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SELF-STORAGE REITS · Q2 2026 10-Q

The Big 3.

Public Storage completed its $10.5B acquisition of National Storage Affiliates on 22 July 2026, so the sector's four major public REITs are now three. NSA's card below shows its final standalone quarter (Q1 2026) for the record; it no longer trades independently.

Public Storage NYSE:PSA

10-Q Q2 2026
Facilities
3,584
Occupancy
92.5%
Rentable sqft
259M
Rev/sqft
$21.89

Q2 2026 revenue $1.23B (+2.6% YoY); same-store revenue declined 0.6% YoY and same-store NOI fell 2.2%, while average occupancy rose 20bps to 92.5%. Realized annual rent per occupied sqft $21.89 (down 0.8% YoY); move-in rents turned positive at +1.6% YoY, the first positive reading since 2021. Core FFO $4.17/diluted share. Facility count (3,584, 40 states) and 259M rentable sqft are the 30 Jun 2026 figures, before PSA closed its $10.5B NSA acquisition on 22 Jul 2026; the combined ~4,500 properties / 327M sqft will first appear on the Q3 2026 balance sheet.

https://www.sec.gov/Archives/edgar/data/0001393311/000162828026050612/psa-20260630.htm

Extra Space Storage NYSE:EXR

10-Q Q2 2026
Facilities
4,410
Occupancy
94.2%

Q2 2026 revenue $874.2M. Same-store revenue +2.4%, NOI +3.5%; ending same-store occupancy 94.2%. Core FFO $2.15/diluted share (+4.9% YoY), 2026 outlook raised. Largest by total store count — 4,410 stores across ~341M sqft, of which 2,373 are managed for third parties or joint ventures.

https://www.sec.gov/Archives/edgar/data/0001289490/000128949026000053/exr-20260630.htm

CubeSmart NYSE:CUBE

10-K FY2025 + 10-Q Q2 2026
Facilities
1,534
Occupancy
91%
Rentable sqft
48.5M
Rev/sqft
$22.73

Q2 2026 same-store total revenue +0.8% YoY, same-store NOI down 0.7%; same-store physical occupancy 91.0%. FFO as adjusted $0.63/share. 662 wholly-owned stores (48.5M rentable sqft) plus 872 managed, 1,534 total. Revenue per sqft ($22.73) is the FY2025 10-K figure, not restated in the Q2 10-Q.

https://www.sec.gov/Archives/edgar/data/0001298675/000129867526000038/cube-20260630x10q.htm

National Storage Affiliates NYSE:NSA

10-Q Q1 2026
Facilities
1,061
Occupancy
84.5%
Rentable sqft
69.3M

Full operating portfolio: 1,061 properties (799 consolidated), 69.3M rentable sqft (51.1M consolidated), ~547,000 units across 37 states and Puerto Rico. Acquired by Public Storage under the March 2026 merger agreement ($10.5B); the deal completed on 22 Jul 2026, with each NSA share converting to 0.1400 PSA shares. Q1 2026 was NSA's final standalone quarter — it no longer trades as an independent REIT, and the 'big 4' is now the 'big 3'.

https://www.sec.gov/Archives/edgar/data/0001618563/000162828026030519/nsa-20260331.htm