Public Storage Q4 core FFO $4.16 (+17.5% YoY); same-store NOI up 15%; appoints COO as principal operating officer

Public Storage

2022-FY EPS reported $23.50 revenue$4,182,163,000

Q4 net income allocable to common shareholders $362.6M ($2.06 diluted EPS), down from $558.1M ($3.17) in Q4 2021.
Core FFO per diluted share $4.16, up 17.5% YoY; full year Core FFO $15.92, up 23.1%.
Same-store direct NOI increased 15.0% in Q4, with revenue up 13.0% and margin 81.2%.
Acquired 30 self-storage facilities for $228.6M in Q4; full year acquisitions $730.5M for 74 facilities.
Appointed David Lee, COO, as principal operating officer effective immediately.

item 2.02 item 9.01 item 5.02

Executive movements

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Role change

David Lee

principal operating officer

PSA · Public Storage

Effective: 2023-02-21
Filed: February 21, 2023, 6:59 PM ET

On February 21, 2023, Public Storage announced the appointment of David Lee, the Company’s Chief Operating Officer, as an executive officer of the Company to serve as its principal operating officer, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Public Storage reported financial results for Fourth quarter and year ended December 31, 2022.

Period: Fourth quarter and year ended December 31, 2022
Result: reported results

Exact text from the filing

Public Storage (NYSE:PSA) announced today operating results for the fourth quarter and year ended December 31, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

David Lee was appointed as principal operating officer at Public Storage.

Action: appointed
Role: principal operating officer

Exact text from the filing

On February 21, 2023, Public Storage announced the appointment of David Lee, the Company’s Chief Operating Officer, as an executive officer of the Company to serve as its principal operating officer, effective immediately.

View on SEC.gov

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Source: SEC EDGAR

accession 0001393311-23-000011

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