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News Release Public Storage 701 Western Avenue Glendale , CA 91201-2349 PublicStorage.com For Release Date Contact Immediately November 1 , 2021 Ryan Burke ( 818 ) 244-8080 , Ext . 1141 Public Storage Reports Results for the Three and Nine Months Ended September 30 , 2021 GLENDALE , California - Public Storage ( NYSE : PSA ) announced today operating results for the three and nine months ended September 30 , 2021 . Highlights for the Three Months Ended September 30 , 2021 • Reported net income allocable to common shareholders of $ 2.52 per diluted share . Reported core FFO allocable to common shareholders ( " Core FFO " ) of $ 3.42 per diluted share , an increase of 30.0 % relative to the same period in 2020 . Increased Same Store ( as defined below ) direct net operating income by 20.8 % , resulting from a 14.0 % increase in Same Store revenues and a 6.2 % decrease in Same Store direct cost of operations . Achieved 79.1 % Same Store direct net operating income margin , an increase of 4.5 % relative to the year ended December 31 , 2020 . Acquired 27 self - storage facilities with 2.2 million net rentable square feet for $ 0.3 billion . Subsequent to September 30 , 2021 , we acquired or were under contract to acquire 107 self - storage facilities across 16 states with 11.8 million net rentable square feet , for $ 2.3 billion . Opened one newly developed facility and various expansion projects with 0.7 million net rentable square feet costing $ 85.5 million . At September 30 , 2021 , we had various facilities in development and expansion with 4.6 million net rentable square feet estimated to cost $ 730.6 million . Issued € 700.0 million of unsecured senior note bearing an annual rate of 0.500 % and $ 143.8 million of 3.950 % preferred equity , continuing to lower our in place cost of capital . Operating Results for the Three Months Ended September 30 , 2021 For the three months ended September 30 , 2021 , net income allocable to our common shareholders was $ 442.3 million or $ 2.52 per diluted common share , compared to $ 246.9 million or $ 1.41 per diluted common share in 2020 representing an increase of $ 195.4 million or $ 1.11 per diluted common share . The increase is due primarily to ( i ) a $ 148.7 million increase in self - storage net operating income ( described below ) , ( ii ) a $ 82.8 million increase due to the impact of foreign currency exchange gains and losses associated with our Euro denominated debt , ( iii ) a $ 23.3 million increase due to the impact of the redemption of preferred shares in the three months ended September 30 , 2020 , partially offset by ( iv ) a $ 50.2 million increase in depreciation and amortization expense . The $ 148.7 million increase in self - storage net operating income is a result of a $ 96.2 million increase in our Same Store Facilities ( as defined below ) , and a $ 52.5 million increase in our Non - Same Store Facilities ( as defined below ) . Revenues for the Same Store Facilities increased 14.0 % or $ 87.8 million in the three months ended September 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 4.6 % or $ 8.5 million in the three months ended September 30 , 2021 as compared to 2020 , due primarily to a 43.3 % ( $ 7.0 million ) decrease in marketing expenses , an 8.4 % ( $ 2.6 million ) decrease in on - site property manager payroll , and a change in property tax timing contributing to a 2.7 % ( $ 2.0 million ) decrease in property tax expense . The increase in net operating income of $ 52.5 million for the Non - Same Store Facilities is due primarily to the impact of facilities acquired in 2020 and 2021 and the fill - up of recently developed and expanded facilities . 1