---
schema_version: "secwatch.filing_event.v1"
accession: "0001393311-23-000011"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2023-02-21T23:59:59+00:00"
generated_at: "2026-06-19T06:43:42.090243+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001393311-23-000011
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2023-02-21T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000139331123000011/0001393311-23-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000139331123000011/psa-20230221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001393311-23-000011
- JSON: https://secwatch.observer/filing/0001393311-23-000011.json
- Plain text: https://secwatch.observer/filing/0001393311-23-000011.txt

## Key facts
- Earnings Releases
  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
  source text: Public Storage (NYSE:PSA) announced today operating results for the fourth quarter and year ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393311/000139331123000011/0001393311-23-000011-index.htm
- Executive change
  David Lee was appointed as principal operating officer at Public Storage.
  - Action: appointed
  - Role: principal operating officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393311/000139331123000011/0001393311-23-000011-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.