Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 11

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 11
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, operating performance, ancillary businesses, and portfolio growth.

23

Results of Operations 

Operating Results for the Three Months Ended March 31, 2025 and 2024

For the three months ended March 31, 2025, net income allocable to our common shareholders was $358.2 million or $2.04 per diluted common share, compared to $459.2 million or $2.60 per diluted common share for the same period in 2024, representing a decrease of $101.0 million or $0.56 per diluted common share. The decrease is due primarily to (i) a $106.2 million increase in foreign currency exchange losses primarily associated with our Euro denominated notes payable partially offset by (ii) a $13.2 million increase in self-storage net operating income.

The $13.2 million increase in self-storage net operating income in the three months ended March 31, 2025 as compared to the same period in 2024 is a result of a $13.5 million increase attributable to our Non-Same Store Facilities (as defined below), partially offset by a $0.3 million decrease attributable to our Same Store Facilities. Revenues for the Same Store Facilities increased 0.1% or $0.5 million in the three months ended March 31, 2025 as compared to the same period in 2024, due primarily to higher realized annual rent per occupied square foot offset by a decline in occupancy. Cost of operations for the Same Store Facilities increased by 0.3% or $0.8 million in the three months ended March 31, 2025 as compared to the same period in 2024, due primarily to increased property tax expense offset by decreased on-site property manager payroll expense. The increase in net operating income of $13.5 million for the Non-Same Store Facilities is due primarily to the impact of facilities acquired in 2023 and 2024.

Funds from Operations and Core Funds from Operations

Funds from Operations (“FFO”) and FFO per diluted common share (“FFO per share”) are non-GAAP measures defined by Nareit. We believe that FFO and FFO per share are useful to REIT investors and analysts in measuring our performance because Nareit’s definition of FFO excludes items included in net income that do not relate to or are not indicative of our operating and financial performance. FFO represents net