Public Storage · NYSE:PSA
Public Storage — Corporate Update (March 2025)
19 slides from Public Storage's corporate update, March 2025
Slide 1: Company Update
Company Update March 2025 Public Storage 1
Slide 2: Important Information
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
Slide 3: Company Highlights
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 ▪ Powerfu
Slide 4: Favorable Fundamentals With Embedded Growth
An Exceptional Industry I Public Storage: Leading the Industry Favorable Fundamentals With Embedded Growth Growing Secular Demand Supply Constraints Fragmentation Leads to Growth • Needs-based, multi-faceted demand from • Primarily small regional developers that • Majority of properties are owned by
Slide 5: A Superior Cash Flow Profile
An Exceptional Industry I Public Storage: Leading the Industry A Superior Cash Flow Profile Strong NOI Growth1 High NOI Margin1 Low Capital Expenditures1 % of NOI Cumulative = 118% CAGR = 5.7% 79% 21% Public Storage 58% Cumulative = 59% CAGR = 3.4% 7% Other Property Types Public Other Property Publi
Slide 6: Operations Stabilizing From Extraordinary Times
An Exceptional Industry I Public Storage: Leading the Industry Operations Stabilizing From Extraordinary Times Quarterly Same Store Revenue Growth 20% Record Growth 15% Stabilization Considerations 10% • Broad-based improvement occurring across markets 5% • Versus the past, a more gradual total same
Slide 7: The Affordable Space Alternative
An Exceptional Industry I Public Storage: Leading the Industry The Affordable Space Alternative Move-In Rents Consumer Spend $19 (% of monthly income) $18 Move-in rents are affordable having declined In-place rents are affordable significantly due to demand moderation and $17 30.6% relative to space
Slide 8: Public Storage: Leading the Industry
An Exceptional Industry I Public Storage: Leading the Industry Public Storage: Leading the Industry NYSE / S&P 500 3,380 company properties 52 245M years in operation rentable square feet A2 / A 40 credit rating (Moody’s/S&P) states $4.7B 2.0M TTM revenues customers in place $3.4B 23% TTM net operat
Slide 9: A Powerful Compounding-Returns Platform
An Exceptional Industry I Public Storage: Leading the Industry A Powerful Compounding-Returns Platform Select Competitive Advantages Growth Portfolio Locations & Scale Str on ns g tio Ca High-Performing Team & Culture era pit a Leading Op l Al location Platform & Innovation Strength Multi-Factor Ext
Slide 10: Maximizing Revenue Management
An Exceptional Industry I Public Storage: Leading the Industry Maximizing Revenue Management Public Storage Self-Storage REIT Peer Average1 Industry Average2 Occupancy Rent per Square Foot 98% $25 Consistently optimized occupancy Rent leadership drives revenue growth $23 95% $21 92% $19 89% $17 86%
Slide 11: Operating Model Transformation Advancing
An Exceptional Industry I Public Storage: Leading the Industry Operating Model Transformation Advancing Omni-Channel Digital Customer Experience Operating Model Digital Field Website PS App Kiosk Digital Specialized (w/ live help) (w/ live help) Care Team Field Personnel Digital Property Access & Sa
Slide 12: Tracking Ahead On Our Transformation Plan
An Exceptional Industry I Public Storage: Leading the Industry Tracking Ahead On Our Transformation Plan Select Progress & Goals al Innovation Digit Current progress Goal Digital customer rentals 75% (% of move-in customers) 30% REIT peer average Enhancing the customer experience Payroll cost saving
Slide 13: Transformation Is Enhancing Our Leading Performance
An Exceptional Industry I Public Storage: Leading the Industry Transformation Is Enhancing Our Leading Performance Optimizing Labor Hours1 Most Profitable NOI Margin1 (payroll costs per square foot) 79% $1.22 $1.27 $1.08 74% $0.98 72% 71% 70% $0.78 Controlling Utility Usage1 Highest Free Cash Flow C
Slide 14: Unique Multi-Factor External Growth
An Exceptional Industry I Public Storage: Leading the Industry Strong External Growth Platform Total Owned Portfolio By Property Type1 ~221 million square feet Acquisition Unique Multi-Factor External Growth Acquisitions Stabilized High-growth properties 13% Same Store Development are 23% of the por
Slide 15: Best-in-Class Development Program
An Exceptional Industry I Public Storage: Leading the Industry Best-in-Class Development Program NOI Yield by Delivery Year1 Largest and most experienced team in the industry 18.2% Data-driven submarket and site selection 17.6% Optimized property size, design, and unit mixing 14.2% 12.7% 12.9% 11.4%
Slide 16: A Growth-Oriented Balance Sheet
An Exceptional Industry I Public Storage: Leading the Industry A Growth-Oriented Balance Sheet Total Capitalization1 100% A2 / A $1.9B 90% credit rating (Moody’s/S&P) near-term available liquidity3 80% 70% 3.9x Common Equity 79% net debt + preferred $600M 60% equity to EBITDA2 retained cash flow 50%
Slide 17: Premium Attributes at an Attractive Valuation
An Exceptional Industry I Public Storage: Leading the Industry Premium Attributes at an Attractive Valuation Valuation Drivers 2025 FFO Multiple2 Most recognizable brand 20x Unmatched owned portfolio scale and locations 18x Leading end-to-end digital ecosystem 16x Pioneering operating model transfor
Slide 18: Appendix
Appendix Public
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Net Income to EBITDA Reconciliation 2015 2020 2024 Net income $1,318 $1,361 $2,084 Net operating income attributed to noncontrolling interests (8) (6) (19) Depreciation and amortization 425 553 1,130 Interest expense 1 56 287 Income tax expense 8 8 5 Extraordinary and nonrec