---
schema_version: "secwatch.filing_event.v1"
accession: "0001393311-25-000068"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2025-04-30T23:59:59+00:00"
generated_at: "2026-05-23T02:10:40.078098+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001393311-25-000068
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2025-04-30T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000139331125000068/0001393311-25-000068-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000139331125000068/psa-20250430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001393311-25-000068
- JSON: https://secwatch.observer/filing/0001393311-25-000068.json
- Plain text: https://secwatch.observer/filing/0001393311-25-000068.txt

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