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Research Alert: Public Storage: Revenue And Ffo Beat, Same-store Noi Growth Now Positive In Q1

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

PSA reported Q1 revenue of $1.21B, up 2.9% from $1.18B in Q1 2025 and $7M ahead of consensus estimates. Same-store performance showed continued stabilization with revenue now flat at $1.0B, while NOI increased 0.4% to $739M, marking a positive inflection point. Declining repairs and maintenance costs (-5.8%) and marketing expenses (-4.5%) created meaningful tailwinds for positive same-store NOI growth in Q1, demonstrating effective cost management. Despite the improvement in same-store revenue and NOI performance in Q1, PSA maintained its prior guidance for same-store NOI growth down 3.9% to down 0.5% for FY 26. The company's disciplined cost management initiatives appear to be supporting margin expansion even as revenue growth remains modest across the portfolio. We believe the maintained guidance suggests management remains appropriately cautious about the broader operating environment despite the encouraging Q1 stabilization trends in key metrics.

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