• Public Storage discussed first-quarter 2026 results on an earnings call attended by CEO Tom Boyle, President and CFO Joe Fisher, Director of Investor Relations Brandon Reagan, analysts, and investors.
• Core FFO rose to $4.22 per share, up 2.4% year over year, helped by better-than-expected same-store NOI and growth in non-same-store NOI.
• Management pointed to a material drop in churn and move-outs, supporting occupancy and contributing to stronger move-in rents, which were down 2.4% versus expectations for a mid-single-digit decline.
• Public Storage reiterated plans to acquire National Storage Affiliates with $110 million-$130 million of synergies, breakeven impact in 2026, and $0.35-$0.50 per-share earnings accretion by 2028-2029.
• Balance sheet metrics remained conservative with debt to EBITDA at 2.9x; Public Storage issued $500 million of 10-year unsecured notes at 5% to repay its revolving credit facility.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Public Storage published the original content used to generate this news brief on April 30, 2026, and is solely responsible for the information contained therein.