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

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 29
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6%(1.5)%2024 Acquisitions85.9%63.2%22.7%2025 Acquisitions81.7%—%—%84.9%86.3%(1.4)%Annual contract rent per occupied square foot:2023 Acquisitions$17.78$17.084.1%2024 Acquisitions14.5610.9333.2%2025 Acquisitions14.16——%$16.55$16.96(2.4)%Number of facilities:2023 Acquisitions164164—2024 Acquisitions225172025 Acquisitions74—7426016991Net rentable square feet (in thousands):2023 Acquisitions12,11212,067452024 Acquisitions1,6663431,3232025 Acquisitions5,177—5,17718,95512,4106,545

41

ACQUIRED FACILITIES (Continued)  

As of September 30 2025Costs to acquire (in thousands):2023 Acquisitions (c)(d)$2,674,8402024 Acquisitions267,4732025 Acquisitions814,555$3,756,868

(a)Represents the percentage change with respect to annual contract rent per occupied square foot, and the absolute nominal change with respect to all other items. 

(b)Revenues and cost of operations do not include tenant reinsurance and merchandise sale revenues and expenses generated at the facilities. See “Ancillary Operations” below for more information.

(c)We have completed the expansion project on a facility acquired in 2023 for $6.9 million, adding 45,000 net rentable square feet of storage space as of September 30, 2025.

(d)The amount includes the costs allocated to land, buildings and intangible assets associated with the 127 self-storage facilities from the Simply Acquisition.

We have been active in acquiring facilities in recent years. Since the beginning of 2023, we acquired a total of 260 facilities with 19.0 million net rentable square feet for $3.8 billion. During the three and nine months ended September 30, 2025, these facilities contributed net operating income of $46.3 million and $119.7 million, respectively.

During 2023, we acquired BREIT Simply Storage LLC (“Simply”), a self-storage company that owned and operated 127 self-storage facilities (9.4 million square feet) and managed 25 self-storage facilities