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1 Company Update November 2025 Public Storage
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2 Important Information FORWARD-LOOKING STATEMENTS: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2025 outlook and all underlying assumptions; our expected acquisition, disposition, development, and redevelopment activity; supply and demand for our self-storage facilities; information relating to operating trends in our markets; expectations regarding operating expenses, including property tax changes; expectations regarding the impacts from inflation and changes in macroeconomic conditions; our strategic priorities; expectations with respect to financing activities, rental rates, cap rates, and yields; leasing expectations; our credit ratings; and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to those risks and uncertainties described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2025 and in our other filings with the SEC. These include changes in demand for our facilities; changes in macroeconomic conditions; changes in national self-storage facility development activity; impacts from our strategic corporate transformation initiative; impacts of natural disasters; adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance; adverse economic effects from public health emergencies, international military conflicts, international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation), or similar events impacting public health and/or economic activity; increases in the costs of our primary customer acquisition channels; adverse impacts to us and our customers from high interest rates, inflation, unfavorable foreign currency rate fluctuations, or changes in federal or state tax laws related to the taxation of REITs; security breaches, including ransomware; or a failure of our networks, systems, or technology. These forward-looking statements speak only as of the date of this presentation or as of the dates indicated in the statements. All of our forward-looking statements, including those in this presentation, are qualified in their entirety by this cautionary statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events, or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this presentation, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance. NON-GAAP MEASURES: This presentation contains non-GAAP measures, including FFO, NOI, and EBITDA. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, net income (determined in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not an alternative to, or more meaningful than, cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. Non-GAAP measures have limitations as they do not include all items of income and expense that affect operations and, accordingly, should always be considered as supplemental financial results to those presented in accordance with GAAP. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. Please refer to our SEC periodic reports and the reconciliations attached to this presentation for definitions of our non-GAAP measures and reconciliations to the nearest GAAP measures.
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3 Company Highlights I. An Exceptional Industry ▪ Favorable demand dynamics ▪ Declining new competitive supply ▪ Fragmentation leads to portfolio growth ▪ A superior cash flow profile ▪ Operational improvement occurring II. Public Storage: Leading the Industry ▪ Unique competitive advantages ▪ Powerful compounding-returns platform ▪ Margin-enhancing transformation advancing ▪ Leading operations & external growth ▪ Growth-oriented balance sheet ▪ Attractive valuation 3
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4 Favorable Fundamentals With Embedded Growth 4 An Exceptional Industry I Public Storage: Leading the Industry Growing Secular Demand • Needs-based, multi-faceted demand from individuals and business • Net pro-cyclical, but with strong recession resilience • The affordable option among space alternatives 3% 4% 6% 8% 10% 1985 1995 2005 2015 2025 Rising Utilization % of U.S. Population Using Self Storage New Supply Constraints • Primarily small regional developers that are highly subject to pressures including: • Pressures create acquisition and third- party management opportunity Fragmentation Leads to Growth • Majority of properties are owned by smaller regional and individual operators • Institutional ownership with defined hold periods increasing over the past decade • Strong operational upside potential on more-sophisticated owner platforms 5.0% 5.0% 4.1% 3.9% 3.3% 3.2% 3.0% 2.5% 2018 2019 2020 2021 2022 2023 2024 2025E Declining Competitive New Supply New Supply Growth1 ❖ Economic cycles ❖ Interest rates ❖ Construction costs ❖ Municipal processes ❖ Underwriting complexity ❖ Operational intensity 22%78% Fragmented Ownership ~2.7 billion square feet2 Owned by Public Operators Owned by Private Operators A fundamentally strong industry with benefits accruing to the larger and more -sophisticated operators Source: U.S. Census, The Self Storage Almanac, Radius+, Yardi Matrix, and Public Storage 1. Reflects estimated annual expansion of total self storage net rentable square footage in the United States. 2. Public owners include Public Storage, CubeSmart, Extra Space, National Storage Affiliates, SmartStop, and U-Haul.
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5 Strong NOI Growth1 A Superior Cash Flow Profile Source: Company filings and Green Street 1. NOI growth and margins are for respective same store pools. Maintenance capital expenditures are for consolidated pools. Other Property Types is an average of apartments, office, industrial, mall, strip center, manufactured housing, and lodging sectors. 5 78% 58% Public Storage Other Property Types High NOI Margin1 5% 21% Public Storage Other Property Types Low Capital Expenditures1 % of NOI Cumulative = 118% CAGR = 5.4% Cumulative = 64% CAGR = 3.4% Public Storage Other Property Types Public Storage’s competitive advantages combine with industry dynamics to drive robust cash flows and returns An Exceptional Industry I Public Storage: Leading the Industry
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6 -5% 0% 5% 10% 15% 20% Quarterly Same Store Revenue Growth Operations Stabilizing From Extraordinary Times Source: Company filings 1. Pricing restrictions resulting from the State of Emergency declared in response to the recent fires expected to have a negative impact on same store revenue growth relative to what would have otherwise occurred in 2025. 6 Record Growth Stabilization Considerations • Broad-based improvement occurring across markets • Versus the past, a more gradual total same store acceleration expected due to: ➢ Impact of pricing restrictions in Los Angeles1 ➢ Competitive customer move-in environment ➢ Muted housing market activity Improvement following tough comparisons, demand moderation, and competitive market move -in rent dynamics An Exceptional Industry I Public Storage: Leading the Industry
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7 $10 $11 $12 $13 $14 $15 $16 $17 $18 $19 Move-In Rents The Affordable Space Alternative Source: Company filings, Bureau of Labor Statistics, Census Bureau, National Association of Realtors, Rent.com, Yardi 1. Based on Public Storage overall same store average rent per square foot for Q3 2025 YTD. 7 29.7% 2.6% Housing Public Storage Customers Consumer Spend (% of monthly income) 1 Move-in rents are affordable having declined significantly due to demand moderation and competitive market dynamics In-place rents are affordable relative to space alternatives Self storage rents are affordable on a nominal basis and relative to space alternatives including housing An Exceptional Industry I Public Storage: Leading the Industry
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8 8 Public Storage: Leading the Industry Source: Company filings and data Note: As of 9/30/25 unless otherwise noted. Properties, square footage, states, and customers in place include owned and third-party managed properties, including acquisitions announced subsequent to 9/30/25. 8 NYSE / S&P 500 company 52 years in operation A2 / A credit rating (Moody’s/S&P) $4.8B TTM revenues $3.5B TTM net operating income (NOI) 3,491 properties 254M rentable square feet 40 states 2.1M customers in place 23% of total portfolio is in the high-growth lease-up pool with $130 million of NOI upside beyond 2025 An Exceptional Industry I Public Storage: Leading the Industry
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9 Portfolio Locations & Scale High-Performing Team & Culture Platform & Innovation Strength Multi-Factor External Growth Growth-Oriented Balance Sheet A Powerful Compounding-Returns Platform 9 Growth LeadingOperations StrongCapitalAllocation Strong Capital Access Value Creation Select Competitive Advantages Growth and value creation driven by mutually reinforcing competitive advantages An Exceptional Industry I Public Storage: Leading the Industry
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10 80% 83% 86% 89% 92% 95% 98% Occupancy Consistently optimized occupancy $11 $13 $15 $17 $19 $21 $23 $25 Rent per Square Foot Maximizing Revenue Management Source: Company filings, The Self-Storage Almanac, and Radius+ 1. Includes CubeSmart, Extra Space, and Life Storage (post-merger with Extra Space from 2023 on). Excludes National Storage Affiliates and SmartStop due to lack of data history prior to the respective IPOs. 2. Includes estimate of private and public operators nationwide. Data only available through 2024. 10 Rent leadership drives revenue growth Public Storage Industry Average2Self-Storage REIT Peer Average1 Data-driven and AI-based revenue optimization An Exceptional Industry I Public Storage: Leading the Industry
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11 The Leading Omni-Channel Customer Experience 11 Source: Company filings An Exceptional Industry I Public Storage: Leading the Industry CUSTOMER Benefits ✓ Ability to interact and transact 24-hours a day ✓ Flexibility to engage when, where, and how they prefer: ✓ Choice between digital and team member engagement ✓ Enhanced speed, efficiency, and quality of experience • Rental/move-in • Making payments • Visiting the property • Customer service PUBLIC STORAGE Benefits ✓ Revenue maximization • Highest revenue per square foot • Increasing customer conversion • Interaction data enhances algorithms ✓ Expense efficiency • Most optimized labor costs • Lowest utility costs ✓ Highest NOI margin The Public Storage Approach An omni-channel experience that allows customers to choose their preferred mix of digital and in-person care Website & Chatbots PS App Kiosk (w/ live team members) Digital Customer Care Team Smart Camera Security (w/centralized monitoring) Digital Access Systems Online Rentals Digital Options Across the Customer Journey 85% of customer transactions & interactions are now digital An innovative customer experience that drives performance while facilitating broader platform transformation
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12 The Leading End-to-End Digital Operating Model 12 Source: Company filings Our model benefits Public Storage’s customers, team members, and financial performance An Exceptional Industry I Public Storage: Leading the Industry Digital Corporate Platform Digitally Enabled Operations ✓ Proprietary and cloud based ✓ Optimized data warehouse ✓ Fully integrated with field operations ✓ Algorithms enable optimized local field decisions and execution Digital Transformation Facilitates Best-In-Class Operating Model Key Operating Model Attributes Team Member Benefits ✓ Job-enhancing technology adoption ✓ Focus on higher-value initiatives ✓ Greater role specialization ✓ Faster career advancement ✓ Higher job satisfaction Public Storage Benefits ✓ Enhanced customer experience and satisfaction ✓ Higher employee engagement and satisfaction ✓ Streamlined, efficient, and modern operations ✓ Higher operating and financial profitability ✓ Scalability enhances future growth Field Operations & Customer Care • Predictive and efficient staffing • AI-enhanced call center Asset Management • Renewable energy program • Centralized security monitoring • Data-driven maintenance Corporate Operations • Innovation and modernization Digital Revenue Platforms • SEO/GEO marketing optimization • ML-based revenue management • Conversion & revenue maximization
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13 Transformation Is Enhancing Our Leading Performance 13 Source: Company filings 1. Same store pools for the quarter ended 9/30/25. 2. Free cash flow relative to EBITDA for twelve months ended 9/30/25. Public Storage Extra Space SmartStopCubeSmart National Storage Affiliates Highest Free Cash Flow Conversion2 87% 80% 69% 61% 44% Most Profitable NOI Margin1 79% 71% 70% 69% 67% $0.29 $0.43 $0.45 $0.52 $0.52 $0.73 $1.00 $1.19 $1.27 $1.45 Most Optimized Labor Hours1 (payroll costs per square foot) Most Controlled Utility Usage1 (utility costs per square foot) Company-wide advantages and transformation drive operational and financial outperformance An Exceptional Industry I Public Storage: Leading the Industry $21 $21 $19 $19 $13 Highest Revenues Per Square Foot1
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14 Strong External Growth Platform Source: Company filings 14 Acquisition 77% 9% 14% Total Owned Portfolio By Property Type1 ~228 million square feet Stabilized Same Store Properties Development & Redevelopment Acquisitions High-growth properties are 23% of the portfolio with $130 million of NOI upside beyond 2025 Development Redevelopment & Expansion Unique Multi-Factor External Growth Expertise across the operational and external growth spectrum drive superior returns An Exceptional Industry I Public Storage: Leading the Industry
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15 16.5% 18.0% 18.2% 14.1% 13.5% 11.3% 8.8% 12.2% 8.0% 7.5% 2.8% 2.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 NOI Yield by Delivery Year1 Best-in-Class Development Program Source: Company filings 1. Based on NOI for the trailing twelve months, ended 9/30/25. 15 Largest and most experienced team in the industry Data-driven submarket and site selection Optimized property size, design, and unit mixing Construction costs supported by efficiencies of scale and long-standing vendor relationships Primarily funded with retained cash flow Significant value creation Recent vintages are leasing up Industry-leading development delivery volumes and returns An Exceptional Industry I Public Storage: Leading the Industry
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16 A Growth-Oriented Balance Sheet Source: Company filings. See appendix for a definition of EBITDA, a non-GAAP metric, and a reconciliation of EBITDA to net income in accordance to GAAP. 1. Common equity as of 10/30/25. Unsecured debt and preferred equity as of 9/30/25. 2. Current figure based on EBITDA for the trailing twelve months, ending 9/30/25. 3. Includes cash and line of credit capacity as of 9/30/25. 16 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Total Capitalization1 Common Equity 79% Unsecured Debt 14% Preferred Equity 7% A2 / A credit rating (Moody’s/S&P) 4.2x net debt + preferred equity to EBITDA2 3.5% cost of in-place debt and preferred equity $1.8B near-term available liquidity3 $650M retained cash flow expected in 2025 Debt capacity to fund growth along with other capital sources and significant retained cash flow An Exceptional Industry I Public Storage: Leading the Industry
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17 Platform Advantages Drive Leading Growth Source: Company filings 1. Public Storage compared to the two-year prior period same store pools for peers. Peer growth rates in these pools benefit from unstabilized properties, but they are the closest disclosed comparison to Public Storage from a definitional perspective. 17 Revenue maximization, expense optimization, portfolio expansion, and additional advantages drive peer -leading growth An Exceptional Industry I Public Storage: Leading the Industry Public Storage Extra SpaceCubeSmart National Storage Affiliates 1.5% 0.6% 0.4% -1.6% PSA EXR CUBE NSA 0.9% -0.6% -0.8% -3.8% PSA CUBE EXR NSA 2.3% 1.4% -1.2% -7.7% PSA CUBE EXR NSA Revenue Growth (same store) NOI Growth (same store) Core FFO/sh Growth 0.0% -1.1% -1.2% -2.9% PSA EXR CUBE NSA 0.2% -1.9% -3.2% -6.0% PSA CUBE EXR NSA 2.6% 0.5% -3.0% -8.1% PSA EXR CUBE NSA 2023 – 2025 YTD Quarterly Average1 Q3 20251
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18 12x 14x 16x PSA EXR SMA CUBE NSA Source: Bloomberg and Company filings 1. Measured since Q4 2022. 2. Based on share prices and analyst consensus as of 11/10/25. 3. Based on pre-pandemic 20-year historical average premium. SMA excluded due to limited history of trading as a public entity. Premium Attributes at an Attractive Valuation 18 2026 FFO Multiple2Valuation Drivers Most recognizable brand Unmatched owned portfolio scale and locations Leading end-to-end digital ecosystem Pioneering operating model transformation Strongest revenue and NOI growth1 Highest revenue, NOI, and NOI margin Industry-leading acquisition and development platforms Significant non-same store NOI growth upside Lowest leverage and cost of capital Highest free cash flow margin and conversion Strongest FFO growth1 Strongest dividend growth1 1.5x 2.3x Current Historical Average Public Storage Premium to Peer Average3 Upside to Public Storage’s historical premium valuation An Exceptional Industry I Public Storage: Leading the Industry
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1919 Appendix
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20 Source: Company filings Net income Net operating income attributed to noncontrolling interests Depreciation and amortization Interest expense Income tax expense Extraordinary and nonrecurring gains and losses PS Business Parks and Shurgard equity earnings Distributions received from PS Business Parks and Shurgard1 EBITDA 2020 $1,361 (6) 553 56 8 96 (80) 97 $2,085 Net Income to EBITDA Reconciliation 3Q25 TTM $1,905 (21) 1,137 295 6 90 (10) 2 $3,404 2015 $1,318 (8) 425 1 8 (19) (48) 33 $1,710 Non-GAAP Reconciliations 20