Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 128

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 128
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 and recognized a gain of $2.1 billion during the third quarter of 2022.During 2022, we received cash distributions from PSB totaling $109.5 million, which were classified within cash flows from operating activities in the Consolidated Statements of Cash flows. Since the sale of PSB in July 2022, we no longer recognize equity in earnings or receive cash distributions from PSB.

5.   Goodwill and Other Intangible AssetsGoodwill and other intangible assets consisted of the following (amounts in thousands):At December 31, 2024At December 31, 2023Gross Book ValueAccumulated AmortizationNet Book ValueGross Book ValueAccumulated AmortizationNet Book ValueGoodwill$165,843 $— $165,843 $165,843 $— $165,843 Shurgard® Trade Name18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization1,008,111 (910,591)97,520 995,578 (792,978)202,600 Total goodwill and other intangible assets$1,192,778 $(910,591)$282,187 $1,180,245 $(792,978)$387,267 Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $117.6 million, $82.7 million and $95.2 million in 2024, 2023, and 2022, respectively. During 2024, 2023, and 2022, intangibles increased $12.5 million, $237.5 million, and $24.8 million, respectively, in connection with the acquisition of real estate facilities and Simply Acquisition (Note 3).The remaining amortization expense will be recognized over a weighted average life of approximately 1.2 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2024 is as follows (amounts in thousands):YearAmount2025$69,121 202621,573 20272,956 2028381 2029212 Thereafter3,277 Total$97,520 

F-19

PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember