Company: PSA-PH
Filing Date: 2025-06-03
Form Type: 8-K
Source: 0001393311-25-000100
Chunk: 1

Company: Public Storage
Filing Date: 2025-06-03
Form: 8-K
Item: Item 8.01
Chunk 1
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Item 8.01

Other Events.

The Investor Presentation includes the following operating update for the two months ended May 31, 2025.

Same Store Facilities Operating Update (a)

                                                         Two Months Ended May 31,                                                                                   
                                                         2025                                                                        2024                   Change  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                         (Amounts in thousands, except for per square foot amounts)                                                 
  Tenants moving in during the period:                                                                                                                              
  Average annual contract rent per square foot (b)       $                                                                13.34      $           13.99      (4.6)%  
  Square footage                                                                                                         21,803                 21,747        0.3%  
  Contract rents gained from move-ins                    $                                                               48,475      $          50,707      (4.4)%  
  Tenants moving out during the period:                                                                                                                             
  Average annual contract rent per square foot (b)       $                                                                20.25      $           20.67      (2.0)%  
  Square footage                                                                                                         20,421                 20,055        1.8%  
  Contract rents lost from move-outs                     $                                                               68,921      $          69,089      (0.2)%  
  At May 31,                                                                                                                                                        
  Square foot occupancy                                  92.3%                                                                       92.8%                  (0.5)%  
  Annual contract rent per occupied square foot (b)      $                                                                22.55      $           22.46        0.4%  

Please see “ Analysis of Same Store Revenue” under “ Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2025 for further information with respect to the various factors that affect the Company’s revenues.

(a) The Same Store Facilities consist of 2,565 facilities (175.3 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2023.

(b) Annual contract rent represents the agreed upon monthly rate that is paid by the Company’s tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in and the Company adjusts them from time to time with notice. Contract rent excludes other fees that are