Company: PSA-PH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047163
Chunk: 11

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 11
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925 948,693 —%2,828,661 2,825,867 0.1%Direct cost of operations (a):Property taxes93,983 89,566 4.9%287,503 275,015 4.5%On-site property manager payroll32,169 32,928 (2.3)%95,744 101,968 (6.1)%Repairs and maintenance 18,108 19,269 (6.0)%58,838 58,366 0.8%Utilities 13,135 13,726 (4.3)%38,054 37,598 1.2%Marketing21,313 22,499 (5.3)%62,313 64,971 (4.1)%Other direct property costs24,945 26,899 (7.3)%75,336 76,870 (2.0)%Total direct cost of operations203,653 204,887 (0.6)%617,788 614,788 0.5%Direct net operating income (b)745,272 743,806 0.2%2,210,873 2,211,079 —%Indirect cost of operations (a):Supervisory payroll(10,315)(10,273)0.4%(31,994)(31,055)3.0%Centralized management costs(15,476)(14,168)9.2%(46,313)(42,697)8.5%Share-based compensation(2,341)(2,439)(4.0)%(7,341)(7,718)(4.9)%Net operating income717,140 716,926 —%2,125,225 2,129,609 (0.2)%Depreciation and amortization expense(175,567)(177,842)(1.3)%(529,835)(533,778)(0.7)%Net income$541,573 $539,084 0.5%$1,595,390 $1,595,831 —%Gross margin (before indirect costs, depreciation and amortization expense)78.5%78.4%0.1%78.2%78.2%—%Gross margin (before depreciation and amortization expense)75.6%75.6%—%