Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 15

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 15
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 1.7 %Depreciation and amortization expense:Same Store Facilities177,329 178,002 (0.4)%Acquired Facilities50,265 54,818 (8.3)%Newly Developed and Expanded Facilities15,750 12,168 29.4 %Other Non-Same Store Facilities39,371 40,215 (2.1)%Total depreciation and amortization expense282,715 285,203 (0.9)%Net income (loss):Same Store Facilities514,204 513,811 0.1 %Acquired Facilities(14,506)(25,710)(43.6)%Newly Developed and Expanded Facilities12,485 11,952 4.5 %Other Non-Same Store Facilities6,946 3,375 105.8 %Total net income$519,129 $503,428 3.1 %Number of facilities at period end:Same Store Facilities2,565 2,565 — %Acquired Facilities195 164 18.9 %Newly Developed and Expanded Facilities100 91 9.9 %Other Non-Same Store Facilities225 225 — %3,085 3,045 1.3 %Net rentable square footage at period end:Same Store Facilities175,349 175,349 — %Acquired Facilities14,474 12,067 19.9 %Newly Developed and Expanded Facilities11,775 9,694 21.5 %Other Non-Same Store Facilities21,111 21,290 (0.8)%222,709 218,400 2.0 %

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(a)Net operating income or “NOI” is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense, which is based upon historical real estate costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. We utilize NOI in determining current property values, evaluating property performance, and evaluating property operating trends. We believe that investors and analysts utilize NOI in a similar manner. NOI is not a substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. See Note 14 to our March 31, 2025 consolidated financial statements for a reconciliation of NOI to our total net income for all periods presented.