Company: PSA-PH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047163
Chunk: 36

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 36
---
 September 30,20252024Change20252024Change(Amounts in thousands)Revenues:Tenant reinsurance premiums $64,007$58,103$5,904$185,382$168,123$17,259Merchandise 6,1386,894(756)18,94820,767(1,819)Third party property management15,06112,6462,41543,49833,40310,095Total revenues 85,20677,6437,563247,828222,29325,535Cost of operations:Tenant reinsurance 17,76617,39037645,20241,9643,238Merchandise 4,1144,269(155)12,84213,759(917)Third party property management14,50512,6061,89942,32233,1549,168Total cost of operations 36,38534,2652,120100,36688,87711,489Net operating income (loss):Tenant reinsurance 46,24140,7135,528140,180126,15914,021Merchandise 2,0242,625(601)6,1067,008(902)Third party property management556405161,176249927Total net operating income$48,821$43,378$5,443$147,462$133,416$14,046

Tenant reinsurance operations: Tenant reinsurance premium revenue increased $5.9 million or 10.2% for the three months ended September 30, 2025, and increased $17.3 million or 10.3% for the nine months ended September 30, 2025, in each case as compared to the same period in 2024, as a result of an increase in our tenant base with respect to acquired, newly developed, and expanded facilities and the third party properties we manage, as well as higher insurance coverage and premium rates in our tenant base at our same store facilities. Tenant reinsurance premium revenue generated from tenants at our Same Store Facilities were $46.5 million and $136.8 million for the three and nine months ended September 30, 2025, respectively, as compared to $44.2 million and $130.3 million for the same periods in 2024, representing an increase of 5.2% and 5.0%, respectively.

46

Cost of