Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 149

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 149
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950)Total cost of operations(1,136,720)(1,061,950)(980,209)   Net operating income3,259,273 3,197,663 2,965,819 Depreciation and amortization(1,129,766)(970,056)(888,146)   Net income2,129,507 2,227,607 2,077,673 Ancillary OperationsRevenue299,623 258,077 236,135 Cost of operations(121,281)(85,996)(72,698)   Net operating income178,342 172,081 163,437     Total net income allocated to segments2,307,849 2,399,688 2,241,110 Other items not allocated to segments: Real estate acquisition and development expense(15,506)(26,451)(28,744)General and administrative(106,677)(80,632)(71,672)Interest and other income67,212 85,590 40,567 Interest expense(287,401)(201,132)(136,319)Equity in earnings of unconsolidated real estate entities19,821 27,897 106,981 Foreign currency exchange gain (loss)102,244 (51,197)98,314 Gain on sale of real estate1,537 17,178 1,503 Gain on sale of equity investment in PS Business Parks, Inc.— — 2,128,860 Income tax expense(4,669)(10,821)(14,326)     Net income$2,084,410 $2,160,120 $4,366,274 

F-34

PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

14.   Commitments and ContingenciesContingent LossesWe are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.Insurance and Loss ExposureWe carry property, earthquake, general liability, employee medical insurance, and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductible for property loss is $25.0 million per occurrence. This