Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 123

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 123
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31, 2024

3.    Real Estate FacilitiesActivity in real estate facilities during 2024, 2023, and 2022 is as follows:For the Years Ended December 31, 202420232022 (Amounts in thousands)Operating facilities, at cost:Beginning balance $27,465,238 $24,219,126 $22,807,833 Capital expenditures to maintain real estate facilities234,541 232,048 205,169 Capital expenditures for property enhancements126,324 163,380 194,931 Capital expenditures for energy efficiencies (LED lighting, solar)54,433 65,026 52,216 Acquisitions 254,940 2,442,118 733,442 Dispositions and other(106)(19,322)(1,704)Developed or expanded facilities opened for operation343,368 362,862 227,239 Ending balance 28,478,738 27,465,238 24,219,126 Accumulated depreciation:Beginning balance (9,423,974)(8,554,155)(7,773,308)Depreciation expense (1,002,212)(881,255)(781,931)Dispositions and other— 11,436 1,084 Ending balance (10,426,186)(9,423,974)(8,554,155)Construction in process:Beginning balance 345,453 372,992 272,471 Costs incurred to develop and expand real estate facilities307,650 356,788 336,948 Acquisitions — 2,922 — Write-off of cancelled projects and transfer to other assets(1,634)(24,387)(9,188)Developed or expanded facilities opened for operation(343,368)(362,862)(227,239)Ending balance 308,101 345,453 372,992 Total real estate facilities at December 31,$18,360,653 $18,386,717 $16,037,963 During 2024, we acquired 22 self-storage facilities (1.7 million net rentable square feet of storage space), for a total cost of $267.5 million in cash. Approximately $12.5 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $343.4 million, adding 1.5 million net