Company: PSA-PH
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047163
Chunk: 38

Company: Public Storage
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 38
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 2024, respectively, and average exchange rates of 1.118 and 1.087 for the nine months ended September 30, 2025 and 2024, respectively. 

Real estate acquisition and development expense: For the three and nine months ended September 30, 2025, we incurred a total of $2.8 million and $12.8 million, respectively, of expenses related to our acquisition and development of real estate facilities, as compared to $2.5 million and $9.2 million for the same periods in 2024. These amounts are net of $3.5 million and $10.3 million for the three and nine months ended September 30, 2025, respectively, in development costs that were capitalized to newly developed and redeveloped self-storage facilities, as compared to $4.3 million and $12.9 million for the same periods in 2024. During the nine months ended September 30, 2025, we recognized $3.9 million of impairment write-down of certain land development parcels that are or will be marketed for sale.

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

 Three Months Ended September 30,Nine Months Ended September 30,20252024Change20252024Change(Amounts in thousands)Share-based compensation expense $5,975 $7,117 $(1,142)$18,997 $19,927 $(930)Corporate management costs9,070 7,525 1,545 25,018 22,345 2,673 Corporate transformation costs1,376 — 1,376 3,178 — 3,178 Other costs 12,362 11,572 790 32,501 31,858 643 Total $28,783 $26,214 $2,569 $79,694 $74,130 $5,564 

General and administrative expense increased $2.6 million for the three months ended September 30, 2025, as compared to the same period of 2024, primarily due to transaction costs and an increase in corporate transformation costs recognized in the three months ended September 30, 2025.

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General and administrative expense increased $5.6 million for the nine months ended September 30, 2025, as compared to the same period of 2024, primarily due to transaction