Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 17

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 17
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 2025, respectively, as compared to the same period in 2024. For the three months ended June 30, 2025, we utilized a higher volume of online paid search programs to attract new tenants as compared to the same period in 2024. We plan to continue to use internet advertising and other advertising channels to support move-in volumes in the remainder of 2025.

On-site property manager payroll expense decreased 2.9% and 7.9% in the three and six months ended June 30, 2025, respectively, as compared to the same period in 2024, primarily due to reduction in labor hours driven by the implementation of dynamic staffing models based on customer activity levels. We expect on-site property manager payroll expense to decrease moderately in 2025 as compared to 2024 as we continue to enhance operational processes.

36

Analysis of Market Trends

The following tables set forth selected market trends in our Same Store Facilities:

Same Store Facilities Operating Trends by Market

 As of June 30, 2025Three Months Ended June 30, Numberof FacilitiesSquareFeet(millions)Realized Rent perOccupied Square FootAverage OccupancyRealized Rent perAvailable Square Foot 20252024Change (a)20252024Change (a)20252024Change (a)Los Angeles21715.8$36.01 $36.04 (0.1)%95.0 %95.1 %(0.1)%$34.21 $34.26 (0.1)%San Francisco1308.033.65 32.58 3.3 %94.1 %94.9 %(0.8)%31.66 30.90 2.5 %New York906.632.79 32.25 1.7 %93.3 %93.8 %(0.5)%30.59 30.25 1.2 %Washington DC1097.327.22 26.70 1.9 %94.0 %93.6 %0.4 %25.58 25.00 2.3 %Miami856.330.27 29.87 1.3 %92.6 %93.6 %(1.0)%28.03 27.95 0.3 %Seattle-Tacoma956.726.55 25.