Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 33

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 33
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%Expansions completed before 202420.5520.132.1%Expansions completed in 2024 or 202517.6720.45(13.6)%Expansions in process26.6826.88(0.7)% $18.96$19.89(4.7)%Number of facilities: Developed in 202033—Developed in 202166—Developed in 202288—Developed in 20231111—Developed in 2024734Developed in 20255—5Expansions completed before 20244545—Expansions completed in 2024 or 20251037Expansions in process77— 1028616Net rentable square feet (in thousands):     Developed in 2020347347—Developed in 202176068179Developed in 2022631631—Developed in 20231,0981,098—Developed in 2024668275393Developed in 2025527—527Expansions completed before 20245,8345,75381Expansions completed in 2024 or 20251,609774835Expansions in process53448747 12,00810,0461,962

44

 As of June 30, 2025Costs to develop (in thousands): Developed in 2020$42,063Developed in 2021128,435Developed in 2022100,089Developed in 2023193,766Developed in 2024129,669Developed in 2025118,191Expansions completed before 2024 (c)468,750Expansions completed in 2024 or 2025 (c)291,111 $1,472,074

(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 sales generated at the facilities. See “Ancillary Operations” below for more information.

(c)These amounts only include the direct cost incurred to expand and renovate these facilities, and do not include (i) the original cost to develop or acquire the facility or (ii) the lost revenue on space demolished during the construction and fill-up period. 

Our Newly Developed and Expanded Facilities includes a total of