Slide 1: Public Storage Reports Second Quarter 2026 Results and Raises Guidance
PUBLIC STORAGE REPORTS SECOND QUARTER 2026 RESULTS AND RAISES GUIDANCE FRISCO, Texas, July 29, 2026 — Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter ended June 30, 2026, and its increased outlook for full-year 2026. Net income and core funds from operations (“
Slide 2: 2026 Guidance
2026 Guidance Public Storage has raised its previously provided guidance for net operating income growth (Same Store and Non- Same Store), and Core FFO per share as included in the table below. 2026 Guidance Current Prior Guidance Low High Low High Adjustment (Dollar amounts in thousands, except per
Slide 3: Investment and Third-Party Management Activity
Investment and Third-Party Management Activity NSA Merger: On July 22, 2026, we closed our merger with NSA in an all-stock transaction (the "NSA Merger"), expanding the Public Storage brand portfolio to over 4,500 locations and more than 327 million operating square feet. Under the terms of the merg
Slide 4: Selected balance sheet metrics
at an annual rate of 4.700% maturing on February 1, 2032, and $500 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.150% maturing on August 15, 2036. Selected balance sheet metrics as of June 30, 2026: Six Months Ended June 30, Metric 2026 2025 Ch
Slide 5: Supplemental Information
Supplemental Information This press release, our Form 10-Q for the second quarter of 2026, the accompanying quarterly financial supplement, and additional information about Public Storage are available on our website, www.publicstorage.com. Definitions (unaudited) Annual contract rent: Represents th
Slide 6: Realized annual rent per occupied square foot
Realized annual rent per occupied square foot: Computed by dividing rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. This measure excludes late charges and administrative fees in order to provide a better measure of our ongoing
Slide 7: Second Quarter Conference Call
Second Quarter Conference Call A conference call is scheduled for July 30, 2026, at 11:00 a.m. (CT) to discuss the second quarter earnings results. The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous audio webcast may be accessed by u
Slide 8: Public Storage Selected Financial Data
PUBLIC STORAGE SELECTED FINANCIAL DATA Same Store Operating Performance (Unaudited – amounts in thousands except per square foot data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change (c) 2026 2025 Change (c) (Dollar amounts in thousands, except for per square foot data) Revenu
Slide 9: Selected Consolidated Income Statement Data
PUBLIC STORAGE SELECTED CONSOLIDATED INCOME STATEMENT DATA (Unaudited – amounts in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Self-storage facilities $ 1,139,947 $ 1,118,658 $ 2,268,072 $ 2,221,656 Ancillary operations 92,934
Slide 10: Reconciliation of Net Income to FFO and Core FFO
PUBLIC STORAGE SELECTED FINANCIAL DATA Reconciliation of Net Income to FFO and Core FFO and FFO to Funds Available for Distribution (Unaudited – amounts in thousands except per share data) Three Months Ended June 30, Six Months Ended June 30, Percentage Percentage 2026 2025 Change 2026 2025 Change R
Slide 11: Reconciliation of Self-Storage Net Operating Income to Net Income
PUBLIC STORAGE SELECTED FINANCIAL DATA Reconciliation of Self-Storage Net Operating Income to Net Income (Unaudited – amounts in thousands) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Self-storage revenues for: Same Store Facilities $ 1,006,549 $ 1,012,439 $ 2,007,382 $
Slide 12: Selected Consolidated Balance Sheet Data
PUBLIC STORAGE SELECTED CONSOLIDATED BALANCE SHEET DATA (Unaudited – amounts in thousands, except share and per share data) June 30, December 31, 2026 2025 ASSETS Cash and equivalents $ 259,936 $ 318,095 Real estate facilities, at cost: Land 5,999,442 5,952,072 Buildings 24,503,343 24,126,185 Total