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

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 30
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 intangible assets associated with the 127 self-storage facilities from the Simply Acquisition.

We have been active in acquiring facilities in recent years. Since the beginning of 2023, we acquired a total of 211 facilities with 15.6 million net rentable square feet for $3.2 billion. During the three and six months ended June 30, 2025, these facilities contributed net operating income of $37.6 million and $73.4 million, respectively.

During 2023, we acquired BREIT Simply Storage LLC (“Simply”), a self-storage company that 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 $77.5 million, NOI of $53.9 million (including Direct NOI of $56.7 million), and average square footage occupancy of 88.6% for the six months ended June 30, 2025.

We remain active in seeking to acquire additional self-storage facilities. Future acquisition volume may be impacted by cost of capital and overall macro-economic uncertainties. During the six months ended June 30, 2025, we acquired 25 self-storage facilities across nine states with 1.8 million net rentable square feet for $303.3 million. Subsequent to June 30, 2025, we acquired or were under contract to acquire 47 self-storage facilities across 17 states with 3.1 million net rentable square feet for $481.9 million. As a result, our total acquisitions through June 30, 2025, amount to $785.2 million.

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Newly Developed and Expanded Facilities

The Newly Developed and Expanded Facilities include 40 facilities that were developed on new sites since January 1, 2020, and 62 facilities expanded to increase their net rentable square footage. Of these expansions, 45 were completed before 2024, 10 were completed in 2024 or 2025, and seven are currently in process at June 30, 2025. The following table summarizes operating data with respect to the Newly Developed and Expanded Facilities:

NEWLY DEVELOPED AND EXPANDED FACILITIESThree Months Ended June 30,Six Months Ended June 30,20252024Change