Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 3

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 3
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acus Storage King (ASX:ASK) that are not already held by Ki or its subsidiaries (together, the “Ki Group”) for A$1.65 per stapled security. The Ki Group is currently ASK’s major securityholder. Under the terms of the revised offer, Public Storage’s share of the total estimated cost, excluding direct transaction costs, would be approximately $710 million (A$1.08 billion), anticipated to be funded with Australian Dollar denominated unsecured debt. Abacus Storage King is one of the largest self-storage owners in Australia and New Zealand with approximately 126 operating properties, 21 development sites, and 75 managed properties. The structure of the transaction is subject to finalization, and the transaction is subject to a number of conditions, including due diligence, negotiation of a definitive agreement, and legal, regulatory, and shareholder approvals.

Results of Operations 

Operating Results for the Three Months Ended June 30, 2025 and 2024

For the three months ended June 30, 2025, net income allocable to our common shareholders was $309.0 million or $1.76 per diluted common share, compared to $468.4 million or $2.66 per diluted common share for the same period in 2024, representing a decrease of $159.4 million or $0.90 per diluted common share. The decrease is due primarily to (i) a $158.5 million increase in foreign currency losses primarily associated with our Euro denominated notes payable, (ii) an $8.7 million decrease in equity in (loss) earnings of unconsolidated real estate entities, and (iii) a $5.5 million decrease in interest income, partially offset by (iv) a $7.7 million increase in self-storage net operating income.

26

The $7.7 million increase in self-storage net operating income in the three months ended June 30, 2025 as compared to the same period in 2024 is a result of a $12.0 million increase attributable to our Non-Same Store Facilities (as defined below), partially offset by a $4.3 million decrease attributable to our Same Store Facilities. Revenues for the Same Store Facilities increased 0.2% or $2.0 million in the three months ended June 30, 2025 as compared to the same period in 2024, due primarily to higher realized annual rent