Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 19

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 19
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5% in the three months ended March 31, 2025, representing a decrease of 0.6%, as compared to the same period in 2024. Higher year-over-year customer demand in the three months ended March 31, 2025, coupled with lower move-in rates and increased promotional discounts, led to a higher move-in volume net of move-out volumes, as compared to the same period in 2024. As a result, the year-over-year decline in occupancy at March 31, 2025 of 0.3% was reduced as compared to the year-over-year decline in occupancy at December 31, 2024 of 0.7%.

Move-out activities from our tenants were slightly higher in the three months ended March 31, 2025 as compared to the same period in 2024. More than half of our tenants have rented their space for longer than six months at March 31, 2025, which supported our revenue growth from existing long-term tenants.

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Selected Key Move-in and Move-Out Statistical Data

The following table sets forth average annual contract rent per square foot and total square footage for tenants moving in and moving out during the three months ended March 31, 2025 and 2024. Contract rents gained from move-ins and contracts rents lost from move-outs included in the table assume move-in and move-out activities occur at the beginning of each period presented. The table also includes promotional discounts, which vary based upon the move-in contractual rates, move-in volume, and percentage of tenants moving in who receive the discount. 

Three Months Ended March 31,20252024Change(Amounts in thousands, except for per square foot amounts)Tenants moving in during the period:Average annual contract rent per square foot$12.56 $13.16 (4.6)%Square footage 31,285 30,564 2.4%Contract rents gained from move-ins$98,235 $100,556 (2.3)%Promotional discounts given$15,710 $14,026 12.0%Tenants moving out during the period:Average annual contract rent per square foot$20.32 $20.66 (1.6)%Square footage 29,561 29,424 0.5%Contract rents lost from move-outs$150,170 $151,975 (1.2)%

Industry-wide demand was slightly higher in the first quarter of