Slide 1: Company Update
Company Update September 2026 1
Slide 2: Public Storage: Fast Facts
North America Public Storage: Fast Facts Portfolio Stats2 $75B $4.9B enterprise value TTM revenues NYSE / S&P 500 $3.5B Leadership Financial company TTM net operating income (NOI) 53 years in operation 4.0% dividend yield #1 largest owner and operator 9.3% of self-storage globally dividend growth CA
Slide 3: Company Updates
Company Updates I. Operating Trends II. PS Next ✓ Flat SS revenue growth expected in 3Q26, slightly ahead of expectations ✓ #1 NOI margin1 in 2Q26 and highest rent per available sq. ft.1 in industry ✓ Achieved 92.6% in average occupancy in 3QTD, up 30 bps YoY ✓ Highest NOI margin in 19 of 23 top sha
Slide 4: Self-Storage Industry Outlook
Self-Storage Industry Outlook Rising demand, affordable rents, and declining competitive new supply underpin an improving industry backdrop Rising Utilization Affordable Space Alternative2 Declining Competitive New Improving Forward Indicators % of Population Using Self Storage1 Indexed to 100 in 20
Slide 5: 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 = 116% CAGR = 5.2% 77% 21% Public Storage Cumulative = 70% 58% CAGR = 3.5% 5% O
Slide 6: Leading Performance Across All Metrics
Leading Performance Across All Metrics Competitive advantages and transformation have driven outperformance and created a strong foundation for future success Same Store Performance1 Core FFO/share Growth1 Total Shareholder Returns1 1.2% 7.1% Revenue 0.6% 1.9% 1Y Growth2 0.4% 2.6% 2.2% PSA EXR CU BE
Slide 7: Building Our Competitive Advantage
Building Our Competitive Advantage A widening competitive moat built on scale, technology, financial strength, and execution Brand & Digital- and AI- PS Next Financial Value Creation Customer Enabled Operating Strength / Own It Culture Engine Preference Platform Efficiency Value Creation Most Profit
Slide 8: PS Next Platform
PS4.0 – PS Next PS Next operating platform is building off Public Storage strengths (brand, scale, leading digital platform, cost leadership) and expanding our advantages Focus Areas & Recent Achievements Exceptional ➢ #1 Recognized Brand ➢ ~100K monthly surveys Brand & Customer ➢ 2X increase in NPS
Slide 9: 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 Available Sq. Ft.1 Most Optimized Labor Hours1 Most Profitable NOI Margin2 (payroll costs per square foot) 77% $1.36 $1.45 $20.24 $20.19
Slide 10: AI in Storage: Where we are spending our time?
AI in Storage: Where we are spending our time? Customer Funnel & Customer Interaction Pricing Capturing the customer where Agentic Customer they begin their storage journey Service in your Pocket I’m Ellie, how can I help? Process Improvement Capital Allocation Using purpose-built Accelerating AI to
Slide 11: Acquisitions: PS4.0 – Value Creation Engine
PS4.0 – Value Creation Engine Expertise across the operational and external growth spectrum drive superior returns Unique Multi-Factor External Growth PS Acquisitions Activity1 One – Off Development Acquisitions • $614M of Capital Committed YTD • Expected ~7% stabilized yield Acquisitions • Deal Mix
Slide 12: Adding Value Across the Property Life Cycle
Adding Value Across the Property Life Cycle Quickly capturing near-term cash flow upside and maximizing long-term value STAGE 1 STAGE 2 STAGE 3 Acquire Smart Apply PS Next Data Science at 5–5.5 Cap Operating Platform Strong Long Term 5.0–5.5% → High 6s% → Growth Rates Initial Yield Stabilized Yield
Slide 13: Value Creation Engine – NSA
Value Creation Engine – NSA Strategic Rationale Summary ✓ Unifies multiple brands under the #1 recognized name in storage ✓ Complementary markets and assets ✓ New JV formed to balance yield for NSA OP unitholders with PSA long-term growth ✓ +30% increase to total property count and +27% increase to
Slide 14: Value Creation Engine – PS Canada
Value Creation Engine – PS Canada Property Stats Key Attributes to Creating Value o ~$1.2 billion transaction, primarily funded with Properties 68 approximately $889M of leverage neutral OP units, valuing such OP units at $321.98 per unit NRSF (millions) 5 o High-5% going-in NOI yield o Significant
Slide 15: A Growth-Oriented Balance Sheet
A Growth-Oriented Balance Sheet Accretive external growth to be funded with debt capacity, significant retained cash flow, and other capital sources Maturity Schedule1 ($ millions) A2 / A $3.3B Unsecured Preferred near-term available Credit rating (Moody’s / . liquidity2 S&P) $600M+ Retained 2.9x $7
Slide 16: 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 17: 2026 Outlook: Key Metrics
2026 Outlook: Key Metrics 2026 Metric Original Outlook Outlook as of 2Q26 Midpoint % Chg to MP Same store: Revenue growth (2.2)% to 0.0% (0.7)% to 0.3% (0.2)% 0.9% Expense growth 1.5% to 2.8% 2.0% to 3.0% 2.5% 0.4% NOI growth (3.9)% to (0.5)% (2.0)% to (0.3)% (1.1)% 1.1% Non-same store: NOI $335 to
Slide 18: 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 18
Slide 19: Important Information
Important Information Cautionary Statement Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and in Section 21E of the Securities Exchange Act of 1934, as a