Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 36

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 36
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 was translated at exchange rates of approximately 1.039 U.S. Dollars per Euro at December 31, 2024 (1.104 at December 31, 2023), and average exchange rates of 1.082 for 2024 and 1.081 for 2023.

Real estate acquisition and development expense: In 2024 and 2023, we incurred a total of $15.5 million and $26.5 million, respectively, of internal and external expenses related to our acquisition and development of real estate facilities. These amounts are net of $17.2 million and $18.0 million in 2024 and 2023, respectively, in development costs that were capitalized to newly developed and redeveloped self-storage facilities. The year-over-year decrease of real estate acquisition and development expense was primarily due to the write-off of $11.7 million of accumulated development costs for cancelled development and redevelopment projects during 2023.

46

General and administrative expense: The following table sets forth our general and administrative expense: 

Year Ended December 31, 20242023Change (Amounts in thousands)Share-based compensation expense $28,708 $25,399 $3,309 Legal costs 11,690 3,304 8,386 Corporate management costs30,436 26,284 4,152 Information technology costs12,110 6,495 5,615 Other costs 23,733 19,150 4,583 Total $106,677 $80,632 $26,045 

General and administrative expense increased $26.0 million in 2024, as compared to 2023 due primarily to (i) ) an increase in corporate management costs driven primarily by higher payroll costs and (ii) an increase in license and maintenance support costs related to our recently implemented IT applications. Additionally, in 2024 we incurred a cash and stock hiring bonus for a new senior executive of $3.5 million and recognized loss contingencies related to corporate legal matters of $3.3 million.

Interest and other income: The following table sets forth our interest and other income: 

Year Ended December 31,20242023Change(Amounts in thousands)Interest earned on cash balances$44,659 $64,819 $(20,160)Commercial operations8,951 9,531 (580)Unrealized gain on private equity investments4,355 2,