Company: PSA-PH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047163
Chunk: 30

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 30
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 (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 $116.9 million and $113.9 million, NOI of $81.6 million and $77.9 million (including Direct NOI of $85.8 million and $81.9 million), and average square footage occupancy of 88.3% and 87.4% for the nine months ended September 30, 2025 and September 30, 2024, respectively.

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 nine months ended September 30, 2025, we acquired 74 self-storage facilities across 19 states with 5.2 million net rentable square feet for $814.6 million. Subsequent to September 30, 2025, we acquired or were under contract to acquire 12 self-storage facilities across eight states with 0.9 million net rentable square feet for $119.9 million. As a result, our total acquisitions planned or completed through September 30, 2025, amount to $934.5 million.

42

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 63 facilities expanded to increase their net rentable square footage. Of these expansions, 45 were completed before 2024, 12 were completed in 2024 or 2025, and six are currently in process at September 30, 2025. The following table summarizes operating data with respect to the Newly Developed and Expanded Facilities:

NEWLY DEVELOPED AND EXPANDED FACILITIESThree Months Ended September 30,Nine Months Ended September 30,20252024Change (a)20252024Change (a)($ amounts in thousands, except for per square foot amounts)Revenues (b):Developed in 2020$1,756 $1,848 $(92)$5,335 $5,565 $(230)Developed in 20213,209 3,059 150 9,301 8,802 499 Developed in 20222,970 2,631 339 8,617 7,377