PSA Public Storage
Price Chart
Executive Summary
Public Storage filed an 8-K posting an investor presentation that includes a same-store operating update for April 1 through May 28, 2026. The update shows a slight decline in average annual contract rent for customers moving in (-0.2% YoY) and a more notable decline for customers moving out (-4.1% YoY), while occupancy remained essentially flat at 92.1%. The data suggests modest pricing pressure but stable occupancy, with no material financial impact for preferred shareholders.
Actionable Insight
Monitor the full Q2 2026 earnings release for same-store revenue and NOI trends. The slight rent compression on move-outs warrants attention but is not yet a credit concern for preferred holders.
Key Facts
- Same-store occupancy was 92.1% for the period April 1–May 28, 2026, essentially flat (+0.1% YoY).
- Average annual contract rent for customers moving in was $13.10/sq ft, down 0.2% YoY from $13.13.
- Average annual contract rent for customers moving out was $18.98/sq ft, down 4.1% YoY from $19.79.
- Same-store churn was 19.6%, an improvement of 3.2 percentage points YoY.
- The update covers 2,755 same-store facilities (192.1 million net rentable sq ft) stabilized since Jan 1, 2024.
- The presentation is for an upcoming investor conference; no guidance or material financial data was provided.
Financial Impact
No material financial impact. Same-store revenue drivers show slight rent declines offset by stable occupancy and improved churn.
Risk Factors
- Continued rent compression on move-outs could pressure same-store revenue growth.
- No forward guidance was provided; the data covers only a partial quarter.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-039263 |
| Document: 0001628280-26-039263-index-headers.html | 0001628280-26-039263 |
| Document: 0001628280-26-039263-index.html | 0001628280-26-039263 |
| Document: 0001628280-26-039263.txt | 0001628280-26-039263 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 15, 2026
2d ago
|
EFFECT
| $320.98 $319.99 | ▼ −0.31% | ▲ +0.26% | $320.17 (−0.25%) |
|
Jun 1, 2026
15d ago
|
8-K
| $15.97 $15.98 | ▲ +0.06% | ▼ −0.08% | $320.17 (+1904.82%) |
|
May 11, 2026
5w ago
|
8-K
| $16.15 $16.11 | ▼ −0.25% | ▼ −0.11% | $320.17 (+1882.49%) |
|
Apr 27, 2026
7w ago
|
8-K
| $20.56 $20.43 | ▼ −0.63% | ▼ −0.62% | $320.17 (+1457.25%) |
|
Apr 6, 2026
10w ago
|
8-K
| $15.83 $15.86 | ▲ +0.19% | ▼ −2.35% | $320.17 (+1922.55%) |
|
Mar 27, 2026
11w ago
|
DEFA14A
| $15.64 $15.79 | ▲ +0.99% | ▼ −1.90% | $320.17 (+1947.78%) |
|
Feb 28, 2026
15w ago
|
Institutional Cluster
| $310.93 $303.06 | ▼ −2.53% | ▼ −1.62% | $320.17 (+2.97%) |
US Market Status
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