Public Storage · NYSE:PSA
Public Storage — Corporate Update (September 2025)
22 slides from Public Storage's corporate update, September 2025
Slide 1: Company Update September 2025
Company Update September 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 New Supply Constraints Fragmentation Leads to Growth • Needs-based, multi-faceted demand from • Primarily small regional developers that • Majority of properties are owne
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 = 5.6% 79% 21% Public Storage Cumulative = 64% 58% CAGR = 3.5% Other Property 5% 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 • Versus the past, a more gradual total same st
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 relative to space alter
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 3,432 company properties 52 250M 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 $3.7B 22% 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: The Leading Omni-Channel Customer Experience
An Exceptional Industry I Public Storage: Leading the Industry The Leading Omni-Channel Customer Experience The Public Storage Approach CUSTOMER Benefits PUBLIC STORAGE Benefits An omni-channel experience that allows ✓ Ability to interact and transact 24-hours a day ✓ Revenue maximization customers
Slide 12: The Leading End-to-End Digital Operating Model
An Exceptional Industry I Public Storage: Leading the Industry The Leading End-to-End Digital Operating Model Digital Transformation Facilitates Key Operating Model Attributes Best-In-Class Operating Model Digital Revenue Platforms Team Member Benefits Digitally Enabled Operations • SEO/GEO marketin
Slide 13: Transformation Is Enhancing Our Leading Performance
An Exceptional Industry I Public Storage: Leading the Industry Transformation Is Enhancing Our Leading Performance Highest Revenues Per Square Foot1 Most Optimized Labor Hours1 Most Profitable NOI Margin1 (payroll costs per square foot) $1.47 79% $21 $1.18 $1.25 $20 $1.00 71% 70% 69% $0.73 66% $19 $
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 ~224 million square feet Acquisition Unique Multi-Factor External Growth Acquisitions 13% Stabilized High-growth properties Same Store Development are 22% 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 Data-driven submarket and site selection 17.9% 18.2% 16.0% Optimized property size, design, and unit mixing 14.2% 13.2% 12.3%
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 $2.6B 90% credit rating (Moody’s/S&P) near-term available liquidity3 80% 70% 4.1x Common Equity 79% net debt + preferred $600M 60% equity to EBITDA2 retained cash flow 50%
Slide 17: Platform Advantages Drive Leading Growth
An Exceptional Industry I Public Storage: Leading the Industry Platform Advantages Drive Leading Growth 2023 – 2025 YTD Quarterly Average1 Q2 20251 Revenue 1.7% 0.2% Growth 0.8% 0.6% (same store) -1.5% -0.7% -1.0% -3.1% PSA EXR CU BE NSA PSA CU BE EXR NSA NOI 1.0% Growth -0.3% -0.5% -0.5% (same stor
Slide 18: Premium Attributes at an Attractive Valuation
An Exceptional Industry I Public Storage: Leading the Industry Premium Attributes at an Attractive Valuation Valuation Drivers 2026 FFO Multiple2 Most recognizable brand 18x Unmatched owned portfolio scale and locations 16x Leading end-to-end digital ecosystem 14x Pioneering operating model transfor
Slide 19: Appendix
Appendix Public
Slide 20: Same Store Move-In and Move-Out Update
Same Store Move-In and Move-Out Update Two Months Ended August 31, 2025 Year-to-Date as of August 31, 2025 Rental Rates* Square Footage Rental Rates* Square Footage 0.8% 0.1% -0.9% -1.5% -2.3% -2.0% -5.7% -7.9% -4.6% excluding promotional sale activity Move-In Move-Out Move-In Move-Out Tenants Tenan
Slide 21: Same Store Occupancy and Rent Trends
Same Store Occupancy and Rent Trends Square Foot Occupancy at Period End Annual Contract Rent Per Square Foot at Period End 2024 2025 2024 2025 $22.67 $22.82 $22.79 $22.54 92.6% 92.2% 91.6% 91.3% At June 30 (Q2) At August 31 At June 30 (Q2) At August 31 Growth: -40 bps -30 bps Growth: +0.6% -0.1% So
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Net Income to EBITDA Reconciliation 2015 2020 2Q25 TTM Net income $1,318 $1,361 $1,823 Net operating income attributed to noncontrolling interests (8) (6) (20) Depreciation and amortization 425 553 1,127 Interest expense 1 56 290 Income tax expense 8 8 6 Extraordinary and no