4 MAJOR REITS · Q1 2026 10-Q
The Big 4 (briefly).
Public Storage NYSE:PSA
10-Q Q1 2026Facilities
3,176
Occupancy
89.9%
Rentable sqft
229.8M
Rev/sqft
$21.16
Q1 2026 revenue $1.22B. Same-store realized rent declined 0.3% YoY, occupancy +0.4ppt. Announced $10.5B acquisition of NSA in March 2026, closing Q3 2026.
https://www.sec.gov/Archives/edgar/data/0001393311/000162828026027487/psa-20260331.htmExtra Space Storage NYSE:EXR
10-Q Q1 2026Facilities
4,344
Occupancy
93%
Q1 2026 revenue $856M. Same-store rental revenue +1.7%, NOI +1.2%. Largest by total store count (includes managed portfolio).
https://www.sec.gov/Archives/edgar/data/0001289490/000128949026000037/exr-20260331.htmCubeSmart NYSE:CUBE
10-K FY2025 + 10-Q Q1 2026Facilities
1,524
Occupancy
89.3%
Rentable sqft
48.4M
Rev/sqft
$22.73
Rent per sqft is FY2025 figure ($22.73). Same-store revenue +0.6% Q1 2026 — first positive print since mid-2024. 662 wholly-owned, 862 managed.
https://www.sec.gov/Archives/edgar/data/0001298675/000129867526000010/cube-20251231x10k.htmNational Storage Affiliates NYSE:NSA
10-Q Q1 2026Facilities
1,061
Occupancy
84.5%
Rentable sqft
51.1M
Being acquired by Public Storage under March 2026 merger agreement ($10.5B). Each NSA share converts to 0.1400 PSA shares. Closing Q3 2026. After close the 'big 4' becomes a 'big 3'.
https://www.sec.gov/Archives/edgar/data/0001393311/000162828026027487/psa-20260331.htm