Financial Performance - Reported net income allocable to common shareholders of $2.21 per diluted share for Q4 2023, an increase from $2.06 per diluted share in Q4 2022[7] - Total net income allocable to common shareholders for 2023 was $1.9 billion, or $11.06 per diluted share, down from $4.1 billion in 2022[9] - Net income allocable to common shareholders for Q4 2023 was $389.7 million, a 7.5% increase from $362.6 million in Q4 2022[14] - Net income for the year ended December 31, 2023, was $2.16 billion, down from $4.37 billion in 2022, a decrease of 50.51%[37] Funds from Operations (FFO) - Core FFO for Q4 2023 was $4.20 per diluted share, a 1.0% increase compared to the same period in 2022[6] - FFO for Q4 2023 was $3.78 per diluted common share, an 11.8% increase from Q4 2022[12] - FFO allocable to common shares increased by 12.0% to $666.3 million in Q4 2023, compared to $595.1 million in Q4 2022[14] - Core FFO allocable to common shares rose by 1.1% to $740.3 million in Q4 2023, up from $732.0 million in Q4 2022[14] - Core FFO per share for the year ended December 31, 2023, was $16.89, a 6.1% increase from $15.92 in 2022[14] - Funds from Operations (FFO) allocable to common shares for Q4 2023 was $666.26 million, compared to $595.12 million in Q4 2022, an increase of 11.97%[34] Revenue and Income Growth - Same Store revenues increased by 4.7% in 2023, contributing to a $231.8 million increase in self-storage net operating income[10] - Total revenues from Same Store Facilities for Q4 2023 were $851.4 million, a 0.8% increase from $845.0 million in Q4 2022[15] - Rental income from Same Store Facilities for the year ended December 31, 2023, was $3.31 billion, reflecting a 4.5% increase from $3.17 billion in 2022[15] - In 2023, the self-storage facilities generated revenues of $1,092.6 million, an increase from $1,028.4 million in 2022, representing a growth of 6.2%[30] - Self-storage revenues for same store facilities reached $851.43 million in Q4 2023, slightly up from $844.99 million in Q4 2022, indicating a growth of 0.53%[37] Acquisitions and Developments - Acquired eleven self-storage facilities for $171.9 million, adding 0.8 million net rentable square feet[6] - Closed the Simply Acquisition for $2.2 billion, which included 127 self-storage facilities[6] - The company acquired 164 self-storage facilities in 2023, adding 12.1 million net rentable square feet to its portfolio for a total cost of $2.7 billion[18] - The Simply portfolio of 127 properties generated self-storage revenues of $44.4 million and an NOI of $29.4 million since acquisition in 2023[19] - Opened eleven newly developed facilities in 2023, adding 1.7 million net rentable square feet at a cost of $362.9 million[6] - The company completed expansion projects on four facilities for $26.5 million, adding 169,000 net rentable square feet of storage space[20] Occupancy and Operating Metrics - Same Store direct net operating income margin reached 79.7% in Q4 2023[6] - The weighted average square foot occupancy for Same Store Facilities was 92.7% in Q4 2023, down from 93.4% in Q4 2022[15] - The average square footage occupancy for the ezStorage facilities was 86.3% in 2023[20] - The total net operating income (NOI) for Same Store Facilities was $2,828.6 million in 2023, while Non-Same Store Facilities generated NOI of $369.1 million[23] - Self-storage net operating income (NOI) for same store facilities was $653.50 million in Q4 2023, slightly down from $656.75 million in Q4 2022, a decrease of 0.34%[37] Financial Position and Liabilities - Total assets increased to $19.81 billion as of December 31, 2023, up from $17.55 billion in 2022, representing a growth of 12.85%[32] - Total liabilities rose to $9.70 billion as of December 31, 2023, from $7.39 billion in 2022, marking an increase of 31.19%[32] - Goodwill and other intangible assets increased to $387.27 million as of December 31, 2023, from $232.52 million in 2022, reflecting a growth of 66.73%[32] Future Guidance - For 2024, the company expects Same Store revenue growth to range from -1.0% to 1.0% and net operating income growth to range from -2.4% to 0.7%[24] - The Core FFO per share guidance for 2024 is projected to be between $16.60 and $17.20, reflecting a growth rate of -1.7% to 1.8% from 2023[24] Dividends and Distributions - The distribution payout ratio for regular dividends was 86.8% in Q4 2023, compared to 56.6% in Q4 2022, showing a significant increase[34] - Regular distributions per common share increased to $3.00 in Q4 2023, up from $2.00 in Q4 2022, a rise of 50%[34] Interest Expenses - The company incurred interest expenses of $201.1 million for the year ended December 31, 2023, compared to $136.3 million in 2022[30]

imaginima Dear readers, Today, I would like to take a look at a self-storage REIT, Public Storage (NYSE:PSA), and why it might make a good investment. Self-storage REITs can benefit from two major demand shifters that we are seeing in the market right now. 1. Migration - which has been on the rise as many people move because of work. This often makes it harder for them to store their belongings which is why they opt for a self-storage unit. 2. Downsizing - since the price of living is increasing many people ...

Public Storage (NYSE:PSA) Q3 2023 Earnings Conference Call October 31, 2023 12:00 PM ET Company Participants Ryan Burke - Vice President, Investor Relations Joe Russell - President and Chief Executive Officer Tom Boyle - Senior Vice President, Chief Financial Officer, and Chief Investment Officer Conference Call Participants Michael Goldsmith - UBS Steve Sakwa - Evercore ISI Spenser Allaway - Green Street Advisors Juan Sanabria - BMO Capital Markets Jeff Spector - Bank of America Todd Thomas - KeyBanc Capit ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________. Commission File Number: 001-33519 Public Storage (Exact name of registrant as specified in its charter) | Maryland | 93-2834996 | | --- ...

Public Storage (NYSE:PSA) Q2 2023 Earnings Call Transcript August 3, 2023 12:00 PM ET Company Participants Ryan Burke - Vice President of Investor Relations Joseph Russell - President and Chief Executive Officer Tom Boyle - Senior Vice President, Chief Financial Officer, and Chief Investment Officer Conference Call Participants Michael Goldsmith - UBS Samir Khanal - Evercore Todd Thomas - KeyBanc Capital Markets Jeff Spector - Bank of America Spenser Allaway - Green Street Advisors Smedes Rose - Citigroup J ...

For the quarterly period ended June 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________. Commission File Number: 001-33519 Public Storage (Exact name of registrant as specified in its charter) | Maryland | 95-3551121 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer Identification Number) | | incorporation or organization) | | UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASH ...

Financial Data and Key Metrics Changes - The company reported core FFO of $4.08 for the quarter, representing a 16.2% growth over the first quarter of 2022, excluding contributions from PSB [12] - Same-store revenues increased by nearly 10% year-over-year, with a 9.8% increase specifically noted for the same-store pool [4][12] - Same-store cost of operations rose by 5.6%, leading to a total net operating income growth of 11.2% for the same-store pool [13] Business Line Data and Key Metrics Changes - Same-store move-in volume was up nearly 13%, indicating strong performance from existing customers [1][4] - The lease-up performance of recently acquired and developed facilities grew by 29% compared to last year [13] - The non-same store acquisition and development pool now constitutes nearly 25% of the overall portfolio and continues to outperform [1] Market Data and Key Metrics Changes - The transaction market has been relatively quiet, with potential sellers cautious due to macroeconomic conditions, but the company has closed or is under contract to acquire nearly $200 million worth of assets, on track for a $750 million outlook for the year [11][12] - The company noted that move-in volume growth has been favorable, with April being characterized as strong [7][21] Company Strategy and Development Direction - The company is focused on leading the self-storage industry's digital evolution and enhancing its operating model [97] - A development pipeline exceeding $1 billion is being driven to be delivered over the next 24 months, with a focus on growth and value for shareholders [98][6] - The company is well-positioned to capitalize on acquisition opportunities, particularly in off-market transactions, leveraging its reputation as a preferred buyer [3][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operating environment, noting that the inherent demand in the market is strong and that they are encouraged by performance trends [115][122] - Despite macroeconomic uncertainties, the company has lifted its outlook for the year based on strong first-quarter performance [5][122] - Management acknowledged the challenges in the lending environment but sees potential for lower new supply, which could benefit their positioning [134] Other Important Information - The company has achieved significant milestones in its digital initiatives, including over 60% of customers moving in through eRental and the installation of solar at more than 200 properties [107][108] - The average length of stay for tenants is over 36 months, indicating strong customer retention [81] Q&A Session Summary Question: What trends are being observed in April regarding demand and price sensitivity? - Management noted that April showed strong demand and occupancy growth, with move-in volumes increasing and move-out volumes decreasing [21][115] Question: How does the company view the potential for revenue growth rates in the second half of the year? - Management indicated that while there is a wide range of potential outcomes, the strength observed in the first quarter has led to an increase in revenue guidance for the year [122] Question: What is the company's perspective on the LA market's sustainability? - The LA market has shown strong performance, with good demand and occupancy levels, and management believes there is potential for continued growth [124][125] Question: How is the company adapting its development underwriting processes in the current environment? - Management stated that they are consistently looking to improve underwriting processes and are focused on maintaining a yield on cost of around 8% for new developments [75][134]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________. Commission File Number: 001-33519 Public Storage (Exact name of registrant as specified in its charter) | Maryland | 95-3551121 | | --- | - ...

Public Storage (NYSE:PSA) Q4 2022 Results Conference Call February 22, 2023 12:00 PM ET Company Participants Ryan Burke - VP, IR Joe Russell - President and CEO Tom Boyle - SVP, CFO and CIO Conference Call Participants Steve Sakwa - Evercore ISI Michael Goldsmith - UBS Jeff Spector - Bank of America Juan Sanabria - BMO Todd Thomas - KeyBanc Capital Markets Spenser Allaway - Green Street Ki Bin Kim - Truist Ronald Kamdem - Morgan Stanley Smedes Rose - Citi Keegan Carl - Wolfe Research Michael Mueller - JP Mo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 PUBLIC STORAGE (Exact name of Registrant as specified in its charter) Maryland 95-3551121 (State or other jurisdiction of incorporatio ...