Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393311-25-000120
Chunk: 14

Company: Public Storage
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 14
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.6% increase in realized annual rent per occupied square foot, offset by a 0.4% decrease in average occupancy, as compared to the same period in 2024. 

The 0.6% increase in realized annual rent per occupied square foot in the three and six months ended June 30, 2025, as compared to the same periods in 2024, was due to cumulative rate increases to existing long-term tenants over the past twelve months offset by a decrease in average rates per square foot charged to new tenants moving in over the same period. At June 30, 2025, annual contract rent per occupied square foot was 0.6% higher as compared to June 30, 2024. 

The weighted average square foot occupancy for our Same Store Facilities was 92.6% and 92.1% in the three and six months ended June 30, 2025, respectively, representing a decrease of 0.4% as compared to the same periods in 2024. Higher year-over-year customer demand for the six months ended June 30, 2025, coupled with lower move-in rates led to a modestly higher move-in volume net of move-out volumes, as compared to the same period in 2024.  The square foot occupancy for our Same Store Facilities increased 1.7% at June 30, 2025 as compared to December 31, 2024.

Move-out activities from our tenants increased slightly in the three and six months ended June 30, 2025 as compared to the same periods in 2024. Move-out average annual contract rent per square foot decreased in the three and six months ended June 30, 2025 as compared to the same periods in 2024, contributing to a 0.6% increase in annual contract rent per occupied square foot at June 30, 2025 as compared to the same periods in 2024.

34

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 three and six months ended June 30, 2025 and 2024. 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