Public Storage raised its 2026 Core funds from operations (Core FFO) outlook after reporting higher third-quarter revenue and a slight increase in the measure, while net income per diluted common share declined year over year.
The self-storage company reported $1.69 in net income per diluted common share for the quarter ended Sept. 30, down 35.5% from a year earlier. Core FFO, a non-GAAP measure, was $4.34 per share, up 0.7%. Public Storage says Core FFO is not a substitute for net income.
Total revenue was $1,366.190 million, compared with $1,224.043 million in the same period a year earlier. The figures appear in an earnings release filed as Exhibit 99.1 to the company’s Oct. 26 Form 8-K with the Securities and Exchange Commission.
The updated 2026 Core FFO forecast is $16.90 to $17.10 per share, up from the previous range of $16.75 to $17.05. Public Storage also revised its same-store net operating income (NOI) growth outlook to negative 0.8% to positive 0.2%, from negative 2.0% to negative 0.3%. The company described that change as a 90-basis-point adjustment and cited strong year-to-date performance in raising its guidance.
Management attributed positive trends in same-store revenue, NOI and Core FFO to lower customer churn, higher occupancy and strong move-in rates, according to the earnings release.
The Form 8-K lists Item 2.02, “Results of Operations and Financial Condition,” and Item 9.01, “Financial Statements and Exhibits.” Management is scheduled to discuss the results on a conference call Oct. 27 at 11 a.m. CT (noon ET).
