Public Storage
For the period ended Oct 26, 2026. Filed Oct 26, 2026.
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Oct 26, 2026 · Filed Oct 26, 2026
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Contents
EX-99.1 · Same Store Operating Performance
Same Store Operating Performance
(Unaudited – amounts in thousands except per square foot data)
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 · 2025 · Change (c) · 2026 · 2025 · Change (c) | ||||||||||||
| (Dollar amounts in thousands, except for per square foot data) | ||||||||||||
| Revenues (a): | ||||||||||||
| Rental income | $987,155 | $982,163 | 0.5% | $2,926,608 | $2,925,736 | —% | ||||||
| Late charges and administrative fees | 34,792 | 34,972 | (0.5)% | 102,721 | 104,859 | (2.0)% | ||||||
| Total revenues | 1,021,947 | 1,017,135 | 0.5% | 3,029,329 | 3,030,595 | —% | ||||||
| Direct cost of operations (a): | ||||||||||||
| Property taxes | 101,988 | 102,793 | (0.8)% | 319,473 | 315,204 | 1.4% | ||||||
| On-site property manager payroll | 33,898 | 34,842 | (2.7)% | 101,973 | 103,749 | (1.7)% | ||||||
| Repairs and maintenance | 23,178 | 19,747 | 17.4% | 66,609 | 63,929 | 4.2% | ||||||
| Utilities | 14,788 | 14,607 | 1.2% | 42,132 | 42,076 | 0.1% | ||||||
| Marketing | 25,820 | 22,950 | 12.5% | 70,445 | 67,332 | 4.6% | ||||||
| Other direct property costs | 26,460 | 26,746 | (1.1)% | 82,459 | 80,692 | 2.2% | ||||||
| Total direct cost of operations | 226,132 | 221,685 | 2.0% | 683,091 | 672,982 | 1.5% | ||||||
| Direct net operating income (d) | 795,815 | 795,450 | —% | 2,346,238 | 2,357,613 | (0.5)% | ||||||
| Indirect cost of operations (a) | (26,982) | (30,390) | (11.2)% | (91,632) | (92,523) | (1.0)% | ||||||
| Net operating income (b) (d) | $768,833 | $765,060 | 0.5% | $2,254,606 | $2,265,090 | (0.5)% | ||||||
| Gross margin (before indirect costs) | 77.9% | 78.2% | (0.3)% | 77.5% | 77.8% | (0.3)% | ||||||
| Gross margin (after indirect costs) | 75.2% | 75.2% | —% | 74.4% | 74.7% | (0.3)% | ||||||
| Weighted average for the period: | ||||||||||||
| Square foot occupancy | 92.2% | 91.9% | 0.3% | 92.0% | 91.8% | 0.2% | ||||||
| Realized annual rental income per (d): | ||||||||||||
| Occupied square foot | $22.29 | $22.24 | 0.2% | $22.06 | $22.12 | (0.3)% | ||||||
| Available square foot | $20.54 | $20.44 | 0.5% | $20.30 | $20.30 | —% | ||||||
| At September 30: | ||||||||||||
| Square foot occupancy | 90.4% | 90.3% | 0.1% | |||||||||
| Annual contract rent per occupied square foot (d) | $22.75 | $22.48 | 1.2% | |||||||||
(a)Revenues and cost of operations do not include tenant reinsurance and merchandise sales and expenses generated at the facilities.
(b)See reconciliation of self-storage NOI to net income provided below.
(c)Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.
(d)See Definitions for description of non-GAAP measures.
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