Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 148

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 148
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 Chief Executive Officer, who is our chief operating decision maker (“CODM”). Self-Storage OperationsThe Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own through the following operating segments: (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Newly Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. Our CODM evaluates performance and allocates resources for the Self-Storage Operations reportable segment based on its Net Operating Income (“NOI”), which represents the related revenue less cost of operations. Our CODM utilizes NOI during the budget and forecasting process to allocate capital and personnel resources and evaluates financial performance and operating trends of the reportable segment based on the budget-to-actual variance and year-over-year change of the NOI on an ongoing basis.The presentation in the table below sets forth the revenue, significant expense categories, and NOI of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment. Ancillary OperationsThe Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments.

F-33

PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

Presentation of Segment InformationThe following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income:For the Years Ended December 31, 202420232022 (amounts in thousands)Self-Storage Operations Reportable SegmentRevenue$4,395,993 $4,259,613 $3,946,028 Cost of operations:Property taxes(451,992)(411,323)(385,034)On-site property manager payroll(167,258)(164,405)(152,914)Repairs and maintenance(93,763)(83,429)(74,857)Utilities(63,611)(62,462)(61,510)Marketing(106,414)(90,717)(63,358)Other direct property costs(122,119)(114,879)(101,939)Supervisory payroll(51,616)(50,065)(50,895)Centralized management costs(67,820)(71,034)(71,752)Share-based compensation(12,127)(13,636)(17,