Company: PSA-PH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047163
Chunk: 14

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 14
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 due primarily to a decline in move-in volume net of move-out volumes, as compared to the same periods in 2024. 

Move-out activities from our tenants decreased slightly for the three and nine months ended September 30, 2025 as compared to the same periods in 2024. Move-out average annual contract rent per square foot decreased for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024.

34

Selected Key Move-in and Move-Out Statistical Data

The following table sets forth average annual contract rent per square foot and total square footage for tenants moving in and moving out during the three and nine months ended September 30, 2025 and 2024. Contract rents gained from move-ins and contracts rents lost from move-outs included in the table assume move-in and move-out activities occur at the beginning of each period presented. The table also includes promotional discounts, which vary based upon the move-in contractual rates, move-in volume, and percentage of tenants moving in who receive the discount. 

Three Months Ended September 30,Nine Months Ended September 30,20252024Change20252024Change(Amounts in thousands, except for per square foot amounts)Tenants moving in during the period:Average annual contract rent per square foot$13.53 $14.38 (5.9)%$13.19 $13.92 (5.2)%Square footage 30,543 31,716 (3.7)%93,865 94,164 (0.3)%Contract rents gained from move-ins$103,312 $114,019 (9.4)%$928,560 $983,072 (5.5)%Promotional discounts given$14,101 $19,319 (3.7)%$43,444 $47,496 (8.5)%Tenants moving out during the period:Average annual contract rent per square foot$20.39 $20.71 (1.5)%$20.35 $20.73 (1.8)%Square footage 33,192 33,814 (1.8)%93,539 93,726 (0.2)%Contract rents lost from move-outs$169,196 $175,072 (3.4)%$1,427,639 $1,457,205 (2.0)%