EarningsQ2 2026 Earnings Report
DE:PUP Q2 2026 EPS Results
Actual EPS€2.22
Consensus EPS€2.21
Beat/MissBeat by +€0.01
One Year Ago EPS€1.53
DE:PUP Q2 2026 Revenue Results
Actual Revenue€1.07B
Expected Revenue€1.07B
Beat/MissMissed by -€961.43K
YoY Revenue Growth+2.65%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
DE:PUP Upcoming Earnings
Public Storage's next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:PUP Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple material positives: successful closing and rapid integration of the large NSA portfolio, strategic acquisition of Public Storage Canada with financing benefits, improved operating indicators (positive move-in rents and slight occupancy gain), raised guidance and strengthened capital markets activity and balance sheet. Lowlights include continuing negative same-store revenue and NOI, quarterly core FFO declines driven by financing and G&A, expense pressures, lingering Sunbelt market softness, LA rent-restriction impacts (partially mitigated), and some near-term dilution from lease-up acquisitions. Overall, the company emphasized improving momentum, multiple growth engines and a multi-year value creation plan, while acknowledging near-term headwinds and the need for execution.Company Guidance
NSA Transaction Closed and Rapid Integration
Closed NSA acquisition (≈1.1k stores, ≈575k units) and transitioned portfolio onto Public Storage systems overnight; welcomed ~1.3k new teammates, completed >1.5k reservations, switched ~265k autopay accounts, began rent collection and rebranding immediately — strong early execution enabling PSNext value creation.
Strategic Canadian Acquisition
Announced $1.2B acquisition of Public Storage Canada (third-largest PS-branded portfolio in Canada) to be funded with ≈$900M OP units and ≈$300M Canadian debt; portfolio at ~83% occupancy, ~65% NOI margin, trade-area population ~250k and average household income ~USD100k; transaction provides ability to finance part of NSA with Canadian debt ~100 bps cheaper and is expected to be accretive to long-term NOI, IRR and FFO growth.
Improving Operating Indicators and PSNext Progress
Leading indicators improved: move-in rents turned positive at +1.6% in 2Q (first time since 2021 both move-in rates and occupancy up YoY), move-in rates up 18% since April 2025; occupancy 92.5% (+0.2% YoY); move-out activity down materially (management cited 80% lower move-out activity in the quarter/year-to-date); PSNext digital adoption high (≈90% digital interaction, 75% complete leases fully digitally, app >7M downloads) and AI agent 'Ellie' handled >90k interactions.
Guidance Raised
Raised 2026 guidance across key metrics: revenue growth midpoint now -0.2% (improvement of 90 bps) and NOI growth midpoint -1.1% (improvement of 110 bps); core FFO guidance raised to $16.75–$17.05 (midpoint $16.90), +$0.22 or +1.4% vs prior forecast; company expects second-half improvement and exit to positive revenue growth in 4Q.
Non Same-Store and Ancillary Strength
Non-same-store NOI growth of 22% and ancillary revenue growth of 15% during the quarter continued to lift results, with management calling non-same-store performance and the external value creation engine a substantial, repeatable driver of shareholder value.
Robust Capital Markets Activity and Strong Balance Sheet
Executed ≈$12B of capital markets activity YTD and announced $5.9B of debt activity (including $1.4B new unsecured issuance at weighted average <5%); available liquidity ~$3.8B plus ≈$600M annual free cash flow; balance sheet metrics: net debt/EBITDA 2.9x, net debt+preferred/EBITDA 4.2x; S&P and Moody’s ratings A / A2.
Growth Pipelines
Development pipeline $692M across 47 projects (target stabilized yields ~8%, unfunded $432M); lending platform outstanding $173M (up $30M QoQ, ~7.6% rate); third-party management added 22 net properties to >460 properties — multiple avenues for growth.
DE:PUP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed