Public Storage · NYSE:PSA
Public Storage — Corporate Update (March 2026)
17 slides from Public Storage's corporate update, March 2026
Slide 1: Company Update March 2026
Company Update March 2026 1
Slide 2: Public Storage: Fast Facts
Public Storage: Fast Facts Portfolio Stats $60B $4.8B enterprise value TTM revenues NYSE / S&P 500 $3.5B Leadership Financial company TTM net operating income (NOI) 53 years in operation 4.3% dividend yield #1 largest owner of self-storage 9.4% globally dividend growth CAGR1 A2 / A 24% credit rating
Slide 3: Company Updates
Company Updates I. PS4.0 TM II. Results & Guidance ✓ PS Next combines the industry’s leading owned-property TM ✓ #1 NOI margin1 at year-end 2025 portfolio with the only scaled omnichannel digital-first platform ✓ Highest rent per available square foot1 in the industry ✓ Value Creation Engine to acce
Slide 4: Improving Move-In Rates, Occupancy & Retention
Improving Move-In Rates, Occupancy & Retention Same-Store Move-In Rate (y/y %) Same-Store Move-Out Rate (y/y %) 8% 2% 4% 1% 0% (0.3%) 0% (5.5%) (5.5%) (5.3%) (4.7%) (4%) (1%) (1.5%) (1.8%) (2.3%) (2.3%) (8%) (10.6%) (2%) (12%) (3%) 1Q25 2Q25 3Q25 4Q25 YTD 2026 1Q25 2Q25 3Q25 4Q25 YTD 2026 Same-Store
Slide 5: Self-Storage Industry Outlook
Self-Storage Industry Outlook Rising demand, affordable rents, and declining competitive new supply underpin an improving industry backdrop Rising Utilization In-Place Rents vs Home Prices2 Declining Competitive New Fragmented Industry % of Population Using Self Storage1 Indexed to 100 in 2012 Suppl
Slide 6: A Superior Cash Flow Profile
A Superior Cash Flow Profile Public Storage’s competitive advantages combine with industry dynamics to drive robust cash flows and returns Strong NOI Growth1 High NOI Margin1 Low Capital Expenditures1 % of NOI Cumulative = 118% CAGR = 5.4% 78% 21% Public Storage Cumulative = 64% 58% CAGR = 3.4% 6% O
Slide 7: Looking Back On Our Success
Looking Back On Our Success Competitive advantages and transformation have driven outperformance and created a solid foundation for future success Same Store Performance1 Core FFO/share Growth1 Total Shareholder Returns1 4.1% 1.4% 0.5% 0.3% 2.2% Revenue 0.4% 0.1% 1Y Growth2 0.8% -1.6% PSA EXR CU BE
Slide 8: Transformation Is Enhancing Our Leading Performance
Transformation Is Enhancing Our Leading Performance Company-wide advantages and transformation drive operational and financial outperformance Highest Revenues Per Square Foot1 Most Optimized Labor Hours1 Most Profitable NOI Margin1 (payroll costs per square foot) $1.37 78% $1.24 $1.30 $21 $20 $0.94
Slide 9: PS4.0 – Strategic Pillars to Drive Shareholder Value Creation
PS4.0 – Strategic Pillars to Drive Shareholder Value TM Creation PS Next TM Value Creation Engine Own It Culture Win the Customer and Drive Capture the External Growth A High-Performance Organic Growth Opportunity Leadership & Talent Platform ▪ Exceptional Brand and ▪ Deployment accelerated and ▪ In
Slide 10: PS4.0 – PS Next
PS4.0 – PS Next Storage has evolved from paper lease analog to digital engagements and transactions and is now accelerating to AI-enhanced customer and employee experience Exceptional Brand & Customer PS Next Platform Omnichannel Experience Data Science Enhanced Operations Property of Tomorrow Trans
Slide 11: PS4.0 – Value Creation Engine
PS4.0 – Value Creation Engine Expertise across the operational and external growth spectrum drive superior returns Why? What’s Next? Acquisition Data Science-infused Best brand recognition Underwriting and Targeting + Welltower Data Science Unique Multi-Factor External Growth Partnership Revenue lea
Slide 12: Acquisition & Development Yields
Acquisition & Development Yields PS Next Operating Platform helps drive outsized accretion and returns Cap Rates 7.5% 7.0% $953 million 2026 Non-Same Store growth dollars deployed 6.5% 5.2% $345 +16% 6.0% 2025 5.5% Acquisitions T12M Yield 5.0% 4.5% High 6% million in NOI growth 4.0% Stabilized Yield
Slide 13: A Growth-Oriented Balance Sheet
A Growth-Oriented Balance Sheet Accretive external growth to be funded with debt capacity, significant retained cash flow, and other capital sources Maturity Schedule ($ millions) A2 / A $1.8B Unsecured Preferred near-term available Credit rating (Moody’s / . liquidity2 S&P) $600M+ 4.2x Retained 2.9
Slide 14: Sustainability and Awards
Sustainability and Awards Public Storage strives to remain among the highest rated on both Sustainability and Human Capital Sustainability Snapshot Awards & Recognition 4 years • Top 7% Globally of recognition as • Highest Rated U.S. Self-Storage REIT a Great Place to Work Great Place to Work® • Hig
Slide 15: 2026 Outlook: Key Metrics
2026 Outlook: Key Metrics 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
Slide 16: Why Public Storage
Why Public Storage 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 16
Slide 17: 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 2026 guidance and all underlying assumptions, PS4.0, PS Ne