Public Storage · NYSE:PSA
Public Storage — Public Storage (PSA, PSA-PF, PSA-PG, PSA-PH, PSA-PI, PSA-PJ, PSA-PK, PSA-PL, PSA-PM, PSA-PN, PSA-PO, PSA-PP, PSA-PQ) — Merger or Acquisition (July 2023)
13 slides from Public Storage's merger presentation, Jul 24, 2023
Slide 1: Simply Self Storage Acquisition Overview
Simply Self Storage Acquisition Overview July 2023 Exhibit 99.1
Slide 2: Forward-Looking Statements
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 2023 outlook and all underlying assumptions, our expected acquisition, dispositi
Slide 3: Transaction Summary
Transaction Summary Source: Company filings and Simply Self Storage 1. Trailing twelve months as of 5/31/23 2. Purchase price yield based on NOI and tenant insurance income per Public Storage’s forward-looking underwriting Accelerating Accretion Financing and Closing According to Plan Public Storage
Slide 4: A Growth Portfolio
A Growth Portfolio 152 properties 11 million net rentable square feet1 91% occupancy2 69% NOI margin3 3.3% 3-mile avg. population growth since 2018 127 wholly-owned 25 third-party managed 9.4M wholly-owned 1.8M third-party managed Simply Portfolio Overview Source: Simply Self Storage 1. Self-storage
Slide 5: Geographically Diversified Footprint
Geographically Diversified Footprint Sunbelt Midwest Northeast West Total Properties1 83 28 9 7 127 Square feet (millions)1 6.0 2.0 0.7 0.6 9.4 Regional Distribution Top Markets Market Properties1 % of Total Sq. Ft.1 % of Total NOI2 1. Dallas-Ft. Worth 16 13.9% 13.9% 2. Houston 17 13.2% 11.2% 3. Orl
Slide 6: Complementary National Coverage
Complementary National Coverage Property Presence Public Storage only Public Storage and Simply Public Storage1 Combined Company Increase Owned Properties 2,877 3,004 +4% Owned Square Feet 205 million 214 million +4% Third-Party Managed Properties 193 218 +13% Geographic Coverage Benefits of Expande
Slide 7: Public Storage's Industry-Leading NOI Generation
Public Storage’s Industry-Leading NOI Generation Case Study: ezStorage Direct NOI Margin2 Direct NOI Margin Comparison1 Public Storage has a track record of significant margin expansion on stabilized acquisitions, including 36 properties acquired from ezStorage, a well-run portfolio, in 2021. +1,020
Slide 8: Utilizing Our Growth-Oriented Balance Sheet
Utilizing Our Growth-Oriented Balance Sheet Transaction Summary Entered acquisition agreement on July 23rd Combination of the Public Storage and Simply teams enhances core strengths and experience Financial Summary $2.2 billion total acquisition cost 6.25% - 6.75% nominal yield expected during year
Slide 9: Public Storage is the Self-Storage Acquirer of Choice
Public Storage is the Self-Storage Acquirer of Choice Public Storage Quick Facts World’s leading owner, acquirer, and developer of self-storage properties Most active private-market acquirer since 2019 Execution Certainty with Speed to Close Executing in a “win-win” transaction marketplace Sellers t
Slide 10: A Growth Transaction
A Growth Transaction As We Are… Strengthening our wide-ranging competitive advantages Transforming our operating model through customer experience, employee satisfaction, and margin expanding digitalization Enhancing our industry-leading property and income stream quality Generating significant earn
Slide 11: Appendix
Appendix Public
Slide 12: An Advantageous Pro Forma Leverage Position
An Advantageous Pro Forma Leverage Position Notes Payable Preferred Equity Total Cash Net Debt and Preferred Equity Net Debt and Preferred Equity1 Q1 2023 Simply Adjustment Pro Forma $6,937 4,350 11,287 (695) $10,592 $2,265 - 2,265 - - $9,202 4,350 13,552 (695) $12,857 EBITDA EBITDA $3,2022 $1433 $3
Slide 13: Net Income to EBITDA Reconciliation
Source: Company filings 1. Excludes $2.7 billion of proceeds from the sale of our equity investment in PS Business Parks, Inc. on July 20, 2022. Net income Net operating income attributed to noncontrolling interests Depreciation and amortization Interest expense Extraordinary and nonrecurring gains