Public Storage · NYSE:PSA
Public Storage — Corporate Update (November 2022)
18 slides from Public Storage's corporate update, November 2022
Slide 1: Company Update
Company Update November 2022 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. Such forward-looking statements include statements relating to our 2022 outlook and all underlying assumptions, our expe
Slide 3: Company Highlights
Company Highlights I. Self-Storage Industry Leader II. Innovation-Powered Organic Growth III. Multi-Factor External Growth IV. Growth-Oriented Balance Sheet V. Attractive Valuation and Outlook 3
Slide 4: The Self-Storage Industry Leader
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook The Self-Storage Industry Leader NYSE / S&P 500 2,836 company owned properties 50 202M years in operation owned rentable square feet A2 / A 40 credit rating (Moody’s/S&P) states $4.0B 1.8M TTM reven
Slide 5: Unique Competitive Advantages
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Unique Competitive Advantages High-Integrity Team & Culture An innovation-driven culture with broad diversity Unmatched Scale & Locations Multi-Lever External Growth Half of the U.S. population live
Slide 6: Committed to Sustainable Growth
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Committed to Sustainable Growth Environmental Social Governance A Low Impact Company A People Focus Integral to operational, financial, and reputational resilience Light footprint I Energy, carbon,
Slide 7: Strong and Resilient Income Growth Profile
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Strong and Resilient Income Growth Profile Public Storage’s income generation outpaces and is more resilient than the broader real estate space Same-Store Net Operating Income Growth Indexed to 2004
Slide 8: Delivering the Digital Customer Experience
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Delivering the Digital Customer Experience Digital transformation enhances the customer experience while also enabling our operating model transformation Finding a Space Lease Execution / Account Ma
Slide 9: Accelerating Growth in Our Largest Market
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Accelerating Growth in Our Largest Market Revenue growth in our Los Angeles market is accelerating on strong demand, limited new supply, and the expiration of pricing restrictions Revenue Growth Acc
Slide 10: Strengthening Our Operating Advantage
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Strengthening Our Operating Advantage First-mover technology implementation and operating model transformation are further enhancing our profitability Same-Store NOI Margin1 Further margin expansion
Slide 11: Accelerated External Growth
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Accelerated External Growth Multiple channels to grow and enhance our portfolio Growth Since Beginning of 20191 Total Owned Portfolio By Property Type1 200+ million square feet $8 billion Non-Same S
Slide 12: Advantages and Unique Capabilities Drive Growth
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Advantages and Unique Capabilities Drive Growth Differentiated Acquisition Strategy Portfolio Expansion (2019 – 2022 YTD)1 Infuses Proprietary Big Data and Analytics Square feet added, millions Deep
Slide 13: Significant Income Growth & Value Creation
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Significant Income Growth & Value Creation Historically strong acquisition and development performance with embedded earnings upside Considerable future earnings growth through occupancy and rent le
Slide 14: Balance Sheet Positioned to Fund Additional Growth
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Balance Sheet Positioned to Fund Additional Growth Capacity remains following balance sheet evolution towards utilizing debt to fund external growth Net Debt and Preferred Equity on Balance Sheet1 (
Slide 15: Attractive Valuation
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Attractive Valuation Quality and Growth 2023 FFO Multiple1 30x Strong geographic mix with the most owned and “A” locations Multiple upside to historical premium valuation 25x Margin-expanding operat
Slide 16: Public Storage is…
Industry Leader I Organic Growth I External Growth I Balance Sheet I Attractive Valuation and Outlook Public Storage is… Strengthening our wide-ranging competitive advantages Transforming our operating model through customer experience, employee satisfaction, and margin expanding digitalization Enha
Slide 17: Appendix
Appendix Public
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Net Income to EBITDA Reconciliation 2015 2020 3Q22 TTM Net income $1,318 $1,361 $4,573 Net operating income attributed to noncontrolling interests (8) (6) (13) Depreciation and amortization 425 553 867 Interest expense 1 56 130 Extraordinary and nonrecurring gains and losses