Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 2

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 2
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 for our Same Store Facilities increased by 0.6%, while average occupancy decreased by 0.4%, as compared to the same period in 2024.

We have grown and plan to continue to grow through the acquisition and development of new facilities and expansion of our existing self-storage facilities. Since the beginning of 2023, we acquired a total of 211 facilities with 15.6 million net rentable square feet for $3.2 billion.  Additionally, within our non-same store portfolio, our Newly Developed and Expanded Facilities include a total of 102 self-storage facilities with 12.0 million net rentable square feet. For development and expansions completed by June 30, 2025, we incurred a total cost of $1.5 billion. During the three and six months ended June 30, 2025, combined net operating income generated by our Acquired Facilities and Newly Developed and Expanded Facilities increased 18.4% ($20.5 million) and 16.7% ($9.7 million), respectively, as compared to the same periods in 2024.

We have embarked on a solar program under which we plan to install solar panels on over 1,400 of our self-storage facilities. We have completed the installations on 1,024 facilities through June 30, 2025. We spent approximately $29 million on the program in the six months ended June 30, 2025 and expect to spend approximately $50 million over 2025 on this effort.

On June 30, 2025, PSOC completed a public offering of $875 million aggregate principal amount of senior notes, including $475 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 4.375% maturing on July 1, 2030 and $400 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.000% maturing on July 1, 2035. In connection with the offering of senior notes due July 1, 2030, we entered into five-year interest rate swaps in order to manage our variable rate assets. These swaps are designated as fair value hedges, which convert the debt’s fixed interest rate to variable rate.

On July 13, 2025, Ki Corporation (“Ki”) and Public Storage (together, the “Consortium”) announced a revised non-binding indicative offer to acquire all of the outstanding stapled securities of Ab