Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 14

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 14
---
 — Self-Storage Operations

Our self-storage operations are analyzed in four groups: (i) 2,565 facilities that we have owned and operated on a stabilized basis since January 1, 2023 (the “Same Store Facilities”), (ii) 195 facilities we acquired since January 1, 2023 (the “Acquired Facilities”), (iii) 100 facilities that have been newly developed or expanded, or that will commence expansion by December 31, 2025 (the “Newly Developed and Expanded Facilities”), and (iv) 225 other facilities, which are otherwise not stabilized with respect to occupancies or rental rates since January 1, 2023 (the “Other Non-Same Store Facilities”). The Acquired Facilities, Newly Developed and Expanded Facilities, and Other Non-Same Store Facilities are collectively referred to as the “Non-Same Store Facilities”. See Note 14 to our March 31, 2025 consolidated financial statements “Segment Information,” for a reconciliation of the amounts in the tables below to our total net income.

26

Self-Storage Operations SummaryThree Months Ended March 31, 20252024Percentage Change (Dollar amounts and square footage in thousands)Revenues:Same Store Facilities$934,543 $934,029 0.1 %Acquired Facilities53,117 45,150 17.6 %Newly Developed and Expanded Facilities42,504 36,822 15.4 %Other Non-Same Store Facilities72,834 70,044 4.0 %1,102,998 1,086,045 1.6 %Cost of operations:Same Store Facilities243,010 242,216 0.3 %Acquired Facilities17,358 16,042 8.2 %Newly Developed and Expanded Facilities14,269 12,702 12.3 %Other Non-Same Store Facilities26,517 26,454 0.2 %301,154 297,414 1.3 %Net operating income (a):Same Store Facilities691,533 691,813 — %Acquired Facilities35,759 29,108 22.8 %Newly Developed and Expanded Facilities28,235 24,120 17.1 %Other Non-Same Store Facilities46,317 43,590 6.3 %Total net operating income 801,844 788,631