Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Storage buildings earn far more than the reported profit
Depreciation of purchased buildings and one-off deal costs sit between strong property earnings and a profit that fell 35.5%.
For investorsWhat has to go right for the NSA purchase to pay off
For foundersThe cheap-entry, raise-later pricing playbook
Rent per occupied square foot barely moved, so the revenue gain reflects hundreds of added facilities rather than pricing.
Profit depends on tenants staying long enough to reach higher rents, and churn fell to 20.8% from 21.9%.
Insurance on stored goods, merchandise and management fees use customers and buildings the company already has.
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Business Lens describes Public Storage from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
