Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 27

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 27
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quisitions86.8%83.1%3.7%83.1%—%—%2024 Acquisitions79.0%—%—%—%—%—%85.8%82.9%2.9%82.9%79.4%3.5%Annual contract rent per occupied square foot:2022 Acquisitions$13.46$13.063.1%$13.06$11.4813.8%2023 Acquisitions17.3216.783.2%16.78——%2024 Acquisitions13.69——%———%$16.02$15.751.7%$15.75$11.4837.2%Number of facilities:2022 Acquisitions7474—7474—2023 Acquisitions164164—164—1642024 Acquisitions22—22———2602382223874164Net rentable square feet (in thousands):2022 Acquisitions4,7404,740—4,7404,726142023 Acquisitions12,06712,067—12,067—12,0672024 Acquisitions1,666—1,666———18,47316,8071,66616,8074,72612,081

40

ACQUIRED FACILITIES (Continued)  

As of December 31, 2024Costs to acquire (in thousands):  2022 Acquisitions$730,9572023 Acquisitions (c)2,674,8402024 Acquisitions267,473 $3,673,270

(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 2022, we acquired a total of 260 facilities with 18.5 million net rentable square feet for $3.7 billion. During 2024, these facilities contributed net operating income of $159.7 million.

During 2023, we acquired BREIT Simply Storage LLC (“Simply”), a self-storage company that