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Sentiment · FY2026 Q2
On July 21, 2026, Public Storage completed its mergers with National Storage Affiliates. In the Partnership Merger, Public Storage issued approximately 4,100,000 Public Storage OP Units to former NSA OP unit holders and 660,371 Series T-1 Preferred Units to former holders of NSA OP's Series A-1 Preferred Units, and designated new Series T and Series U cumulative preferred shares. A press release announcing completion was issued July 22, 2026.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Michael Goldsmith | UBS | 14 (14%) |
| Juan Sanabria | BMO Capital Markets | 14 (7%) |
| Todd Thomas | KeyBanc Capital Markets | 14 (0%) |
| Michael Griffin | Evercore ISI | 12 (0%) |
| Brendan Lynch | Barclays | 12 (17%) |
| Caitlin Burrows | Goldman Sachs | 11 (0%) |
| Ron Kamdem | Morgan Stanley | 10 (0%) |
| Eric Luebchow | Wells Fargo | 10 (0%) |
| Samir Khanal | Bank of America | 9 (0%) |
| Ravi Vaidya | Mizuho Securities | 9 (11%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 2 | 15 (0%) |
| BMO Capital Markets | 1 | 14 (7%) |
| UBS | 1 | 14 (14%) |
| KeyBanc Capital Markets |
Public Storage reported core FFO of $4.22 per share, up 2.4% year-over-year, as same-store revenue and NOI growth were flat and positive 0.4% respectively. Move-in rents improved to down 2.4%, better than the full-year expectation of mid-single-digit declines, while customer churn was materially reduced. Management maintained guidance unchanged with busy season still ahead, as the NSA acquisition strengthened platform scale.
Demand | Pricing | Competitive Dynamics | Capital Allocation | M&A | Regulation Policy | Revenue Growth | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 9 | 3 | 3 | 2 | 6 | 1 | |
| 2025Q1 | 11 | 5 | 5 | 3 | 2 | 3 | 1 | |
| 2025Q2 | 12 | 8 | 4 | 3 | 4 | 6 | 5 | 1 |
| 2025Q3 | 8 | 7 | 3 | 4 | 5 | 3 | 3 | 3 |
| 2025Q4 | 5 | 4 | 3 | 10 | 6 | 2 | 4 | 7 |
| 2026Q1 | 6 | 3 | 8 | 2 | 6 | 1 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 7 | 11 | 12 | 8 | 5 | 6 |
| Pricing | 9 | 5 | 8 | 7 | 4 | 3 |
| Competitive Dynamics | 3 | 5 | 4 | 3 | 3 | 8 |
| Capital Allocation | 3 | 3 | 3 | 4 | 10 | 2 |
| M&A | 2 | 2 | 4 | 5 | 6 | 6 |
| Regulation Policy | 6 | 3 | 6 | 3 | 2 | 1 |
| Revenue Growth | 1 | 5 | 3 | 4 | 3 | |
| Innovation & R&D | 1 | 1 | 3 | 7 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.18B | +1.5% | $3.21 | +44.6% | 73.6% | 47.0% | 52.2% | $665M |
| FY2025 Q1 | $1.18B | +2.2% | $2.04 | -21.7% | 72.0% | 39.2% | 34.5% | $647M |
| FY2025 Q2 | $1.20B | +2.4% | $1.76 | -33.8% | 73.5% | 41.6% | 29.8% | $817M |
| FY2025 Q3 | $1.22B | +3.1% | $2.62 | +21.3% | 73.0% | 70.6% | 41.8% | $988M |
| FY2025 Q4 | $1.22B | +3.3% | $2.60 | -19.0% | 24.0% | 45.8% | 41.7% | $634M |
| FY2026 Q1 | $1.22B | +2.9% | $2.71 | +33.1% | 72.1% | 38.9% | 43.2% | $625M |
| FY2026 Q2 | $1.23B | +2.6% | $2.55 | +44.9% | 72.1% | 37.9% | 40.6% | $938M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| 1 |
| 14 (0%) |
| Evercore ISI | 1 | 12 (0%) |
| Citigroup | 2 | 12 (17%) |
| Green Street | 2 | 12 (8%) |
| Barclays | 1 | 12 (17%) |
What PSA and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think PSA is a very good operator, and I'm confident those stores will do better under one unified platform than the system NSA was pursuing.”
Extra Space characterizes competitor Public Storage (PSA) as a strong operator and expects the acquired NSA stores to perform better under PSA's unified platform.
“licensing bespoke, supervised and unsupervised models to public storage and a leading global private equity firm.”
Welltower launched its first external data-science partnership, licensing machine-learning models to Public Storage, indicating Public Storage is adopting Welltower's platform to accelerate capital-allocation decisions.
“In March, we announced the strategic data science partnership with Welltower.”
Public Storage formed a strategic data-science partnership with Welltower combining Welltowers capital allocation platform with PSs pricing and customer analytics.
“the announced acquisition of National Storage Affiliates (NSA) is an important early milestone in that strategy.”
Public Storage is acquiring National Storage Affiliates (NSA), a ~1,000-asset self-storage portfolio, as a major PS 4.0 growth milestone.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
PSA Public Storage | 5 | +2.9% | |
| EXR Extra Space Storage | 5 | +1.9% | |
| PLD Prologis | 7 | +7.4% |