Public Storage

Previous wording

During the six months ended June 30, 2025, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Current wording

During the nine months ended September 30, 2025, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Previous wording

During the three and six months ended June 30, 2025, revenues generated by our Same Store Facilities increased by 0.2% ($2.0 million) and 0.1% ($2.6 million), respectively, as compared to the same periods in 2024, while Same Store Facilities cost of operations increased by 2.9% ($6.4 million) and 1.5% ($7.2 million), respectively. For each of the three and six months ended June 30, 2025, realized annual rent per occupied square foot for our Same Store Facilities increased by 0.6%, while average occupancy decreased by 0.4%, as compared to the same period in 2024.

Current wording

Revenues generated by our Same Store Facilities remained relatively unchanged for three months ended September 30, 2025 and increased 0.1% ($2.8 million) for the nine months ended September 30, 2025, as compared to the same periods in 2024. Cost of operations for Same Store Facilities remained relatively unchanged for the three months ended September 30, 2025 and increased by 1.0% ($7.2 million) for the nine months ended September 30, 2025 as compared to the same periods in 2024. For each of the three and nine months ended September 30, 2025, realized annual rent per occupied square foot for our Same Store Facilities increased by 0.6%, while average occupancy decreased by 0.5%, as compared to the same periods in 2024.

Previous wording

We have grown and plan to continue to grow through the acquisition and development of new facilities and expansion of our existing self-storage facilities. Since the beginning of 2023, we acquired a total of 211 facilities with 15.6 million net rentable square feet for $3.2 billion. Additionally, within our non-same store portfolio, our Newly Developed and Expanded Facilities include a total of 102 self-storage facilities with 12.0 million net rentable square feet. For development and expansions completed by June 30, 2025, we incurred a total cost of $1.5 billion. During the three and six months ended June 30, 2025, combined net operating income generated by our Acquired Facilities and Newly Developed and Expanded Facilities increased 18.4% ($20.5 million) and 16.7% ($9.7 million), respectively, as compared to the same periods in 2024.

Current wording

We have grown and plan to continue to grow through the acquisition and development of new facilities and expansion of our existing self-storage facilities. Since the beginning of 2023, we acquired a total of 260 facilities with 19.0 million net rentable square feet for $3.8 billion. Within our non-same store portfolio as of September 30, 2025, our Newly Developed and Expanded Facilities include a total of 103 self-storage facilities with 12.4 million net rentable square feet. For development and expansions completed by September 30, 2025, we incurred a total cost of $1.5 billion. During the three and nine months ended September 30, 2025, combined net operating income generated by our Acquired Facilities and Newly Developed and Expanded Facilities increased 31.1% ($18.6 million) and 22.8% ($39.1 million), respectively, as compared to the same periods in 2024.

Previous wording

We have embarked on a solar program under which we plan to install solar panels on over 1,400 of our self-storage facilities. We have completed the installations on 1,024 facilities through June 30, 2025. We spent approximately $29 million on the program in the six months ended June 30, 2025 and expect to spend approximately $50 million over 2025 on this effort.

Current wording

We have embarked on a solar program under which we plan to install solar panels on over 1,500 of our self-storage facilities. We have completed the installations on 1,108 facilities through September 30, 2025. We spent approximately $49 million on the program in the nine months ended September 30, 2025 and expect to spend approximately $75 million over 2025 on this effort.

Previous wording

On June 30, 2025, PSOC completed a public offering of $875 million aggregate principal amount of senior notes, including $475 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 4.375% maturing on July 1, 2030 and $400 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.000% maturing on July 1, 2035. In connection with the offering of senior notes due July 1, 2030, we entered into five-year interest rate swaps in order to manage our variable rate assets. These swaps are designated as fair value hedges, which convert the debt’s fixed interest rate to variable rate.

Current wording

On June 30, 2025, PSOC completed a public offering of $875 million aggregate principal amount of senior notes, including $475 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 4.375% maturing on July 1, 2030 and $400 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.000% maturing on July 1, 2035. In connection with the offering of senior notes due July 1, 2030, we entered into five-year interest rate swaps in order to manage our variable rate assets. These swaps are designated as fair value hedges, which convert the debt’s fixed interest rate to variable rate. Using the proceeds from this offering we repaid PSOC’s outstanding $400 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.60% at maturity on July 25, 2025. We plan to use the remaining proceeds for general corporate purposes, including to make investments in self-storage facilities.

Previous wording

For the six months ended June 30, 2025, net income allocable to our common shareholders was $667.2 million or $3.79 per diluted common share, compared to $927.6 million or $5.26 per diluted common share for the same period in 2024, representing a decrease of $260.4 million or $1.47 per diluted common share. The decrease is due primarily to (i) a $264.8 million increase in foreign currency exchange losses primarily associated with our Euro denominated notes payable partially offset by (ii) a $20.9 million increase in self-storage net operating income.

Current wording

For the three months ended September 30, 2025, net income allocable to our common shareholders was $461.4 million or $2.62 per diluted common share, compared to $380.7 million or $2.16 per diluted common share for the same period in 2024, representing an increase of $80.7 million or $0.46 per diluted common share. The increase is due primarily to (i) a $71.5 million increase in foreign currency gain primarily associated with our Euro denominated notes payable and (ii) a $21.7 million increase in self-storage net operating income, partially offset by (iii) a $10.0 million increase in depreciation expense and (iv) a $5.4 million increase in interest expense.

Previous wording

The $7.7 million increase in self-storage net operating income in the three months ended June 30, 2025 as compared to the same period in 2024 is a result of a $12.0 million increase attributable to our Non-Same Store Facilities (as defined below), partially offset by a $4.3 million decrease attributable to our Same Store Facilities. Revenues for the Same Store Facilities increased 0.2% or $2.0 million in the three months ended June 30, 2025 as compared to the same period in 2024, due primarily to higher realized annual rent per occupied square foot and a decline in occupancy. Cost of operations for the Same Store Facilities increased by 2.9% or $6.4 million in the three months ended June 30, 2025 as compared to the same period in 2024, due primarily to increased other direct property costs, repairs and maintenance expense and marketing expense, partially offset by decreased on-site property manager payroll. The increase in net operating income of $12.0 million for the Non-Same Store Facilities is due primarily to the impact of facilities acquired in 2024 and the lease-up of newly acquired and development/expansion properties.

Current wording

The $21.7 million increase in self-storage net operating income for the three months ended September 30, 2025 as compared to the same period in 2024 is a result of a $21.5 million increase attributable to our Non-Same Store Facilities (as defined below) reflecting the impact of newly acquired facilities and the lease-up of development/expansion properties.

Previous wording

For the three months ended June 30, 2025, net income allocable to our common shareholders was $309.0 million or $1.76 per diluted common share, compared to $468.4 million or $2.66 per diluted common share for the same period in 2024, representing a decrease of $159.4 million or $0.90 per diluted common share. The decrease is due primarily to (i) a $158.5 million increase in foreign currency losses primarily associated with our Euro denominated notes payable, (ii) an $8.7 million decrease in equity in (loss) earnings of unconsolidated real estate entities, and (iii) a $5.5 million decrease in interest income, partially offset by (iv) a $7.7 million increase in self-storage net operating income.

Current wording

For the nine months ended September 30, 2025, net income allocable to our common shareholders was $1.1 billion or $6.42 per diluted common share, compared to $1.3 billion or $7.43 per diluted common share for the same period in 2024, representing a decrease of $179.7 million or $1.01 per diluted common share. The decrease is due primarily to (i) a $193.3 million increase in foreign currency exchange losses primarily associated with our Euro denominated notes payable, and (ii) a $10.4 million decrease in equity in earnings of unconsolidated real estate entities partially offset by (iii) a $42.6 million increase in self-storage net operating income.

Previous wording

The $20.9 million increase in self-storage net operating income in the six months ended June 30, 2025 as compared to the same period in 2024 is a result of a $25.5 million increase attributable to our Non-Same Store Facilities, partially offset by a $4.6 million decrease attributable to our Same Store Facilities. Revenues for the Same Store Facilities increased 0.1% or $2.6 million in the six months ended June 30, 2025 as compared to the same period in 2024, due primarily to higher realized annual rent per occupied square foot offset by a decline in occupancy. Cost of operations for the Same Store Facilities increased by 1.5% or $7.2 million in the six months ended June 30, 2025 as compared to the same period in 2024, due primarily to increased property tax expense offset by decreased on-site property manager payroll expense. The increase in net operating income of $25.5 million for the Non-Same Store Facilities is due primarily to the impact of facilities acquired in 2023 and 2024.

Current wording

The $42.6 million increase in self-storage net operating income in the nine months ended September 30, 2025 as compared to the same period in 2024 is a result of a $47.0 million increase attributable to our Non-Same Store Facilities, partially offset by a $4.4 million decrease attributable to our Same Store Facilities. Revenues for the Same Store Facilities increased 0.1% or $2.8 million in the nine months ended September 30, 2025 as compared to the same period in 2024, due primarily to higher realized annual rent per occupied square foot offset by a decline in occupancy. Cost of operations for the Same Store Facilities increased by 1.0% or $7.2 million in the nine months ended September 30, 2025 as compared to the same period in 2024, due primarily to increased property tax expense and centralized management costs, partially offset by decreased on-site property manager payroll expense and marketing. The increase in net operating income of $47.0 million for the Non-Same Store Facilities is due primarily to the impact of newly acquired properties and the lease-up of development/expansion properties.

Previous wording

For the six months ended June 30, 2025, FFO was $7.15 per diluted common share as compared to $8.54 per diluted common share for the same period in 2024, representing a decrease of 16.3%, or $1.39 per diluted common share.

Current wording

For the three months ended September 30, 2025, FFO was $4.33 per diluted common share as compared to $3.80 per diluted common share for the same period in 2024, representing an increase of 13.9%, or $0.53 per diluted common share.

Previous wording

For the three months ended June 30, 2025, FFO was $3.44 per diluted common share as compared to $4.30 per diluted common share for the same period in 2024, representing a decrease of 20.0%, or $0.86 per diluted common share.

Current wording

For the nine months ended September 30, 2025, FFO was $11.48 per diluted common share as compared to $12.34 per diluted common share for the same period in 2024, representing a decrease of 7.0%, or $0.86 per diluted common share.

Previous wording

Our self-storage operations are analyzed in four groups: (i) 2,565 facilities that we have owned and operated on a stabilized basis since January 1, 2023 (the “Same Store Facilities”), (ii) 211 facilities we acquired since January 1, 2023 (the “Acquired Facilities”), (iii) 102 facilities that have been newly developed or expanded, or that will commence expansion by December 31, 2025 (the “Newly Developed and Expanded Facilities”), and (iv) 225 other facilities, which are otherwise not stabilized with respect to occupancies or rental rates since January 1, 2023 (the “Other Non-Same Store Facilities”). The Acquired Facilities, Newly Developed and Expanded Facilities, and Other Non-Same Store Facilities are collectively referred to as the “Non-Same Store Facilities”. See Note 14 to our June 30, 2025 consolidated financial statements “Segment Information,” for a reconciliation of the amounts in the tables below to our total net income.

Current wording

Our self-storage operations are analyzed in four groups: (i) 2,565 facilities that we have owned and operated on a stabilized basis since January 1, 2023 (the “Same Store Facilities”), (ii) 260 facilities we acquired since January 1, 2023 (the “Acquired Facilities”), (iii) 103 facilities that have been newly developed or expanded, or that will commence expansion by December 31, 2025 (the “Newly Developed and Expanded Facilities”), and (iv) 224 other facilities, which are otherwise not stabilized with respect to occupancies or rental rates since January 1, 2023 (the “Other Non-Same Store Facilities”). The Acquired Facilities, Newly Developed and Expanded Facilities, and Other Non-Same Store Facilities are collectively referred to as the “Non-Same Store Facilities”. See Note 14 to our September 30, 2025 consolidated financial statements “Segment Information,” for a reconciliation of the amounts in the tables below to our total net income.

Previous wording

The following table summarizes the historical operating results (for all periods presented) of these 2,565 facilities (175.3 million net rentable square feet) that represent approximately 78% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at June 30, 2025. It includes various measures and detail that we do not include in the analysis of the developed, acquired, and other non-same store facilities, due to the relative magnitude and importance of the Same Store Facilities relative to our other self-storage facilities.

Current wording

The following table summarizes the historical operating results (for all periods presented) of these 2,565 facilities (175.3 million net rentable square feet) that represent approximately 77% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at September 30, 2025. It includes various measures and detail that we do not include in the analysis of the developed, acquired, and other non-same store facilities, due to the relative magnitude and importance of the Same Store Facilities relative to our other self-storage facilities.

Previous wording

We typically increase rental rates to our long-term tenants (generally, those who have been with us for at least six months) every six to twelve months. As a result, the number of long-term tenants we have in our facilities is an important factor in our revenue growth. The level of rate increases to long-term tenants is based upon evaluating the additional revenue from the increase against the negative impact of incremental move-outs, by considering customers’ in-place rent and prevailing market rents, among other factors.

Current wording

We typically increase rental rates to our long-term tenants (generally, those who have been with us for at least six months) every six to twelve months. As a result, the number of long-term tenants we have in our facilities is an important factor in our revenue growth. The level of rate increases to long-term tenants is based upon evaluating the additional revenue from the increase against the negative impact of incremental move-outs, by considering tenants’ in-place rent and prevailing market rents, among other factors.

Previous wording

Revenues generated by our Same Store Facilities increased 0.2% and 0.1% in the three and six months ended June 30, 2025, respectively, as compared to the same periods in 2024. The 0.2% increase in revenues for the three months ended June 30, 2025 was due primarily to a 0.6% 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 0.1% increase in the six months ended June 30, 2025 was due primarily to a 0.6% 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.

Current wording

Revenues generated by our Same Store Facilities remained relatively unchanged for the three months ended September 30, 2025 and increased 0.1% for the nine months ended September 30, 2025, as compared to the same periods in 2024. Revenues for the three months ended September 30, 2025 remained relatively unchanged due primarily to a 0.6% increase in realized annual rent per occupied square foot, offset by a 0.5% decrease in average occupancy and a 2.2% decrease in Late Charges and Administrative Fees, as compared to the same period in 2024. The 0.1% increase for the nine months ended September 30, 2025 was due primarily to a 0.6% increase in realized annual rent per occupied square foot, offset by a 0.5% decrease in average occupancy, as compared to the same period in 2024.

Previous wording

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.

Current wording

The 0.6% increase in realized annual rent per occupied square foot in both of the three and nine months ended September 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.

Previous wording

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.

Current wording

The weighted average square foot occupancy for our Same Store Facilities was 92.2% and 92.1% for the three and nine months ended September 30, 2025, respectively, representing a decrease of 0.5% due primarily to a decline in move-in volume net of move-out volumes, as compared to the same periods in 2024.

Previous wording

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.

Current wording

Move-out activities from our tenants decreased slightly for the three and nine months ended September 30, 2025 as compared to the same periods in 2024. Move-out average annual contract rent per square foot decreased for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024.

Previous wording

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 tenants moving in who receive the discount.

Current wording

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 nine months ended September 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 tenants moving in who receive the discount.

Previous wording

We expect industry-wide demand from new customers in 2025 to improve as compared to 2024, across a diverse set of markets, subject to potential adverse effects from evolving political and macroeconomic uncertainty including changes in trade policy and new tariffs. Additionally, following the recent wildfires in southern California in early 2025, we anticipate an adverse impact on revenue growth at our self-storage facilities located in Los Angeles County, where a temporary governmental pricing limitation is in place under the “State of Emergency” declarations. These self-storage facilities generated approximately 10% of revenues earned by our Same Store Facilities in 2024. As a result, we expect Same Store Facilities revenues in 2025 to be similar to those earned in 2024.

Current wording

We expect industry-wide demand in 2025 to increase as compared to 2024, across a diverse set of markets, subject to potential adverse effects from evolving political, macroeconomic uncertainty, including changes in trade policy and new tariffs, and microeconomic uncertainty. Following the recent wildfires in Southern California in early 2025, we anticipate an adverse impact on revenue growth at our self-storage facilities located in Los Angeles County, where a temporary governmental pricing limitation is in place under the “State of Emergency” declarations. These self-storage facilities generated approximately 10% of revenues earned by our Same Store Facilities in 2024. As a result, we expect Same Store Facilities revenues in 2025 to be similar to those earned in 2024.

Previous wording

Late charges and administrative fees increased 0.1% and 0.9% for the three and six months ended June 30, 2025 as compared to the same period in the previous year as a result of higher late charges collected on delinquent accounts and higher administrative fees as a result of higher move-in activities.

Current wording

Late charges and administrative fees decreased 2.2% and 0.2% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, as a result of lower late charges collected on delinquent accounts due to lower customer delinquency rates for both periods.

Previous wording

Cost of operations (excluding depreciation and amortization) increased 2.9% and 1.5% in the three and six months ended June 30, 2025, respectively, as compared to the same period in 2024, due primarily to increased property tax expense and centralized management costs, partially offset by decreased on-site property manager payroll expense and marketing.

Current wording

Cost of operations (excluding depreciation and amortization) remained relatively unchanged for the three months ended September 30, 2025 and increased 1.0% for the nine months ended September 30, 2025, as compared to the same periods in 2024. The year over-year increase for the nine months ended September 30, 2025 was due primarily to increased property tax expense and centralized management costs, partially offset by decreased on-site property manager payroll expense and marketing.

Previous wording

Property tax expense increased 4.4% in the three and six months ended June 30, 2025, as compared to the same period in 2024, as a result of higher assessed values. We expect property tax expense to grow approximately 5% in 2025 due primarily to higher assessed values.

Current wording

Property tax expense increased 4.9% and 4.5% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, as a result of higher assessed values. We expect property tax expense to grow approximately 5.5% in 2025 due primarily to higher assessed values.

Previous wording

On-site property manager payroll expense decreased 2.9% and 7.9% in the three and six months ended June 30, 2025, respectively, as compared to the same period in 2024, primarily due to reduction in labor hours driven by the implementation of dynamic staffing models based on customer activity levels. We expect on-site property manager payroll expense to decrease moderately in 2025 as compared to 2024 as we continue to enhance operational processes.

Current wording

On-site property manager payroll expense decreased 2.3% and 6.1% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, primarily due to reduction in labor hours driven by the continued implementation of dynamic staffing models based on customer activity levels. We expect on-site property manager payroll expense to decrease moderately in 2025 as compared to 2024 as we continue to enhance operational processes.

Previous wording

Marketing expense includes Internet advertising we utilize through our online paid search programs, television advertising and the operating costs of our website and telephone reservation center. Internet advertising expense, comprising keyword search fees assessed on a “per click” basis, varies based upon demand for self-storage space, the quantity of people inquiring about self-storage through online search, occupancy levels, the number and aggressiveness of bidding competitors, and other factors. These factors are volatile; accordingly, Internet advertising can increase or decrease significantly in the short-term. Our marketing expense increased by 5.0% and decreased by 3.5% in the three and six months ended June 30, 2025, respectively, as compared to the same period in 2024. For the three months ended June 30, 2025, we utilized a higher volume of online paid search programs to attract new tenants as compared to the same period in 2024. We plan to continue to use internet advertising and other advertising channels to support move-in volumes in the remainder of 2025.

Current wording

Marketing expense includes internet advertising we utilize through our online paid search programs and the operating costs of our website and telephone reservation center. Internet advertising expense, comprising keyword search fees assessed on a “per click” basis, varies based upon demand for self-storage space, the quantity of people inquiring about self-storage through online search, occupancy levels, the number and aggressiveness of bidding competitors, and other factors. These factors are volatile; accordingly, Internet advertising can increase or decrease significantly in the short-term. Our marketing expense decreased by 5.3% and 4.1% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024. For the three and nine months ended September 30, 2025, we realized cost efficiencies on our online paid search programs utilized to attract new tenants as compared to the same periods in 2024. We plan to continue to use internet advertising and other advertising channels to support move-in volumes for the remainder of 2025.

Previous wording

Centralized management costs represent administrative and cash compensation expenses for shared general corporate functions to the extent their efforts are devoted to self-storage operations. Such functions include information technology support, hardware, and software, as well as centralized administration of payroll, benefits, training, repairs and maintenance, customer service, pricing and marketing, operational accounting and finance, legal costs, and costs from field management executives. Centralized management costs increased 13.6% and 8.1% in the three and six months ended June 30, 2025, respectively, as compared to the same period in 2024, primarily driven by increases in personnel-related costs, including executive, human resource and facility management and pricing and marketing support.

Current wording

Centralized management costs represent administrative and cash compensation expenses for shared general corporate functions to the extent their efforts are devoted to self-storage operations. Such functions include information technology support, hardware, and software, as well as centralized administration of payroll, benefits, training, repairs and maintenance, customer service, pricing and marketing, operational accounting and finance, legal costs, and costs from field management executives. Centralized management costs increased 9.2% and 8.5% for the three and nine months ended September 30, 2025, respectively, as compared to the same period in 2024, primarily driven by increases in personnel-related costs.

Previous wording

The Acquired Facilities represent 211 facilities that we acquired in 2023, 2024, and 2025. As a result of the stabilization process and timing of when these facilities were acquired, year-over-year changes can be significant. The following table summarizes operating data with respect to the Acquired Facilities:

Current wording

The Acquired Facilities represent 260 facilities that we acquired in 2023, 2024, and 2025. As a result of the stabilization process and timing of when these facilities were acquired, year-over-year changes can be significant. The following table summarizes operating data with respect to the Acquired Facilities:

Previous wording

We have been active in acquiring facilities in recent years. Since the beginning of 2023, we acquired a total of 211 facilities with 15.6 million net rentable square feet for $3.2 billion. During the three and six months ended June 30, 2025, these facilities contributed net operating income of $37.6 million and $73.4 million, respectively.

Current wording

We have been active in acquiring facilities in recent years. Since the beginning of 2023, we acquired a total of 260 facilities with 19.0 million net rentable square feet for $3.8 billion. During the three and nine months ended September 30, 2025, these facilities contributed net operating income of $46.3 million and $119.7 million, respectively.

Previous wording

During 2023, we acquired BREIT Simply Storage LLC (“Simply”), a self-storage company that owned and operated 127 self-storage facilities (9.4 million square feet) and managed 25 self-storage facilities (1.8 million square feet) for third parties, for a purchase price of $2.2 billion in cash. Included in the acquisition results in the table above are the Simply portfolio self-storage revenues of $77.5 million, NOI of $53.9 million (including Direct NOI of $56.7 million), and average square footage occupancy of 88.6% for the six months ended June 30, 2025.

Current wording

During 2023, we acquired BREIT Simply Storage LLC (“Simply”), a self-storage company that owned and operated 127 self-storage facilities (9.4 million square feet) and managed 25 self-storage facilities (1.8 million square feet) for third parties, for a purchase price of $2.2 billion in cash. Included in the acquisition results in the table above are the Simply portfolio self-storage revenues of $116.9 million and $113.9 million, NOI of $81.6 million and $77.9 million (including Direct NOI of $85.8 million and $81.9 million), and average square footage occupancy of 88.3% and 87.4% for the nine months ended September 30, 2025 and September 30, 2024, respectively.

Previous wording

We remain active in seeking to acquire additional self-storage facilities. Future acquisition volume may be impacted by cost of capital and overall macro-economic uncertainties. During the six months ended June 30, 2025, we acquired 25 self-storage facilities across nine states with 1.8 million net rentable square feet for $303.3 million. Subsequent to June 30, 2025, we acquired or were under contract to acquire 47 self-storage facilities across 17 states with 3.1 million net rentable square feet for $481.9 million. As a result, our total acquisitions through June 30, 2025, amount to $785.2 million.

Current wording

We remain active in seeking to acquire additional self-storage facilities. Future acquisition volume may be impacted by cost of capital and overall macro-economic uncertainties. During the nine months ended September 30, 2025, we acquired 74 self-storage facilities across 19 states with 5.2 million net rentable square feet for $814.6 million. Subsequent to September 30, 2025, we acquired or were under contract to acquire 12 self-storage facilities across eight states with 0.9 million net rentable square feet for $119.9 million. As a result, our total acquisitions planned or completed through September 30, 2025, amount to $934.5 million.

Previous wording

The Newly Developed and Expanded Facilities include 40 facilities that were developed on new sites since January 1, 2020, and 62 facilities expanded to increase their net rentable square footage. Of these expansions, 45 were completed before 2024, 10 were completed in 2024 or 2025, and seven are currently in process at June 30, 2025. The following table summarizes operating data with respect to the Newly Developed and Expanded Facilities:

Current wording

The Newly Developed and Expanded Facilities include 40 facilities that were developed on new sites since January 1, 2020, and 63 facilities expanded to increase their net rentable square footage. Of these expansions, 45 were completed before 2024, 12 were completed in 2024 or 2025, and six are currently in process at September 30, 2025. The following table summarizes operating data with respect to the Newly Developed and Expanded Facilities:

Previous wording

(c)These amounts only include the direct cost incurred to expand and renovate these facilities, and do not include (i) the original cost to develop or acquire the facility or (ii) the lost revenue on space demolished during the construction and fill-up period.

Current wording

(d)These amounts only include the direct cost incurred to expand and renovate these facilities, and do not include (i) the original cost to develop or acquire the facility or (ii) the lost revenue on space demolished during the construction and fill-up period.

Previous wording

Our Newly Developed and Expanded Facilities includes a total of 102 self-storage facilities of 12.0 million net rentable square feet. For development and expansions completed by June 30, 2025, we incurred a total cost of $1.5 billion. During the three and six months ended June 30, 2025, Newly Developed and Expanded Facilities contributed net operating income of $30.6 million and $58.8 million, respectively.

Current wording

Our Newly Developed and Expanded Facilities includes a total of 103 self-storage facilities of 12.4 million net rentable square feet. For development and expansions completed by September 30, 2025, we incurred a total cost of $1.5 billion. During the three and nine months ended September 30, 2025, Newly Developed and Expanded Facilities contributed net operating income of $32.0 million and $90.9 million, respectively.

Previous wording

The facilities under “expansions completed” represent those facilities where the expansions have been completed at June 30, 2025. We incurred a total of $759.9 million in direct cost to expand these facilities, demolished a total of 0.5 million net rentable square feet of storage space, and built a total of 4.5 million net rentable square feet of new storage space.

Current wording

The facilities under “expansions completed” represent those facilities where the expansions have been completed at September 30, 2025. We incurred a total of $796.4 million in direct cost to expand these facilities, demolished a total of 0.6 million net rentable square feet of storage space, and built a total of 4.7 million net rentable square feet of new storage space.

Previous wording

The facilities under “expansion in process” represent those facilities where construction is in process at June 30, 2025, and together with additional future expansion activities primarily related to our Same Store Facilities at June 30, 2025, we expect to add a total of 1.2 million net rentable square feet of storage space by expanding existing self-storage facilities for an aggregate direct development cost of $160.2 million.

Current wording

The facilities under “expansion in process” represent those facilities where construction is in process at September 30, 2025, and together with additional future expansion activities primarily related to our Same Store Facilities at September 30, 2025, we expect to add a total of 1.3 million net rentable square feet of storage space by expanding existing self-storage facilities for an aggregate direct development cost of $165.4 million.

Previous wording

At June 30, 2025, we had 27 additional facilities in development, which will have a total of 2.6 million net rentable square feet of storage space and have an aggregate development cost totaling approximately $487.9 million. We expect these facilities to open over the next 18 to 24 months.

Current wording

At September 30, 2025, we had 29 additional facilities in development, which will have a total of 2.6 million net rentable square feet of storage space and have an aggregate development cost totaling approximately $483.8 million. We expect these facilities to open over the next 18 to 24 months.

Previous wording

As of June 30, 2025, we had development and expansion projects at a total cost of approximately $648.2 million.

Current wording

As of September 30, 2025, we have ongoing development and expansion projects at a total cost to complete of approximately $649.2 million.

Previous wording

The Other Non-Same Store Facilities have an aggregate of 21.1 million net rentable square feet at June 30, 2025. During the three and six months ended June 30, 2025 and 2024, the average occupancy for these facilities totaled 86.1% and 85.0%, respectively, as compared to 81.2% and 80.3% for the same periods in 2024, and the realized rent per occupied square foot totaled $15.66 and $15.72, respectively, as compared to $16.04 and $16.01 for the same periods in 2024.

Current wording

The Other Non-Same Store Facilities have an aggregate of 21.0 million net rentable square feet at September 30, 2025. During the three and nine months ended September 30, 2025 and 2024, the average occupancy for these facilities totaled 86.4% and 85.4%, respectively, as compared to 83.5% and 81.4% for the same periods in 2024, and the realized rent per occupied square foot totaled $15.91 and $15.78, respectively, as compared to $16.00 and $16.01 for the same periods in 2024.

Previous wording

Tenant reinsurance operations: Tenant reinsurance premium revenue increased $5.7 million or 10.3% for the three months ended June 30, 2025, and increased $11.4 million or 10.3% for the six months ended June 30, 2025, in each case as compared to the same period in 2024, as a result of an increase in our tenant base with respect to acquired, newly developed, and expanded facilities and the third party properties we manage, as well as higher insurance coverage and premium rates in our tenant base at our same store facilities. Tenant reinsurance premium revenue generated from tenants at our Same Store Facilities were $45.6 million and $90.3 million for the three and six months ended June 30, 2025, respectively, as compared to $43.2 million and $86.1 million for the same periods in 2024, representing an increase of 5.6% and 4.9%, respectively.

Current wording

Tenant reinsurance operations: Tenant reinsurance premium revenue increased $5.9 million or 10.2% for the three months ended September 30, 2025, and increased $17.3 million or 10.3% for the nine months ended September 30, 2025, in each case as compared to the same period in 2024, as a result of an increase in our tenant base with respect to acquired, newly developed, and expanded facilities and the third party properties we manage, as well as higher insurance coverage and premium rates in our tenant base at our same store facilities. Tenant reinsurance premium revenue generated from tenants at our Same Store Facilities were $46.5 million and $136.8 million for the three and nine months ended September 30, 2025, respectively, as compared to $44.2 million and $130.3 million for the same periods in 2024, representing an increase of 5.2% and 5.0%, respectively.

Previous wording

Third-party property management: At June 30, 2025, in our third-party property management program, we managed 329 facilities (25.4 million net rentable square feet) for unrelated third parties, and were under contract to manage 90 additional facilities (7.7 million net rentable square feet) including 88 facilities that are currently under construction. During the six months ended June 30, 2025, we added 33 facilities to the program and had 16 facilities exit the program. While we expect this business to increase in scope and size, we do not expect any significant changes in overall profitability of this business in the near term as we seek new properties to manage and are in the earlier stages of fill-up for newly managed properties.

Current wording

Third-party property management: At September 30, 2025, in our third-party property management program, we managed 339 facilities (26.6 million net rentable square feet) for unrelated third parties, and were under contract to manage 90 additional facilities (7.7 million net rentable square feet) including 85 facilities that are currently under construction. During the nine months ended September 30, 2025, we added 45 facilities to the program and had 18 facilities exit the program. While we expect this business to increase in scope and size, we do not expect any significant changes in overall profitability of this business in the near term as we seek new properties to manage and are in the earlier stages of fill-up for newly managed properties.