Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 39

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 39
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 depending on a variety of factors.

Interest and other income: The following table sets forth our interest and other income: 

Three Months Ended June 30,Six Months Ended June 30,20252024Change20252024Change(Amounts in thousands)Interest earned on cash balances$7,163 $12,963 $(5,800)$15,070 $21,603 $(6,533)Commercial operations2,339 2,603 (264)5,354 4,842 512 Interest earned on notes receivable, net959 — 959 1,243 — 1,243 Unrealized (loss) gain on private equity investments(915)1,011 (1,926)(1,788)2,114 (3,902)Other3,243 1,676 1,567 6,144 3,660 2,484 Total $12,789 $18,253 $(5,464)$26,023 $32,219 $(6,196)

Interest expense: For the three and six months ended June 30, 2025, we incurred $73.1 million and $146.7 million, respectively, of interest on our outstanding notes payable, as compared to $76.1 million and $146.2 million for the same periods in 2024. In determining interest expense, these amounts were offset by capitalized interest of $1.5 million and $3.1 million during the three and six months ended June 30, 2025, respectively, associated with our development activities, as compared to $2.8 million and $5.2 million for the same periods in 2024. The increase of interest expense in the three and six months ended June 30, 2025 as compared to the same periods in 2024 is due to the issuance of U.S. Dollar and Euro denominated unsecured notes in April 2024. At June 30, 2025, we had $10.4 billion of notes payable outstanding, with a weighted average interest rate of approximately 3.0%.

Foreign currency exchange (loss) gain: For the three and six months ended June 30, 2025, we recorded foreign currency losses of $146.1 million and $214.8 million, respectively, representing primarily the changes in the U.S. Dollar equivalent of our Euro-denominated unsecured notes