Slide 1: Company Update June 2025
Company Update June 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 77% Cumulative = 118% CAGR = 5.6% 21% Public Storage 58% Cumulative = 63% 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 30.5% 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 3,399 company properties 52 247M 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 $3.5B 21% 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 al A Leading Op llocation Platform & Innovation Strength Multi-Factor Exte
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: 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) $1.47 77% $1.17 $1.24 $0.99 71% 71% 69% $0.73 66% Controlling Utility Usage1 Highest Free Cash Flow C
Slide 13: Strong External Growth Platform
An Exceptional Industry I Public Storage: Leading the Industry Strong External Growth Platform Total Owned Portfolio By Property Type1 ~223 million square feet Acquisition Unique Multi-Factor External Growth Acquisitions 12% Stabilized High-growth properties Same Store Development are 21% of the por
Slide 14: 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 18.1% Data-driven submarket and site selection 17.8% Optimized property size, design, and unit mixing 14.2% 13.0% Recent vint
Slide 15: A Growth-Oriented Balance Sheet
An Exceptional Industry I Public Storage: Leading the Industry A Growth-Oriented Balance Sheet Total Capitalization1 100% A2 / A $1.8B 90% credit rating (Moody’s/S&P) near-term available liquidity3 80% 70% 4.0x Common Equity 79% net debt + preferred $600M 60% equity to EBITDA2 retained cash flow 50%
Slide 16: Platform Advantages Drive Leading Growth
An Exceptional Industry I Public Storage: Leading the Industry Platform Advantages Drive Leading Growth 2023 – 2025 YTD Quarterly Average1 Q1 20251 Revenue 1.9% 1.0% 0.1% Growth 0.7% (same store) -1.3% -0.6% -0.7% -3.1% PSA EXR CU BE NSA PSA CU BE EXR NSA NOI 1.2% 0.0% Growth -0.2% -0.3% -1.0% (same
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: Same Store Move-In and Move-Out Update
Same Store Move-In and Move-Out Update Rents Gained from Move-Ins Rents Lost from Move-Outs (Amounts in thousands, except for per square foot amounts) (Amounts in thousands, except for per square foot amounts) Move-Ins Two months ended May 31, Move-Outs Two months ended May 31, 2025 2024 Δ 2025 2024
Slide 20: 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 $22.41 $22.58 $22.46 $22.55 92.8% 92.3% 91.8% 91.5% At March 31 (Q1) At May 31 At March 31 (Q1) At May 31 Growth: -30 bps -50 bps Growth: +0.8% +0.4% Source
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Net Income to EBITDA Reconciliation 2015 2020 1Q25 TTM Net income $1,318 $1,361 $1,983 Net operating income attributed to noncontrolling interests (8) (6) (20) Depreciation and amortization 425 553 1,128 Interest expense 1 56 291 Income tax expense 8 8 5 Extraordinary and no