Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 35

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 35
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30, 2025, and together with additional future expansion activities primarily related to our Same Store Facilities at June 30, 2025, we expect to add a total of 1.2 million net rentable square feet of storage space by expanding existing self-storage facilities for an aggregate direct development cost of $160.2 million.

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As of June 30, 2025, we had development and expansion projects at a total cost of approximately $648.2 million.

Other Non-Same Store Facilities

The “Other Non-Same Store Facilities” represent facilities which, while not newly acquired, developed, or expanded, are not fully stabilized since January 1, 2023, including facilities acquired prior to 2023 and facilities developed or expanded prior to 2020 undergoing fill-up as well as facilities damaged in casualty events such as hurricanes, floods, and fires. 

The Other Non-Same Store Facilities have an aggregate of 21.1 million net rentable square feet at June 30, 2025. During the three and six months ended June 30, 2025 and 2024, the average occupancy for these facilities totaled 86.1% and 85.0%, respectively, as compared to 81.2% and 80.3% for the same periods in 2024, and the realized rent per occupied square foot totaled $15.66 and $15.72, respectively, as compared to $16.04 and $16.01 for the same periods in 2024.

Ancillary Operations

Ancillary revenues and expenses include amounts associated with the reinsurance of policies against losses to goods stored by tenants in our self-storage facilities, sale of merchandise at our self-storage facilities, and management of property owned by unrelated third parties. The following table sets forth our ancillary operations: 

 Three Months Ended June 30,Six Months Ended June 30, 20252024Change20252024Change (Amounts in thousands)Revenues:Tenant reinsurance premiums $61,644$55,904$5,740$121,375$110,020$11,355Merchandise 6,4177,287(870)12,81013,873(1,063)Third party property management14,37510,2844,09128,43720,7577,680Total revenues 82,43673,4758,961162,622144,65017,972Cost of operations:T