Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 134

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 134
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 million for 2022).Mortgage NotesWe assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. 

F-22

PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

At December 31, 2024, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.9% and 7.1%, and mature between September 1, 2028 and July 1, 2030.At December 31, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured DebtMortgage DebtTotal2025$651,385$131$651,51620261,150,0001381,150,13820271,200,0001461,200,14620281,200,0001291,200,12920291,000,000881,000,088Thereafter 4,202,2741,0764,203,350$9,403,659$1,708$9,405,367Weighted average effective rate 3.1%4.3%3.1%Interest capitalized as real estate totaled $10.5 million, $9.3 million, and $6.0 million for 2024, 2023, and 2022, respectively.

8.    Noncontrolling InterestsThere are noncontrolling interests related to several subsidiaries of PSOC we consolidate of which we do not own 100% of the equity. At December 31, 2024, certain of these subsidiaries have issued 499,966 partnership units to third-parties that are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. The holders of these partnership units are entitled to receive the same per-unit cash distributions equal to the dividends paid on our common shares.Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including common units (“OP Units”) and vested LTIP units from equity awards we issue to certain officers and trustees of the Company (see Note 11 Share-based Compensation). Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units of PSA OP, which are redeemable