below 2025.
NSA merger closed July 22, 2026 — approximately 11.2 million common shares issued plus preferred; integration and cost-synergy risk newly disclosed.
Pending related-party PS Canada purchase from board member Tamara Hughes Gustavson for $1.2 billion plus $288 million earn-out.
Core FFO per share fell 2.6% to $4.17 despite diluted EPS up 44.9%, as the $17.2 million Euro FX gain does not recur in Core FFO.
Approximately $1.4 billion of unsecured notes mature in the next twelve months; $800 million commercial paper outstanding as of July 29, 2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Johnson NataliaCD&TOOption exercise · Jul 28, 2026
Pipes KristyDirectorGrant or award · May 6, 2026
Shaukat Tariq MDirectorGrant or award · May 6, 2026
Congress trading in PSA
14 transactions in PSA reported by 7 members of Congress under the STOCK Act, most recent trade Jan 12, 2026. Reported transactions, not recommendations.
About Public Storage (PSA): stock profile, AI score and financials
Public Storage (PSA) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores PSA at 69.4/100 on a composite quality score built from its SEC filings, placing it at rank #12 of 148 stocks — the top 10% of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), Public Storage reports quarterly revenue of $1.2B, net income of $500.0M, an operating margin of 37.9%. PSA trades on the NYSE exchange and files with the SEC under CIK 1393311. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate PSA daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Public Storage directly from SEC EDGAR.