Company: PSA-PH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047163
Chunk: 16

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 16
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 we utilize through our online paid search programs and the operating costs of our website and telephone reservation center. Internet advertising expense, comprising keyword search fees assessed on a “per click” basis, varies based upon demand for self-storage space, the quantity of people inquiring about self-storage through online search, occupancy levels, the number and aggressiveness of bidding competitors, and other factors. These factors are volatile; accordingly, Internet advertising can increase or decrease significantly in the short-term. Our marketing expense decreased by 5.3% and 4.1% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024. For the three and nine months ended September 30, 2025, we realized cost efficiencies on our online paid search programs utilized to attract new tenants as compared to the same periods in 2024. We plan to continue to use internet advertising and other advertising channels to support move-in volumes for the remainder of 2025.

Centralized management costs represent administrative and cash compensation expenses for shared general corporate functions to the extent their efforts are devoted to self-storage operations. Such functions include information technology support, hardware, and software, as well as centralized administration of payroll, benefits, training, repairs and maintenance, customer service, pricing and marketing, operational accounting and finance, legal costs, and costs from field management executives. Centralized management costs increased 9.2% and 8.5% for the three and nine months ended September 30, 2025, respectively, as compared to the same period in 2024, primarily driven by increases in personnel-related costs. 

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Analysis of Market Trends

The following tables set forth selected market trends in our Same Store Facilities:

Same Store Facilities Operating Trends by Market

As of September 30, 2025Three Months Ended September 30,Realized Rent perOccupied Square FootAverage OccupancyRealized Rent perAvailable Square FootNumberof FacilitiesSquareFeet(millions)20252024Change (a)20252024Change (a)20252024Change (a)Los Angeles217 15.8 $35.80 $36.59 (2.2)%94.8 %94.1 %0.7 %$33.94 $34.42 (1.4)%San Francisco130 8.0 33.91 33.20 2.1 %94.2 %94.1