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News Release Public Storage 701 Western Avenue Glendale , CA 91201-2349 PublicStorage.com For Release Date Contact Immediately August 3 , 2021 Ryan Burke ( 818 ) 244-8080 , Ext . 1141 Public Storage Reports Results for the Three and Six Months Ended June 30 , 2021 GLENDALE , California - Public Storage ( NYSE : PSA ) announced today operating results for the three and six months ended June 30 , 2021 . Highlights for the Three Months Ended June 30 , 2021 • Reported net income allocable to common shareholders of $ 1.97 per diluted share . Reported core FFO allocable to common shareholders ( " Core FFO " ) of $ 3.15 per diluted share , an increase of 28.0 % relative to the same period in 2020 . Increased Same Store ( as defined below ) direct net operating income by 20.8 % , resulting from a 10.8 % increase in Same Store revenues and a 15.9 % decrease in Same Store direct cost of operations . Achieved 79.4 % Same Store direct net operating income margin , an increase of 4.9 % relative to the year ended December 31 , 2020 . Acquired 84 self - storage facilities with 7.0 million net rentable square feet for $ 2.3 billion . This acquisition activity was funded by the largest bond issuance in company history totaling $ 2.0 billion at a weighted average annual rate of 1.6 % . Subsequent to June 30 , 2021 , we acquired or were under contract to acquire 36 self - storage facilities across 15 states with 3.0 million net rentable square feet , for $ 466.6 million . Opened two newly developed facilities and various expansion projects with 0.3 million net rentable square feet costing $ 40.2 million . At June 30 , 2021 , we had various facilities in development and expansion with 4.3 million net rentable square feet estimated to cost $ 661.0 million . Refinanced $ 525.0 million of 5.02 % weighted average preferred equity with $ 604 million of 4.00 % preferred equity , continuing to lower our in place cost of capital . Operating Results for the Three Months Ended June 30 , 2021 For the three months ended June 30 , 2021 , net income allocable to our common shareholders was $ 346.2 million or $ 1.97 per diluted common share , compared to $ 246.1 million or $ 1.41 per diluted common share in 2020 representing an increase of $ 100.1 million or $ 0.56 per diluted common share . The increase is due primarily to ( i ) a $ 126.8 million increase in self - storage net operating income ( described below ) , ( ii ) a $ 11.4 million increase due to equity in earnings of unconsolidated real estate entities , partially offset by ( iii ) a $ 35.1 million increase in depreciation and amortization expense and ( iv ) a $ 10.6 million increase in general and administrative expense due primarily to increased share - based compensation expense . The $ 126.8 million increase in self - storage net operating income is a result of a $ 91.6 million increase in our Same Store Facilities , and a $ 35.2 million increase in our Non - Same Store Facilities ( as defined below ) . Revenues for the Same Store Facilities increased 10.8 % or $ 66.4 million in the three months ended June 30 , 2021 as compared to 2020 , due primarily to higher realized annual rent per available square foot and weighted average square foot occupancy . Cost of operations for the Same Store Facilities decreased by 13.1 % or $ 25.2 million in the three months ended June 30 , 2021 as compared to 2020 , due primarily to a 33.7 % ( $ 13.1 million ) decrease in on - site property manager payroll resulting from a temporary $ 3.00 hourly incentive increase and enhancement of paid time off benefits to all of our property managers between April 1 , 2020 and June 30 , 2020 during the COVID - 19 Pandemic ( the " COVID Pandemic ” ) , a 61.2 % ( $ 10.8 million ) decrease in marketing expenses , and a change in property tax timing contributing to our 7.3 % ( $ 5.3 million ) decrease in property tax expense . The increase in net operating 1