Public Storage filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC, reporting third-quarter total revenues of $1.366 billion and net income of $378.3 million.

Key Highlights

  • Total revenues: $1,366,190 thousand for the three months ended September 30, 2026, up from $1,224,043 thousand in the same quarter of 2025.
  • Net income: $378,348 thousand for Q3 2026, compared with $514,773 thousand in Q3 2025, with transaction and integration expense of $114,642 thousand recorded in the current quarter.
  • Earnings per share: Basic net income per common share of $1.70 and diluted of $1.69 for Q3 2026, versus $2.63 basic and $2.62 diluted in Q3 2025.
  • Total assets: $28,997,613 thousand as of September 30, 2026, up from $20,208,604 thousand at December 31, 2025.
  • Notes payable: $11,992,033 thousand as of September 30, 2026, compared with $10,253,881 thousand at December 31, 2025.
  • Common shares outstanding: 186,843,449 shares as of October 19, 2026, up from 175,500,243 shares at December 31, 2025.
  • Nine-month revenues: $3,816,812 thousand for the nine months ended September 30, 2026, compared with $3,608,321 thousand for the same period in 2025.

Public Storage Q3 2026 Financial Results: Revenue Growth and Significant Asset Expansion

According to the filing, Public Storage (NYSE:PSA) reported total revenues of $1,366,190 thousand for the three months ended September 30, 2026, consisting of $1,254,111 thousand from self-storage facilities and $112,079 thousand from ancillary operations. This compares to total revenues of $1,224,043 thousand in the third quarter of 2025. For the nine months ended September 30, 2026, the company disclosed total revenues of $3,816,812 thousand, up from $3,608,321 thousand in the same period of 2025.

The filing reported net income of $378,348 thousand for Q3 2026, a decline from $514,773 thousand in Q3 2025. The company disclosed transaction and integration expense of $114,642 thousand in the third quarter of 2026, with no comparable expense in Q3 2025. Depreciation and amortization rose to $412,614 thousand for Q3 2026 from $290,364 thousand in Q3 2025. Interest expense increased to $102,534 thousand from $79,692 thousand in the prior-year quarter. Net income allocable to common shareholders was $312,281 thousand, or $1.70 per basic share, compared with $461,408 thousand, or $2.63 per basic share, in Q3 2025.

Total assets grew substantially to $28,997,613 thousand as of September 30, 2026, from $20,208,604 thousand at December 31, 2025, according to the consolidated balance sheet. Total real estate facilities, net, increased to $25,126,038 thousand from $18,804,558 thousand over the same period. The company also reported goodwill and other intangible assets, net, of $1,355,953 thousand at September 30, 2026, compared with $251,613 thousand at December 31, 2025. Total equity stood at $15,219,959 thousand as of September 30, 2026, up from $9,341,834 thousand at December 31, 2025. Preferred shares outstanding increased to 189,238 shares (in series) from 174,000 shares at December 31, 2025, the filing noted.

What Was Disclosed

Public Storage's 10-Q for the quarter ended September 30, 2026, disclosed revenues, net income, per-share earnings, balance sheet figures, and share counts for the three- and nine-month periods, reflecting significant growth in total assets and notable transaction and integration costs.