Slide 1: 4Q25 Earnings & 2026 Guidance Presentation
4Q25 Earnings & 2026 Guidance Presentation including Leadership Announcements and PS4.0 Introduction Public Storage 1
Slide 2: Executive Speakers
Executive Speakers Joe Russell Tom Boyle Joe Fisher President & CEO CEO President & CFO Retiring March 31st Effective April 1st Effective February 16th 2
Slide 3: Key Takeaways
Key Takeaways Industry leadership in Operations, Core FFO growth, and Total Shareholder return – Looking Back on Our Success A great foundation for future success Strong long-term outlook driven by conversion of demand, supply, and Self-Storage Industry Outlook fragmentation Well-planned Executive a
Slide 4: 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 Success Factors 1.5% 18.6% 0.6% 0.4% 2.3% Revenue 1.4% Growth2 -1.6% PSA EXR CU
Slide 5: Self-Storage Industry Outlook
Self-Storage Industry Outlook Rising Utilization In-Place Rents2 vs Home Prices Declining Competitive New Fragmented Industry % of Population Using Self Storage1 Indexed to 100 in 2012 Supply ~2.7 billion square feet4 Home Price In-Place Rents New Supply Growth3 240 10% 5.0% 230 220 8% 210 3.9% 200
Slide 6: PS4.0 – A New Era of Leadership
PS4.0 – A New Era of Leadership Board Transitions • Chairman of the Board: Shankh Mitra succeeding Ron Havner • John Reyes will not stand for re-election at the Annual General Meeting • Tom Boyle succeeding Joe Russell on the Board Corporate Leadership Transitions • Chief Executive Officer: Tom Boyl
Slide 7: PS4.0 – Pillars
PS4.0 – Pillars PS Next 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 ▪ Incentive Redesign Aligned with through people and data Cu
Slide 8: 2025 Performance: Key Metrics
2025 Performance: Key Metrics 2025 Metric Q4 Full-Year Same store: Revenue growth (0.2)% 0.0% Expense growth 4.2% 1.8% NOI growth (1.5)% (0.5)% Average occupancy (% / yoy Δ) 91.6% / (0.2)% 92.0% / (0.4)% Rent per square foot ($ / yoy Δ) $22.53 / 0.2% $22.54 / 0.5% Non-same store: NOI growth 20.0% 16
Slide 9: 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 10: 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 10
Slide 11: 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