Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 15

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 15
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 our facilities in 2023 as compared to 2022.

Move-out activities from our tenants were higher in 2023 as compared to 2022. Average length of stay of our tenants remained at similar high levels in 2023 as compared to 2022, which supported our revenue growth from existing long-term tenants.

Selected Key Move-in and Move-Out Statistical Data

The following table sets forth average annual contract rent per square foot and total square footage for tenants moving in and moving out during the years ended December 31, 2024, 2023, and 2022. Contract rents gained from move-ins and contracts rents lost from move-outs included in the table assume move-in and move-out activities occur at the beginning of each period presented. The table also includes promotional discounts, which vary based upon the move-in contractual rates, move-in volume, and percentage of tenants moving in who receive the discount. 

Year Ended December 31,Year Ended December 31,20242023Change20232022Change(Amounts in thousands, except for per square foot amounts)Tenants moving in during the period:Average annual contract rent per square foot$13.76 $15.57 (11.6)%$15.57 $18.08 (13.9)%Square footage 120,176 121,432 (1.0)%121,432 112,410 8.0%Contract rents gained from move-ins$1,653,622 $1,890,696 (12.5)%$1,890,696 $2,032,373 (7.0)%Promotional discounts given$61,736 $66,031 (6.5)%$66,031 $60,839 8.5%Tenants moving out during the period:Average annual contract rent per square foot$20.70 $21.20 (2.4)%$21.20 $20.53 3.3%Square footage 121,425 122,489 (0.9)%122,489 116,404 5.2%Contract rents lost from move-outs$2,513,498 $2,596,767 (3.2)%$2,596,767 $2,389,774 8.7%

Industry-wide demand was weaker in 2024 compared to 2023 partially due to lower home-moving activities offset by increases in customers who sought