Public Storage

F:PUP

Guidance raised: Public Storage lifted 2026 guidance across all key metrics, helped by better operating trends, lower churn, stronger move-in rents and a slightly better financing outlook.

Operations improving: Same-store revenue and NOI were still negative in Q2, but both came in better than expected, and management said July trends remained positive with occupancy, churn and move-in rents all improving.

Big transactions: The company closed the NSA deal and announced Public Storage Canada, saying both are important building blocks for future per-share growth and will create additional operating and capital opportunities.

L.A. tailwind: Management said the end of rent restrictions in Los Angeles should help revenue recovery, with the benefit expected to build through the back half of 2026 and into 2027.

Cost discipline: Expense growth remained modest, with payroll savings from machine-learning-based staffing helping offset property tax and marketing pressure, while incentive compensation is now flowing through the model.

Balance sheet: Public Storage said it completed or committed about $12 billion of capital markets activity year-to-date and ended the quarter with $3.8 billion of available liquidity.