Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 28

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 28
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 owned and operated 127 self-storage facilities (9.4 million square feet) and managed 25 self-storage facilities (1.8 million square feet) for third parties, for a purchase price of $2.2 billion in cash. Included in the acquisition results in the table above are the Simply portfolio self-storage revenues of $151.8 million, NOI of $103.9 million (including Direct NOI of $109.2 million), and average square footage occupancy of 87.7% for 2024.

We remain active in seeking to acquire additional self-storage facilities. Future acquisition volume is likely to be impacted by cost of capital and overall macro-economic uncertainties. Subsequent 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.

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Newly Developed and Expanded Facilities

The Newly Developed and Expanded Facilities include 46 facilities that were developed on new sites since January 1, 2019, and 86 facilities expanded to increase their net rentable square footage. Of these expansions, 64 were completed before 2023, 17 were completed in 2023 or 2024, and five are currently in process at December 31, 2024. The following table summarizes operating data with respect to the Newly Developed and Expanded Facilities:

NEWLY DEVELOPED AND EXPANDED FACILITIESYear Ended December 31,Year Ended December 31,20242023Change (a)20232022Change (a)($ amounts in thousands, except for per square foot amounts)Revenues (b):Developed in 2019$18,058$18,081$(23)$18,081$16,444$1,637Developed in 20207,3717,621(250)7,6216,838783Developed in 202111,86411,13473011,1348,3332,801Developed in 202210,0546,8933,1616,8936876,206Developed in 20236,1681,0325,1361,032—1,032Developed in 2024874—874———Expansions completed before 2023139,887135,2904,597135,290119,80515,485Expansions completed in 2023 or 202422,66616,8245,84216,824