Company: PSA-PH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393311-25-000069
Chunk: 27

Company: Public Storage
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 27
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 Net loss$(14,506)$(25,710)$11,204At March 31:Square foot occupancy:2023 Acquisitions86.8%83.9%2.9%2024 Acquisitions82.9%—%—%2025 Acquisitions57.6%—%—%84.9%83.9%1.0%Annual contract rent per occupied square foot:2023 Acquisitions$17.42$17.260.9%2024 Acquisitions13.00——%2025 Acquisitions17.87——%$16.94$17.27(1.9)%Number of facilities:2023 Acquisitions164164—2024 Acquisitions22—222025 Acquisitions9—919516431Net rentable square feet (in thousands):2023 Acquisitions12,06712,067—2024 Acquisitions1,666—1,6662025 Acquisitions741—74114,47412,0672,407

34

ACQUIRED FACILITIES (Continued)  

As of March 31, 2025Costs to acquire (in thousands):  2023 Acquisitions (c)$2,674,8402024 Acquisitions267,4732025 Acquisitions140,990 $3,083,303

(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)The amount includes the costs allocated to land, buildings and intangible assets associated with the 127 self-storage facilities from the Simply Acquisition.

We have been active in acquiring facilities in recent years. Since the beginning of 2023, we acquired a total of 195 facilities with 14.5 million net rentable square feet for $3.1 billion. During the three months ended March 31, 2025, these facilities contributed net operating income of $35.8 million.

During 2023, we acquired BREIT Simply Storage LLC (“Simply”), a self-storage company that owned and operated 127 self-storage facilities (9.4 million square feet) and managed 25 self-storage facilities (1.8 million square feet) for third parties, for a purchase price of $2.2 billion in cash. Included in the acquisition results in