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Get filing alertsPublic Storage reports declining move-out rents, lower customer churn through May 2026
Filed June 1, 2026 · Period ending June 1, 2026 · ~1 min read
Key Changes
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high
Move-out rents fell 4.1% year-over-year to $18.98/sq ft, indicating higher-paying legacy customers are leaving and creating revenue headwinds as they're replaced by lower-paying new tenants.
Item 8.01 — Other Events verify on EDGAR → -
high
Customer churn improved 3.2 percentage points to 16.4% from 19.6%, helping stabilize occupancy despite pricing pressures.
Item 8.01 — Other Events verify on EDGAR → -
medium
Move-in rents declined 0.2% to $13.10/sq ft, suggesting modest pricing pressure in the self-storage market.
Item 8.01 — Other Events verify on EDGAR → -
medium
Occupancy remained essentially flat at 92.2% versus 92.1% prior year, indicating solid demand despite shifting pricing dynamics.
Item 8.01 — Other Events verify on EDGAR → -
low
Company posted investor presentation to website for upcoming conference, a routine Regulation FD disclosure.
Item 7.01 — Regulation FD Disclosure verify on EDGAR →
Summary
Public Storage disclosed same-store operating metrics through May 28, 2026, revealing a mixed picture for its self-storage portfolio. The most significant development is the 4.1% year-over-year decline in move-out rents to $18.98 per square foot, indicating that higher-paying legacy customers are leaving the system.
Since these departing customers were paying substantially more than incoming tenants ($18.98 versus $13.10 per square foot), their exit creates a revenue headwind as the company replaces them with lower-rate customers. The positive offset is a meaningful improvement in customer retention: churn fell 3.2 percentage points to 16.4% from 19.6% in the prior year period.
Combined with stable occupancy at 92.2%, the lower churn suggests demand remains solid even as pricing power has moderated. The company is keeping more customers in place, which helps mitigate the revenue impact of the rate compression between move-outs and move-ins. For investors, the key question is whether improved retention can fully offset the pricing gap, or whether same-store revenue growth will face continued pressure in coming quarters.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On June 1, 2026, Public Storage (the “Company”) posted on the Investor Relations section of its website a presentation (the “Investor Presentation”) it intends to use at an upcoming investor conference.
The company disclosed that it posted an investor presentation to its website for use at an upcoming investor conference. This is a routine Regulation FD disclosure to ensure all investors have equal access to materials being presented at the conference.
Event · Item 8.01 — Other Events
Public Storage disclosed same-store operating metrics through May 28, 2026, showing declining move-out rents and lower customer churn.
Added in current filing · verify on EDGAR →
Customers moving in during the period:
Average annual contract rent per square foot (c) $13.10 $13.13 (0.2)%
New customers moving in during the April 1 through May 28, 2026 period are paying an average annual contract rent of $13.10 per square foot, down 0.2% from $13.13 in the same period last year. This slight decline in move-in rates suggests modest pricing pressure in the self-storage market.
Added in current filing · verify on EDGAR →
Customers moving out during the period:
Average annual contract rent per square foot (c) $18.98 $19.79 (4.1)%
Customers moving out during the period were paying an average annual contract rent of $18.98 per square foot, down 4.1% from $19.79 in the prior year period. The decline indicates that higher-paying legacy customers are leaving, which creates a headwind for revenue growth as they are replaced by lower-paying new customers.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The Same Store Facilities consist of 2,755 facilities (192.1 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2024.
The operating metrics cover 2,755 same-store facilities representing 192.1 million net rentable square feet, all owned and operated on a stabilized basis since January 1, 2024. This provides the baseline for comparing operational performance year-over-year.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 30, 2026 · How we verify