Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 28

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 28
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 the table above are the Simply portfolio self-storage revenues of $38.6 million, NOI of $26.6 million (including Direct NOI of $28.0 million), and average square footage occupancy of 87.8% for the three months ended March 31, 2025.

We remain active in seeking to acquire additional self-storage facilities. Future acquisition volume may be impacted by cost of capital and overall macro-economic uncertainties. Subsequent to March 31, 2025, we acquired or were under contract to acquire five self-storage facilities across four states with 0.4 million net rentable square feet for $43.2 million.

35

Newly Developed and Expanded Facilities

The Newly Developed and Expanded Facilities include 38 facilities that were developed on new sites since January 1, 2020, and 62 facilities expanded to increase their net rentable square footage. Of these expansions, 45 were completed before 2024, 10 were completed in 2024 or 2025, and seven are currently in process at March 31, 2025. The following table summarizes operating data with respect to the Newly Developed and Expanded Facilities:

NEWLY DEVELOPED AND EXPANDED FACILITIESThree Months Ended March 31,20252024Change (a)($ amounts in thousands, except for per square foot amounts)Revenues (b):Developed in 2020$1,787$1,848$(61)Developed in 20213,0052,834171Developed in 20222,7822,267515Developed in 20232,3989061,492Developed in 20247962794Developed in 202526—26Expansions completed before 202425,25923,0242,235Expansions completed in 2024 or 20253,6352,871764Expansions in process2,8163,070(254)     Total revenues 42,50436,8225,682Cost of operations (b): Developed in 2020539434105Developed in 20211,01692294Developed in 20229901,128(138)Developed in 20231,4291,070359Developed in 202456413551Developed in 202593—93Expansions completed before 20247,4367,495(59)Expansions completed in 2024 or 20251,6051,022