Public Storage Q1 net income down 22% to $358M; Core FFO per share up 2.2% to $4.12

Public Storage

2025-Q1 EPS reported $2.04 revenue$1,183,184,000

Net income allocable to common shareholders: $358.2M / $2.04 diluted share vs $459.2M / $2.60 in Q1 2024.
Core FFO allocable to common: $724.6M / $4.12 per share, up from $711.0M / $4.03 YoY.
Same Store occupancy 91.5% (down 0.6pp); revenue +0.1%, NOI flat. Direct NOI margin 77.1%.
Acquired 9 facilities for $141.0M in Q1; post-quarter $43.2M for 5 facilities under contract.
Proposed acquisition of Abacus Storage King (ASK) for A$1.47/security; PSA share ~$586M, subject to conditions.

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