Company: PSA-PH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047163
Chunk: 3

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 3
---
 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.60% at maturity on July 25, 2025. We plan to use the remaining proceeds for general corporate purposes, including to make investments in self-storage facilities.

On October 3, 2025, PSOC completed a public offering of €425 million principal amount of senior notes, bearing interest at an annual rate of 3.500% and maturing on January 20, 2034. The senior notes are guaranteed by Public Storage. We received €420.9 million of net proceeds from the issuance. We plan to use the net proceeds from the offering to repay the outstanding €242 million aggregate principal amount of our 2.175% senior notes due November 2025 and for general corporate purposes, described above.

26

Results of Operations 

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

For the three months ended September 30, 2025, net income allocable to our common shareholders was $461.4 million or $2.62 per diluted common share, compared to $380.7 million or $2.16 per diluted common share for the same period in 2024, representing an increase of $80.7 million or $0.46 per diluted common share. The increase is due primarily to (i) a $71.5 million increase in foreign currency gain primarily associated with our Euro denominated notes payable and (ii) a $21.7 million increase in self-storage net operating income, partially offset by (iii) a $10.0 million increase in depreciation expense and (iv) a $5.4 million increase in interest expense.

The $21.7 million increase in self-storage net operating income for the three months ended September 30, 2025 as compared to the same period in 2024 is a result of a $21.5 million increase attributable to our Non-Same Store Facilities (as defined below) reflecting the impact of newly acquired facilities and the lease-up of development/expansion properties.

Operating Results for the Nine Months Ended September 30, 2025 and 2024

For the nine months ended September 30, 2025, net income allocable to our common shareholders was $1.1 billion or $6.42 per diluted common share, compared to $1.3 billion or $7.43