Public Storage (NYSE:PSA) stock rose 0.20% (As on April 28, 11:22:25 AM UTC-4, Source: Google Finance) after the company reported first quarter 2026 adjusted earnings per share of $4.22, surpassing analyst expectations, though revenue of $1.2 billion fell short of the $1.22 billion consensus estimate. The self-storage REIT posted net income of $2.71 per share, up 32.8% from $2.04 in the prior year period.   The company’s Core FFO of $4.22 per share represented a 2.4% increase from $4.12 in the first quarter of 2025, beating the analyst estimate of $2.38. Revenue remained essentially flat YoY at $1.22 billion compared to $1.18 billion in the same quarter last year. Weighted average same-store occupancy of 91.5% provided a steady operating base as lease-up assets added incremental growth. The company ended the quarter with 421 primarily non-same-store facilities totaling 37.7 million rentable square feet, representing about 16.4% of U.S. consolidated net rentable square feet.

Further, the company’s same-store facilities, representing 84% of its U.S. portfolio, showed resilience with net operating income growing 0.4% to $739.4 million. Same-store revenue was flat at $1.00 billion, while direct operating costs declined 1.6% to $229.3 million. The company achieved a 77.1% net operating income margin, expanding 0.4% from the prior year. Average occupancy increased to 91.5% from 91.1%. Realized annual rental income per occupied square foot edged down 0.3% to $22.00, while the realized annual rental income per available square foot rose 0.1% to $20.12. Average same-store occupancy improved 0.4 percentage points to 91.5%, supporting cash-flow stability against a shifting demand backdrop. This non-same-store pool generated $127.3 million of revenues, up 24.8% year over year, while NOI climbed 27.5% to $83.0 million. At quarter end, it had 40 development and expansion projects in the pipeline expected to deliver 3.5 million net rentable square feet at an aggregate estimated cost of $618.4 million. The remaining $415.7 million of spend is expected to be incurred primarily over the next 18 to 24 months.

Public Storage reaffirmed its full-year 2026 guidance for Core FFO per share of $16.35 to $17.00. The midpoint of $16.68 compares to available analyst consensus estimates. The company expects same-store revenue to decline 2.2% to flat, with net operating income projected to fall 3.9% to down 0.5%. The company announced a pending $10.5 billion all-stock acquisition of National Storage Affiliates Trust, expected to close in the third quarter of 2026 and add $0.35 to $0.50 to Core FFO per share at stabilization.