Public Storage Q2 core FFO $4.28/share, up 7.3% YoY; announces $2.2B Simply Storage acquisition

Public Storage

2023-Q2 EPS reported $5.65 revenue$2,214,002,000

Net income allocable to common shareholders $528.3M ($3.00 diluted EPS) vs $603.4M ($3.42) in Q2 2022.
Core FFO per diluted share $4.28, up 7.3% YoY; record customer move-in volume growth of 13.6%.
Same-store NOI increased 6.6% to $668.1M, driven by 6.3% revenue growth; occupancy 93.7%.
On July 24, agreed to acquire 127-facility Simply Self Storage from BREIT for $2.2B cash, expected Q3 close.
Issued $2.2B unsecured senior notes (2-30yr, rates SOFR+60bps to 5.350%) to fund acquisition; declared $3.00 quarterly dividend.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Public Storage reported the three months ended June 30, 2023 results: net income $528.3 million, EPS $3.00 per diluted common share. Guidance raised.

Period: the three months ended June 30, 2023
Net income: $528.3 million
EPS: $3.00 per diluted common share
Guidance: raised
Result: reported results

Exact text from the filing

For the three months ended June 30, 2023, net income allocable to our common shareholders was $528.3 million or $3.00 per diluted common share

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Public Storage reported the six months ended June 30, 2023 results: net income $995.8 million, EPS $5.65 per diluted common share. Guidance raised.

Period: the six months ended June 30, 2023
Net income: $995.8 million
EPS: $5.65 per diluted common share
Guidance: raised
Result: reported results

Exact text from the filing

For the six months ended June 30, 2023, net income allocable to our common shareholders was $995.8 million or $5.65 per diluted common share

View on SEC.gov

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Source: SEC EDGAR

accession 0001393311-23-000079

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