Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 29

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 29
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583Expansions in process597618(21)     Total cost of operations 14,26912,7021,567Net operating income (loss):Developed in 20201,2481,414(166)Developed in 20211,9891,91277Developed in 20221,7921,139653Developed in 2023969(164)1,133Developed in 2024232(11)243Developed in 2025(67)—(67)Expansions completed before 202417,82315,5292,294Expansions completed in 2024 or 20252,0301,849181Expansions in process2,2192,452(233)     Net operating income 28,23524,1204,115Depreciation and amortization expense(15,750)(12,168)(3,582)     Net income$12,485$11,952 $533 

36

NEWLY DEVELOPED AND EXPANDED FACILITIES (Continued) As of March 31, 20252024Change (a) ($ amounts in thousands, except for per square foot amounts)Square foot occupancy:     Developed in 202089.2%89.7%(0.5)%Developed in 202180.4%80.4%—%Developed in 202287.7%79.5%8.2%Developed in 202380.5%42.3%38.2%Developed in 202455.6%12.2%43.4%Developed in 202516.0%—%—%Expansions completed before 202482.6%78.6%4.0%Expansions completed in 2024 or 202551.4%76.0%(24.6)%Expansions in process92.2%92.5%(0.3)%76.4%75.3%1.1%Annual contract rent per occupied square foot:Developed in 2020$22.12$22.78(2.9)%Developed in 202119.1420.34(5.9)%Developed in 202218.1316.827.8%Developed in 202310.989.6214.1%Developed in 202411.2512.00(6.3)%Develop