Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 16

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 16
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Same Store Facilities

The Same Store Facilities consist of facilities we have owned and operated on a stabilized level of occupancy, revenues, and cost of operations since January 1, 2023. Our Same Store Facilities increased from 2,507 facilities at December 31, 2024 to 2,565 at March 31, 2025. The composition of our Same Store Facilities allows us more effectively to evaluate the ongoing performance of our self-storage portfolio in 2023, 2024, and 2025 and exclude the impact of fill-up of unstabilized facilities, which can significantly affect operating trends. We believe investors and analysts use Same Store Facilities information in a similar manner. However, because other REITs may not compute Same Store Facilities in the same manner as we do, may not use the same terminology or may not present such a measure, Same Store Facilities may not be comparable among REITs. 

The following table summarizes the historical operating results (for all periods presented) of these 2,565 facilities (175.3 million net rentable square feet) that represent approximately 79% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at March 31, 2025. It includes various measures and detail that we do not include in the analysis of the developed, acquired, and other non-same store facilities, due to the relative magnitude and importance of the Same Store Facilities relative to our other self-storage facilities.

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Selected Operating Data for the Same Store Facilities (2,565 facilities)

 Three Months Ended March 31, 20252024Change (e) (Dollar amounts in thousands, except for per square foot data)Revenues (a):Rental income $901,702 $901,742 —%Late charges and administrative fees32,841 32,287 1.7%Total revenues934,543 934,029 0.1%Direct cost of operations (a):Property taxes97,852 93,798 4.3%On-site property manager payroll31,896 36,416 (12.4)%Repairs and maintenance 22,150 20,310 9.1%Utilities 14,482 13,463 7.6%Marketing21,868 24,250 (9.8)%Other direct property costs25,722 25,561 0.6%Total direct cost of operations213,970 213,798 0