Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 150

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 150
---
 deductible decreases to $5.0 million once we reach $35.0 million in aggregate losses for occurrences that exceed $5.0 million. Insurance carriers’ aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded.We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $10.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At December 31, 2024, there were approximately 1.4 million certificates held by self-storage customers under the program, representing aggregate coverage of approximately $6.8 billion.CommitmentsWe have construction commitments representing future expected payments for construction under contract totaling $194.9 million at December 31, 2024. We expect to pay approximately $166.1 million in 2025 and $28.8 million in 2026 for these construction commitments.We have future contractual payments on land, equipment and office space under various lease commitments totaling $61.8 million at December 31, 2024. We expect to pay approximately $4.1 million in each of 2025 and 2026, $2.7 million in 2027, $2.5 million in each of 2028 and 2029, and $45.9 million thereafter for these commitments.We have an unfunded loan commitment totaling $12.5 million at December 31, 2024. We expect to fund the loan in 2025 subject to the satisfaction of certain conditions.

15.   Subsequent EventsSubsequent to December 31, 2024, we acquired or were under contract to acquire nine self-storage facilities across six states with 0.7 million net rentable square feet, for $140.7 million.In early 2025, multiple wildfires erupted in southern California and caused significant destruction of business and residential structures.