Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 29

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 29
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59)3,0075,907(59)5,9662025 Acquisitions1,113—1,1131,300—1,300    Net operating income 37,60032,1735,42773,35961,28112,078Depreciation and amortization expense(48,654)(53,105)4,451(98,919)(107,923)9,004   Net loss$(11,054)$(20,932)$9,878$(25,560)$(46,642)$21,082At June 30:Square foot occupancy:2023 Acquisitions88.6%87.0%1.6%2024 Acquisitions86.6%68.6%18.0%2025 Acquisitions78.5%—%—%87.2%87.0%0.2%Annual contract rent per occupied square foot:2023 Acquisitions$17.34$17.260.5%2024 Acquisitions12.9311.948.3%2025 Acquisitions15.08——%$16.64$17.26(3.6)%Number of facilities:2023 Acquisitions164164—2024 Acquisitions222202025 Acquisitions25—2521116645Net rentable square feet (in thousands):2023 Acquisitions (c)12,11212,067452024 Acquisitions1,6661471,5192025 Acquisitions1,827—1,82715,60512,2143,391

41

ACQUIRED FACILITIES (Continued)  

As of June 30, 2025Costs to acquire (in thousands):  2023 Acquisitions (c)(d)$2,674,8402024 Acquisitions267,4732025 Acquisitions303,277 $3,245,590

(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 June 30, 2025.

(d)The amount includes the costs allocated to land, buildings and