Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 6

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 6
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 non real estate-related intangibles. We review Core FFO and Core FFO per share to evaluate our ongoing operating performance and we believe they are used by investors and REIT analysts in a similar manner. However, Core FFO and Core FFO per share are not substitutes for net income and net income per share. Because other REITs may not compute Core FFO or Core FFO per share in the same manner as we do, may not use the same terminology or may not present such measures, Core FFO and Core FFO per share may not be comparable among REITs.

The following table reconciles net income to FFO and Core FFO and reconciles diluted earnings per share to FFO per share and Core FFO per share: 

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 Three Months Ended June 30,Six Months Ended June 30, 20252024Percentage Change20252024Percentage Change(Amounts in thousands, except per share data)Reconciliation of Net Income to FFO and Core FFO:Net income allocable to common shareholders$308,968 $468,366 (34.0)%$667,198 $927,575 (28.1)%Eliminate items excluded from FFO:Real estate-related depreciation and amortization280,221 279,894 560,230 562,097 Real estate-related depreciation from unconsolidated real estate investment17,683 9,762 30,958 19,518 Real estate-related depreciation allocated to noncontrolling interests and restricted share unitholders and unvested LTIP unitholders(2,215)(1,880)(4,329)(3,715)Impairment write-down of real estate investments— — 3,827 — Gains on sale of real estate investments, including our equity share from investment(163)— (208)(871)FFO allocable to common shares$604,494 $756,142 (20.1)%$1,257,676 $1,504,604 (16.4)%Eliminate the impact of items excluded from Core FFO, including our equity share from investment:Foreign currency exchange loss (gain)146,070 (12,449)214,765 (49,992)Unrealized loss (gain) on private equity investments915 (1,011)1,788 (2,114)Corporate transformation costs1,013 — 1,802