Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 15

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 15
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 tenants moving in who receive the discount. 

Three Months Ended June 30,Six Months Ended June 30,20252024Change20252024Change(Amounts in thousands, except for per square foot amounts)Tenants moving in during the period:Average annual contract rent per square foot$13.48 $14.19 (5.0)%$13.02 $13.69 (4.9)%Square footage 32,034 31,882 0.5%63,323 62,449 1.4%Contract rents gained from move-ins$107,955 $113,101 (4.5)%$412,233 $427,463 (3.6)%Promotional discounts given$13,633 $14,151 (3.7)%$29,343 $28,177 4.1%Tenants moving out during the period:Average annual contract rent per square foot$20.34 $20.80 (2.2)%$20.33 $20.73 (1.9)%Square footage 30,805 30,483 1.1%60,358 59,910 0.7%Contract rents lost from move-outs$156,643 $158,512 (1.2)%$613,539 $620,967 (1.2)%

Industry-wide demand was slightly higher in the first half of 2025 as compared to the same period in 2024 due to increases in customers who sought storage space for reasons other than home-moving activities. Demand fluctuates due to various local and regional factors, including the overall economy. Demand for our self-storage space is also impacted by new supply of self-storage space and alternatives to self-storage. 

We expect industry-wide demand from new customers in 2025 to improve as compared to 2024, across a diverse set of markets, subject to potential adverse effects from evolving political and macroeconomic uncertainty including changes in trade policy and new tariffs. Additionally, following the recent wildfires in southern California in early 2025, we anticipate an adverse impact on revenue growth at our self-storage facilities located in Los Angeles County, where a temporary governmental pricing limitation is in place under the “State of Emergency” declarations. These self-storage facilities generated approximately 10% of revenues earned by our Same Store Facilities in 2024. As a result, we expect Same Store Facilities revenues in 2025 to