Company: PSA-PH
Filing Date: 2025-09-08
Form Type: 8-K
Source: 0001393311-25-000126
Chunk: 1

Company: Public Storage
Filing Date: 2025-09-08
Form: 8-K
Item: Item 8.01
Chunk 1
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Item 8.01

Other Events.

The Investor Presentation includes the following operating update for the two and eight months ended August 31, 2025.

Same Store Facilities Operating Update (a)

                                                                                             Eight Months Ended August 31,                                            
                                                                                 Change      2025                                                             Change  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Tenants moving in during the period:                                                                                                                                
  Average annual contract rent per square foot (b)        13.57       14.74      (7.9)%      $                                      13.16          13.96      (5.7)%  
  Square footage                                         21,057      21,253      (0.9)%                                            84,379         83,702        0.8%  
  Contract rents gained from move-ins                    47,624      52,212      (8.8)%      $                                    740,285        778,987      (5.0)%  
  Tenants moving out during the period:                                                                                                                               
  Average annual contract rent per square foot (b)        20.26       20.73      (2.3)%      $                                      20.31          20.73      (2.0)%  
  Square footage                                         22,621      22,976      (1.5)%                                            82,969         82,887        0.1%  
  Contract rents lost from move-outs                     76,384      79,382      (3.8)%      $                                  1,123,400      1,145,498      (1.9)%  
  At August 31,                                                                                                                                                       
  Square foot occupancy                                                                      91.3%                                                            (0.3)%  
  Annual contract rent per occupied square foot (b)                                          $                                      22.79          22.82      (0.1)%  

Please see “ Analysis of Same Store Revenue” under “ Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2025 for further information with respect to the various factors that affect the Company’s revenues.

(a) The Same Store Facilities consist of 2,565 facilities (175.3 million net rentable square feet) that have been owned and operated on a stabilized basis since January