Public Storage Posts Higher 1Q Profit, Sales

Dow Jones04-28

By Christopher Kuo

$Public Storage(PSA-N)$ logged higher profit and sales in the fiscal first quarter thanks to a new digital platform that helped mitigate the effects of inflation on operating costs.

The self-storage real-estate investment trust posted a profit of $526.3 million, or $2.71 a share, compared with $407.8 million, or $2.04 a share, a year earlier. Analysts polled by FactSet were expecting $2.36 a share.

Revenue was $1.22 billion, up from $1.18 billion a year earlier. Analysts were expecting $1.21 billion.

The company's use of its PS Next Operating Platform helped mitigate inflationary pressures on direct cost of operations, said Natalia Johnson, the company's president and chief digital and transformation officer.

The company said same-store revenue remained steady year over year at $1 billion. It reported core funds from operations of $4.22 a share, up from $4.12 a share a year earlier.

For 2026, the company is expecting core funds from operations of $16.35 a share to $17.00 a share.

During the quarter, the company announced the pending acquisition of National Storage Affiliates Trust in an all-stock deal worth about $10.5 billion, including debt. The company expects the deal to close in the third quarter.

Write to Christopher Kuo at chris.kuo@wsj.com

(END) Dow Jones Newswires

April 27, 2026 16:25 ET (20:25 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Analysts polled by FactSet were expecting $2.36 a share. \n</p>\n<p>\n  Revenue was $1.22 billion, up from $1.18 billion a year earlier. Analysts were expecting $1.21 billion. \n</p>\n<p>\n  The company's use of its PS Next Operating Platform helped mitigate inflationary pressures on direct cost of operations, said Natalia Johnson, the company's president and chief digital and transformation officer. \n</p>\n<p>\n  The company said same-store revenue remained steady year over year at $1 billion. It reported core funds from operations of $4.22 a share, up from $4.12 a share a year earlier. \n</p>\n<p>\n  For 2026, the company is expecting core funds from operations of $16.35 a share to $17.00 a share. \n</p>\n<p>\n  During the quarter, the company announced the pending acquisition of <a href=\"https://laohu8.com/S/NSA\">National Storage Affiliates Trust</a> in an all-stock deal worth about $10.5 billion, including debt. 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Analysts polled by FactSet were expecting $2.36 a share. \n\n\n  Revenue was $1.22 billion, up from $1.18 billion a year earlier. Analysts were expecting $1.21 billion. \n\n\n  The company's use of its PS Next Operating Platform helped mitigate inflationary pressures on direct cost of operations, said Natalia Johnson, the company's president and chief digital and transformation officer. \n\n\n  The company said same-store revenue remained steady year over year at $1 billion. It reported core funds from operations of $4.22 a share, up from $4.12 a share a year earlier. \n\n\n  For 2026, the company is expecting core funds from operations of $16.35 a share to $17.00 a share. \n\n\n  During the quarter, the company announced the pending acquisition of National Storage Affiliates Trust in an all-stock deal worth about $10.5 billion, including debt. 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