Company: PSA-PH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047163
Chunk: 35

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 35
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 rentable square feet of storage space, and built a total of 4.7 million net rentable square feet of new storage space. 

The facilities under “expansion in process” represent those facilities where construction is in process at September 30, 2025, and together with additional future expansion activities primarily related to our Same Store Facilities at September 30, 2025, we expect to add a total of 1.3 million net rentable square feet of storage space by expanding existing self-storage facilities for an aggregate direct development cost of $165.4 million.

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At September 30, 2025, we had 29 additional facilities in development, which will have a total of 2.6 million net rentable square feet of storage space and have an aggregate development cost totaling approximately $483.8 million. We expect these facilities to open over the next 18 to 24 months. 

As of September 30, 2025, we have ongoing development and expansion projects at a total cost to complete of approximately $649.2 million.

Other Non-Same Store Facilities

The “Other Non-Same Store Facilities” represent facilities which, while not newly acquired, developed, or expanded, are not fully stabilized since January 1, 2023, including facilities acquired prior to 2023 and facilities developed or expanded prior to 2020 undergoing fill-up as well as facilities damaged in casualty events such as hurricanes, floods, and fires. 

The Other Non-Same Store Facilities have an aggregate of 21.0 million net rentable square feet at September 30, 2025. During the three and nine months ended September 30, 2025 and 2024, the average occupancy for these facilities totaled 86.4% and 85.4%, respectively, as compared to 83.5% and 81.4% for the same periods in 2024, and the realized rent per occupied square foot totaled $15.91 and $15.78, respectively, as compared to $16.00 and $16.01 for the same periods in 2024.

Ancillary Operations

Ancillary revenues and expenses include amounts associated with the reinsurance of policies against losses to goods stored by tenants in our self-storage facilities, sale of merchandise at our self-storage facilities, and management of property owned by unrelated third parties. The following table sets forth our ancillary operations: 

Three Months Ended September 30,Nine Months Ended