Public Storage.
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+ FollowMarket Cap$60.68B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Raised 2026 guidance again; operating momentum strengthened
- Company raised full-year Core FFO guidance for the second time in 2026 to $16.90–$17.10 per share (midpoint $17.00), up $0.10 (~+0.6%).
- Q3 Core FFO: $4.34/share, +0.7% YoY.
- Same-store NOI and revenue: both +0.5% in Q3.
- Key leading indicators improved: Average move-in rents +9% YoY (strongest since Q2 2022); move-in rates +28% vs Q4 2025; churn improving; occupancy supported by better retention.
Demand/supply setup improving, but still mixed by geography (no major macro shift claimed)
- Management said fundamentals are better than expected; demand remains uneven but trend improved via:
- Better customer retention/churn and customer-experience focus.
- Lower move-out pressure (move-out revenue still negative, but helped by move-in trends).
- Supply backdrop improving as new construction slows, easing pressure especially outside certain Sunbelt areas.
- Expected for remainder of 2026:
- Low single-digit move-in rent growth and modestly positive YoY occupancy.
- Market detail:
- Coastal/Midwest: more normalized revenue growth (~2%–4% range).
- Sunbelt: still pressured by supply but with expectation of gradual support as deliveries decline.
- Los Angeles: improving after earlier state-of-emergency pricing restrictions; company expects continued catch-up over time.
PS Next + AI (“Ellie”) expanding; AI seen as discovery/engagement layer, not changing storage need
- Nearly 90% of customer interactions are digital; about 3/4 complete leases digitally.
- Ellie AI agent has handled 300,000+ customer interactions and is expanding.
- Management’s positioning: AI will increasingly influence how customers discover, compare, and engage with storage operators—Public Storage views its scale + digital foundation + customer experience as an advantage.
- Opportunity focus via PS Next:
- Improve utilization, address offline units, and deploy higher-return capital.
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$320.90
6.4% downside
Current Fair Value
6.4% downsideOvervalued by 6.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $60.68 Billion |
|---|---|
| Enterprise Value | $80.78 Billion |
| Annual dividend | $12.00 |
| Dividend yield | 3.69% |
| Earnings per Share | $9.04 |
| Beta | 0.93 |
| Outstanding Shares | 184,159,000 |
Return
| Return on Equity | 20.71% |
|---|---|
| Return on Assets | 9.46% |
| Return on Invested Capital | 22.62% |
Valuation & Multiples
| P/E Ratio | 33.9 |
|---|---|
| PEG | -120.2 |
| Price to Sales | 12.69 |
| Price to Book Ratio | 6.86 |
| Enterprise Value to Revenue | 16.05 |
| Enterprise Value to EBIT | 38.47 |
| Enterprise Value to Net Income | 42 |
| Total Debt to Enterprise | 0.25 |
| Debt to Equity | 2.22 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$2.35
Consensus analyst estimateRevenue Estimate
$1.35 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$2.40
Consensus analyst estimateRevenue Estimate
$1.40 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 152.05% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.48%▼ 85.51% |
|---|---|
| Total Invested | $1.73B▼ 96.52% |
| Investors Holding | 414▼ 743.00% |
About Public Storage
5,400 employees
CEO: Joseph Russell
As a prominent Real Estate Investment Trust (REIT) included in both the S&P 500 and FT Global 500 indices, Public Storage's core business involves the acquisition, development, ownership, and management of self-storage properties. As of ...