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News Release Public Storage 701 Western Avenue Glendale , CA 91201-2349 PublicStorage.com For Release Date Contact Immediately April 28 , 2021 Ryan Burke ( 818 ) 244-8080 , Ext . 1141 Public Storage Reports Results for the Three Months Ended March 31 , 2021 GLENDALE , California – Public Storage ( NYSE : PSA ) announced today operating results for the three months ended March 31 , 2021 . Highlights for the Three Months Ended March 31 , 2021 • • Reported net income allocable to common shareholders of $ 2.21 per diluted share . Reported core FFO allocable to common shareholders ( " Core FFO " ) of $ 2.82 per diluted share , an increase of 9.3 % relative to the same period in 2020 . Increased same store direct net operating income by 6.5 % , resulting from a 3.4 % increase in same store revenues and a 5.7 % decrease in same store direct cost of operations . Same store cost of operations was positively impacted by the timing of property tax expense . Achieved a 76.5 % same store direct net operating income margin . Acquired fifteen self - storage facilities with 1.1 million net rentable square feet for $ 203.1 million . Subsequent to March 31 , 2021 , acquired or were under contract to acquire 87 self - storage facilities with 7.6 million net rentable square feet , for $ 2.3 billion . Opened one newly developed facility with 0.2 million net rentable square feet costing $ 45.4 million . At March 31 , 2021 , we had various facilities in development and expansion with 3.4 million net rentable square feet estimated to cost $ 510.3 million . Issued $ 500 million of unsecured senior notes bearing an annual rate of 0.875 % and redeemed $ 300 million of preferred equity bearing an annual rate of 5.4 % . In April 2021 , issued $ 2.0 billion of unsecured senior notes in three , seven , and ten year tranches bearing annual rates of Compounded Secured Overnight Financing Rate ( " SOFR " ) plus 47 basis points , 1.85 % , and 2.3 % , respectively . • Provided inaugural Core FFO guidance ( refer to Outlook section below ) . Named top three for Best Operations Department among large companies , top five for Best Places to Work in Los Angeles , and top 25 for Best Company Outlook by Comparably . " Public Storage's focus on the customer experience , operating model innovation , and portfolio expansion funded with a growth- oriented balance sheet produced strong results during the quarter , ” said Joe Russell , President and Chief Executive Officer . “ Our momentum has accelerated into the second quarter as indicated by our inaugural Core FFO guidance and the acquisition of ezStorage , one of the highest quality self - storage portfolios in the United States . We are excited to discuss this momentum , our industry leadership , and outlook with investors and analysts at our upcoming Virtual Investor Day on May 3 , 2021 . Operating Results for the Three Months Ended March 31 , 2021 For the three months ended March 31 , 2021 , net income allocable to our common shareholders was $ 385.8 million or $ 2.21 per diluted common share , compared to $ 313.1 million or $ 1.79 per diluted common share in 2020 representing an increase of $ 72.7 million or $ 0.42 per diluted common share . The increase is due primarily to ( i ) a $ 41.1 million increase in self - storage net operating 1