Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 32

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 32
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2025, and together with additional future expansion activities primarily related to our Same Store Facilities at March 31, 2025, we expect to add a total of 1.3 million net rentable square feet of storage space by expanding existing self-storage facilities for an aggregate direct development cost of $172.6 million.

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Other Non-Same Store Facilities

The “Other Non-Same Store Facilities” represent facilities which, while not newly acquired, developed, or expanded, are not fully stabilized since January 1, 2023, including facilities acquired prior to 2023 and facilities developed or expanded prior to 2020 undergoing fill-up as well as facilities damaged in casualty events such as hurricanes, floods, and fires. 

The Other Non-Same Store Facilities have an aggregate of 21.1 million net rentable square feet at March 31, 2025. During the three months ended March 31, 2025 and 2024, the average occupancy for these facilities totaled 83.8% and 79.4%, respectively, and the realized rent per occupied square foot totaled $15.78 and $15.98, respectively.

Ancillary Operations

Ancillary revenues and expenses include amounts associated with the reinsurance of policies against losses to goods stored by tenants in our self-storage facilities, sale of merchandise at our self-storage facilities, and management of property owned by unrelated third parties. The following table sets forth our ancillary operations: 

 Three Months Ended March 31, 20252024Change (Amounts in thousands)Revenues:Tenant reinsurance premiums $59,731$54,116$5,615Merchandise 6,3936,586(193)Third party property management14,06210,4733,589Total revenues 80,18671,1759,011Cost of operations:Tenant reinsurance 12,36211,698664Merchandise 4,1725,045(873)Third party property management14,15910,3263,833Total cost of operations 30,69327,0693,624Net operating income (loss):Tenant reinsurance 47,36942,4184,951Merchandise 2,2211,541680Third party property management(97)147(244)Total net operating income$49,493$44,106$5,387

Tenant reinsurance operations: Tenant reinsurance premium revenue increased $5.6 million or 10.