secwatch.observer — SEC 8-K summary
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Issuer:     Public Storage (PSA)
CIK:        0001393311
Form:       8-K
Filed at:   2024-09-09T23:59:59+00:00
Accession:  0001393311-24-000172
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 7.01, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Public Storage Q3 operating update: move-in rents down 9.4% YoY, occupancy slips to 91.6%
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- Average annual contract rent per sq ft for move-ins fell 9.4% to $14.82 from $16.36 YoY.
- Move-out average contract rent decreased 2.8% to $20.85 per sq ft versus $21.44 last year.
- Same-store square foot occupancy at August 31, 2024 was 91.6%, down 60 bps from 92.2%.
- Contract rents gained from move-ins dropped 11.0% to $50.8M; move-out rents lost $77.6M (-2.9%).
- Same-store facilities count remains 2,507 with 170.0M net rentable sq ft since Jan 1, 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1393311/000139331124000172/0001393311-24-000172-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1393311/000139331124000172/psa-20240909.htm
  HTML page:      https://secwatch.observer/filing/0001393311-24-000172

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer