Slides
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1 4Q25 Earnings & 2026 Guidance Presentation including Leadership Announcements and PS4.0 Introduction Public Storage
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2 Executive Speakers 2 Joe Russell President & CEO Retiring March 31st Tom Boyle CEO Effective April 1st Joe Fisher President & CFO Effective February 16th
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33 Key Takeaways Next Generation Leadership Industry leadership in Operations, Core FFO growth, and Total Shareholder return – A great foundation for future success Looking Back on Our Success The PS4.0 Strategy Performance & Outlook Self-Storage Industry Outlook Why Public Storage PS4.0 Strategic Vision, Next Gen Leadership team, and Strong Sector Outlook Margin leadership, non-same store contribution, capital allocation accretion, and fortress-like balance sheet support Core FFO PS Next, the Value Creation Engine, and Own It Culture to drive Leading Value Creation Well-planned Executive and Board leadership changes to support future success Strong long-term outlook driven by conversion of demand, supply, and fragmentation
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4 Looking Back On Our Success 4 1.5% 0.6% 0.4% -1.6% PSA EXR CUBE NSA 0.9% -0.6% -0.8% -3.8%PSA CUBE EXR NSA 79% 71% 70% 69% PSA EXR CUBE NSA Revenue Growth2 NOI Growth2 NOI Margin 18.6% 11.2% 10.6% 10.2% PSA NSA CUBE EXR Total Shareholder Returns1Core FFO/share Growth1 2.3% 1.4% -1.2% -7.7% PSA CUBE EXR NSA Same Store Performance1 Source: Company documents and FactSet 1. For comparability purposes, measured versus reported two-year prior pools for peers from 2023 - 2025 except for NOI margin, which reflects the most recent fully reported quarter (Q3 2025). Total shareholder returns measured since 12/31/2022 through 2/11/2026. 2. Reflects quarterly averages. Success Factors Property of Tomorrow Great Place to Work® Public Storage Extra SpaceCubeSmart National Storage Affiliates Competitive advantages and transformation have driven outperformance and created a solid foundation for future success
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5 Self-Storage Industry Outlook 5 Rising demand, affordable rents, and declining competitive new supply underpin an improving industry backdrop Source: S&P Dow Jones Indices LLC, The Self Storage Almanac, Radius+, Yardi Matrix, and Public Storage 1. 2025 Self Storage Almanac. 2. Based on Public Storage same store average rent per occupied square foot for customers in-place in during each period and S&P Case Shiller Home Price Index. 3. Reflects estimated annual expansion of total self storage net rentable square footage in the United States. 4. Public owners include Public Storage, CubeSmart, Extra Space, National Storage Affiliates, SmartStop, and U-Haul. 3% 4% 6% 8% 10% 1985 1995 2005 2015 2025 Rising Utilization % of Population Using Self Storage1 5.0% 3.9% 3.2% 2.5% 2.0% 2019 2021 2023 2025 2026E Declining Competitive New Supply New Supply Growth3 In-Place Rents2 vs Home Prices Indexed to 100 in 2012 Public Operators Private Operators 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Home Price In-Place Rents Fragmented Industry ~2.7 billion square feet4 22%78% Public Private
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6 PS4.0 – A New Era of Leadership 6 Source: Company filings Corporate Leadership Transitions • Chief Executive Officer: Tom Boyle succeeding Joe Russell • President, Chief Financial Officer: Joe Fisher (former President of UDR) hired • President, Chief Digital and Transformation Officer: Natalia Johnson role expanded and promoted • President, Chief Operating Officer: Chris Sambar role expanded and promoted • Chief Revenue and Marketing Officer: Ayash Basu (former Boston Consulting Group) hired • Chief Human Resources Officer: Gwen Montgomery (former Gates Corp.) hired • Head of Acquisitions: Paul Spittle • Chairman of the Board: Shankh Mitra succeeding Ron Havner • John Reyes will not stand for re-election at the Annual General Meeting • Tom Boyle succeeding Joe Russell on the Board Board Transitions
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7 PS4.0 – Pillars 7 Source: Company filings PS Next Value Creation Engine Own It Culture Win the Customer and Drive Organic Growth Target Actions ▪ Exceptional Brand and Customer Experience ▪ Data Science and AI Enhanced Pricing Model ▪ Transformative Operating Platform Organic Growth Acceleration Capture the External Growth Opportunity ▪ Deployment accelerated through people and data science resources ▪ Value creation fueled by PS Next ▪ Offensive Oriented Balance Sheet Utilized Accretive Portfolio Growth A High-Performance Leadership & Talent Platform ▪ Incentive Redesign Aligned with Shareholders ▪ New & Existing Talent to raise the bar ▪ Empowerment with Accountability Drivers of PS4.0 Performance
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8 2025 Performance: Key Metrics 8 2025 Metric Q4 Full-Year Same store: Revenue growth (0.2)% 0.0% Expense growth 4.2% 1.8% NOI growth (1.5)% (0.5)% Average occupancy (% / yoy Δ) 91.6% / (0.2)% 92.0% / (0.4)% Rent per square foot ($ / yoy Δ) $22.53 / 0.2% $22.54 / 0.5% Non-same store: NOI growth 20.0% 16.5% Funds from operations: Core FFO per share $4.26 $16.97 Core FFO per share growth 1.2% 1.8%
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9 2026 Outlook: Key Metrics 9 2026 Metric Outlook Range Midpoint Same store: Revenue growth (2.2)% to 0.0% (1.1)% Expense growth 1.5% to 2.8% 2.2% NOI growth (3.9)% to (0.5)% (2.2)% Non-same store: NOI $335 to $355 $345 NOI growth 12.8% to 19.5% 16.2% Funds from operations: Core FFO per share $16.35 to $17.00 $16.68 Core FFO per share growth (3.7)% to 0.2% (1.7)%
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10 Why Public Storage 10 Favorable industry trends emerging Premier investor-aligned leadership team PS4.0 Strategic vision to drive value creation and growth – PS Next – Value Creation Engine – Own It Culture
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11 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.