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Guidance history, every release

Public Storage (PSA) · 8 releases, Oct 30, 2024 to Jul 29, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 30, 2024 FY24 Q3	Feb 24, 2025 FY24 Q4	Apr 30, 2025 FY25 Q1	Jul 30, 2025 FY25 Q2	Oct 29, 2025 FY25 Q3	Feb 12, 2026 FY25 Q4	Apr 27, 2026 FY26 Q1	Jul 29, 2026 FY26 Q2
For FY2026
Same Store Revenue growth	—	—	—	—	—	—	New“(2.2)% —%”	—
Same Store Revenue growth (Low)	—	—	—	—	—	—	—	New“(0.7)%”
Non-Same Store net operating income	—	—	—	—	—	—	New“$335,000 $355,000”	Raised“$343,000” – “$357,000”
Same Store Net operating income growth	—	—	—	—	—	—	New“(3.9)% (0.5)%”	Raised“(0.3)%” – “(2.0)%”
Accretion from financing Strategic Acquisitions of NSA and PS Canada	—	—	—	—	—	—	—	New“$0.02”
Core FFO per share	—	—	—	—	—	—	New“$16.35 $17.00”	Raised“$16.75” – “$17.05”
Incremental Non-Same Store NOI to stabilization	—	New“$80,000”	Reiterated“$80,000”	Raised“$110,000”	Raised“$130,000”	—	—	—
Incremental Non-Same Store NOI to stabilization (2026 and beyond)	—	New“$80,000”	Reiterated“$80,000”	Raised“$110,000”	Raised“$130,000”	—	—	—
PS Canada acquisition expected close	—	—	—	—	—	—	—	New“expected to close in the third quarter of 2026”
Same Store Expense growth	—	—	—	—	—	—	New“1.5% 2.8%”	—
Same Store Expense growth (High)	—	—	—	—	—	—	—	New“3.0%”
For FY2025
Los Angeles County pricing limitation impact on Same Store revenue growth	—	—	—	New“negative 1% estimated impact”	—	—	—	—
Same Store revenue growth Los Angeles/Ventura County pricing limitation impact	—	New“negative 1% estimated impact”	—	—	—	—	—	—
Capital Activity: Development openings	—	—	—	New“$370,000”	—	—	—	—
Capital expenditures: Energy efficiencies	—	New“$50,000”	Reiterated“$50,000”	Reiterated“$50,000”	Raised“$75,000”	—	—	—
Capital expenditures: Maintenance of real estate facilities	—	New“$150,000”	Reiterated“$150,000”	Reiterated“$150,000”	Raised“$175,000”	—	—	—
Core FFO per share impact from Los Angeles/Ventura County pricing limitation	—	New“negative $0.23 per share impact on both the low-end and high-end of the estimated Core FFO per share”	—	—	—	—	—	—
Development openings	—	New“$370,000”	Reiterated“$370,000”	—	Reiterated“$370,000”	—	—	—
Impact of LA/Ventura County pricing limitation on estimated Core FFO per share	—	—	New“negative $0.23 per share impact on both the low-end and high-end”	—	—	—	—	—
Impact on the low-end and high-end of the estimated Core FFO per share	—	—	New“negative $0.23 per share”	Reiterated“negative $0.23 per share”	—	—	—	—
Impact to Core FFO	—	New“approximate $0.23 per share”	—	—	—	—	—	—
Incremental Non-Same Store NOI to stabilization	New“$120,000”	—	—	—	—	—	—	—
Incremental Non-Same Store NOI to stabilization (2025 and beyond)	New“$120,000”	—	—	—	—	—	—	—
Interest expense	—	New“$285,000”	Reiterated“$285,000”	Raised“$304,000”	Raised“$305,000”	—	—	—
Investment	—	—	—	New“more than $1.1 billion”	—	—	—	—
Los Angeles County pricing limitation impact on Core FFO per share	—	—	—	New“negative $0.23 per share impact on both the low-end and high-end”	—	—	—	—
Preferred dividends	—	New“$195,000”	Reiterated“$195,000”	Reiterated“$195,000”	Reiterated“$195,000”	—	—	—
Regular common quarterly dividend	—	—	—	—	New“$3.00 per common share”	—	—	—
Regular common quarterly dividend	—	New“$3.00 per common share”	—	—	—	—	—	—
Total acquisition and development investment	—	—	—	New“more than $1.1 billion”	—	—	—	—
For FY2024
Capital Activity: Acquisitions	New“$350,000”	—	—	—	—	—	—	—
Capital Activity: Development openings	New“$450,000”	—	—	—	—	—	—	—
Capital expenditures: Energy efficiencies	New“$70,000”	—	—	—	—	—	—	—
Capital expenditures: Maintenance of real estate facilities	New“$200,000”	—	—	—	—	—	—	—
Capital expenditures: Property enhancements	New“$130,000”	—	—	—	—	—	—	—
Common quarterly dividend	New“$3.00 per common share”	—	—	—	—	—	—	—
Consolidated: Interest expense	New“$289,000”	—	—	—	—	—	—	—
Consolidated: Preferred dividends	New“$195,000”	—	—	—	—	—	—	—
Core FFO per share growth from 2024 Core FFO per share	—	New“(1.9)%”	Reiterated“(1.9)%”	Raised“(1.3)%”	Reiterated“(1.3)%”	—	—	—
Development and expansion pipeline - estimated cost	New“$712.4 million”	—	—	—	—	—	—	—
Development and expansion pipeline - net rentable square feet expected to be added	New“4.0 million net rentable square feet”	—	—	—	—	—	—	—
For FY2023
Core FFO per share growth from 2023 Core FFO per share	New“(2.3)%”	—	—	—	—	—	—	—
No period stated
Revenue growth	New“(1.3)%”	—	—	—	Raised“(0.3)%”	Lowered“(2.2)%”	Reiterated“(2.2)%”	—
Revenue growth (a)	—	New“(1.3)%”	Reiterated“(1.3)%”	Reiterated“(1.3)%”	—	—	—	—
Same Store Revenue growth - Low	—	—	—	—	—	—	—	New“(2.2)%”
Ancillary net operating income	New“$178,500”	Raised“$198,000”	Reiterated“$198,000”	Raised“$200,000”	Lowered“$195,000”	—	—	—
Net operating income growth	—	—	—	—	—	New“(3.9)%”	Reiterated“(3.9)%”	—
Net operating income growth (a)	New“(2.7)%”	—	—	—	Raised“(1.2)%”	—	—	—
Net operating income growth (b)	—	New“(2.9)%”	Reiterated“(2.9)%”	Raised“(2.6)%”	—	—	—	—
Non-Same Store net operating income	New“$480,000”	Lowered“$444,000”	Reiterated“$444,000”	Raised“$465,000”	Raised“$475,000”	Lowered“$335,000”	Reiterated“$335,000”	—
Non-Same Store net operating income - High	—	—	—	—	—	—	—	New“$355,000”
Non-Same Store net operating income - Low	—	—	—	—	—	—	—	New“$335,000”
Same Store Net operating income growth - High	—	—	—	—	—	—	—	New“(0.5)%”
Same Store Net operating income growth - Low	—	—	—	—	—	—	—	New“(3.9)%”
Acquisitions	New“$350,000”	—	—	—	—	—	—	—
Annualized FFO accretion	—	—	—	—	—	—	—	New“$0.35 to $0.50 per share”
Core FFO per share	New“$16.50”	—	—	—	—	Lowered“$16.35”	Reiterated“$16.35”	—
Core FFO per share - High	—	—	—	—	—	—	—	New“$17.00”
Core FFO per share - Low	—	—	—	—	—	—	—	New“$16.35”
Core FFO per share (a)	—	New“$16.35”	Reiterated“$16.35”	Raised“$16.45”	Raised“$16.70”	—	—	—
Core FFO Per Share accretion from NSA merger	—	—	—	—	—	—	New“$0.35 to $0.50”	—
Core general and administrative expense (b)	—	—	—	—	New“$91,000”	—	—	—
Core general and administrative expense (c)	—	New“$91,000”	Reiterated“$91,000”	Reiterated“$91,000”	—	—	—	—
Development and expansion aggregate cost	—	—	—	—	—	—	New“approximately $618.4 million”	—
Development and expansion net rentable square feet	—	—	—	—	—	—	New“3.5 million net rentable square feet”	—
Development and expansion pipeline (net rentable square feet)	—	—	—	—	New“3.9 million net rentable square feet”	—	—	—
Development and expansion pipeline aggregate cost	—	—	—	—	New“approximately $649.2 million”	—	—	—
Development openings	New“$450,000”	—	—	Lowered“$370,000”	—	—	—	—
Energy efficiencies (c)	New“$120,000”	—	—	—	Lowered“$75,000”	—	—	—
Energy efficiencies (d)	—	New“$50,000”	Reiterated“$50,000”	Reiterated“$50,000”	—	—	—	—
Expansion projects - estimated cost	New“$285.8 million”	—	—	—	—	—	—	—
Expansion projects - net rentable square feet expected to be contributed	New“1.7 million net rentable square feet”	—	—	—	—	—	—	—
Expense growth	—	—	—	—	—	New“1.5%”	Reiterated“1.5%”	—
Expense growth (a)	New“2.0%”	—	—	—	Lowered“1.8%”	—	—	—
Expense growth (b)	—	New“2.5%”	Reiterated“2.5%”	Lowered“2.3%”	—	—	—	—
Facilities in development - estimated cost	New“$426.7 million”	—	—	—	—	—	—	—
Facilities in development - net rentable square feet expected to be contributed	New“2.3 million net rentable square feet”	—	—	—	—	—	—	—
Facilities in development and expansion - estimated cost	—	—	—	—	—	New“$609.9 million”	—	—
Facilities in development and expansion - net rentable square feet to be added	—	—	—	—	—	New“3.5 million net rentable square feet”	—	—
General and administrative expense	New“$89,000”	—	—	—	—	—	—	—
Interest expense	New“$289,000”	—	—	Lowered“$285,000”	Raised“$304,000”	—	—	—
Maintenance of real estate facilities	New“$200,000”	Lowered“$150,000”	Reiterated“$150,000”	Reiterated“$150,000”	Raised“$175,000”	—	—	—
NSA Merger annualized FFO accretion upon full synergy realization	—	—	—	—	—	—	—	New“approximately $0.35 to $0.50 per share”
NSA Merger FFO per share accretion timing	—	—	—	—	—	—	—	New“expected to be accretive to FFO per share within the first year of closing”
NSA Merger run-rate synergies	—	—	—	—	—	—	—	New“approximately $110 million to $130 million”
Preferred dividends	New“$195,000”	—	—	—	—	—	—	—
Property enhancements (b)	New“$130,000”	—	—	—	—	—	—	—
Regular common quarterly dividend	New“$3.00 per common share”	—	—	—	—	—	—	—
Remaining development costs expected to be incurred	New“$401.9 million”	—	Raised“$424.8 million”	—	—	—	—	Raised“$431.6 million”
Remaining development costs to be incurred	—	—	—	—	New“$381.4 million”	Raised“$415.6 million”	Raised“$415.7 million”	—
Run-rate synergies	—	—	—	—	—	—	—	New“$110 million to $130 million”
Same Store Expense growth	—	—	—	—	—	—	—	New“1.5%” – “3.0%”
Same Store Expense growth - High	—	—	—	—	—	—	—	New“2.8%”
Unfunded loan commitments expected to close	—	—	—	—	—	—	—	New“$44.3 million”

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.