The company said net income allocable to common shareholders was $1.9 billion ($11.06 per diluted common share) in 2023, down from $4.1 billion ($23.50 per share) in 2022. The company cited the gain on the sale of its equity investment in PS Business Parks, Inc. in July 2022 $2.1 billion as one of the factors behind the decline.

1. 01

   The company said net income allocable to common shareholders was $1.9 billion ($11.06 per diluted common share) in 2023, down from $4.1 billion ($23.50 per share) in 2022. The company cited the gain on the sale of its equity investment in PS Business Parks, Inc. in July 2022 $2.1 billion as one of the factors behind the decline.

2. 02

   The company said Same Store revenues rose 4.7% ($154.0 million) in 2023, while Same Store cost of operations increased 4.7% ($35.9 million). It cited a 6.3% increase in realized annual rent per occupied square foot as a driver of revenue growth, and a 1.6% decline in average occupancy as an offset.

3. 03

   Public Storage said it acquired BREIT Simply Storage LLC for $2.2 billion in cash on September 13, 2023. In connection with the acquisition, it completed a public offering of $2.2 billion aggregate principal amount of unsecured senior notes on July 26, 2023.

4. 04

   The company said it held $370.0 million in cash as of December 31, 2023, and that $1,485.4 million was available under its revolving line of credit. It also said $810 million of unsecured debt principal is due for repayment within the next 12 months, and that it plans to refinance it at maturity in April 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue

$4.5B

Net income

$2.1B

EPS

$11.06

Operating cash flow

$3.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.