Public Storage · NYSE:PSA
Public Storage — Debt Investor Presentation (September 2025)
22 slides from Public Storage's debt investor presentation, September 2025
Slide 1: Fixed Income Investor Presentation
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx Fixed Income Investor Presentation September 2025
Slide 2: The Self-Storage Industry Leader
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx The Self-Storage Industry Leader Our Company Our Portfolio(3) NYSE / S&P 500 company 3,432 self-storage properties 52 years in operation 73M rentable square meters A / A2 credit ratings (S&P /
Slide 3: Significant Competitive Advantages
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx Significant 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. popul
Slide 4: European Investment in Shurgard Self-Storage (SHUR)
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx European Investment in Shurgard Self-Storage (SHUR) EBITDA Contributions to Public Storage(1) Overview • Largest owner and operator of self-storage properties across Western Europe, with 338 pr
Slide 5: Public Storage Euro Currency Exposure
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx Public Storage Euro Currency Exposure Asset and Liability Profile(1) (€M) € 1,800 € 1,592 € 1,600 € 1,537 € 1,400 € 1,200 € 1,000 € 800 € 600 € 400 € 200 €0 Public Storage's Public Storage's ~3
Slide 6: Key Investment Highlights
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx Key Investment Highlights 1 Industry with Attractive Cash Flow Characteristics 2 Operating Update 3 High Quality & Diversified Portfolio 4 Multi-Factor External Growth 5 The Industry Leader 6 L
Slide 7: Broad-Based Customer Demand
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 1 Broad-Based Customer Demand Select Self-Storage User Profiles Rising Utilization Personal Users % of U.S. Population Using Self Storage 10% 8% RELOCATING ADDITIONAL UPSIZING & 90% BETWEEN MAR
Slide 8: Simple Customer Journey with Quick Re-Leasing
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 1 Simple Customer Journey with Quick Re-Leasing 1 Customer Searches 2 Customer Moves In 3 Customer Moves Out • Majority of customers find us online • Over one million customers move • Unit is t
Slide 9: Superior Cash Flow Profile
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 1 Superior Cash Flow Profile High NOI Margin1 Strong NOI Growth1 Low Capital Expenditures1 % of NOI Cumulative = 118% CAGR = 5.6% 79% 21% Public Storage Cumulative = 64% 58% Profit CAGR = 3.5%
Slide 10: Operations Stabilizing From Extraordinary Times
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 2 Operations Stabilizing From Extraordinary Times Quarterly Same Store Revenue Growth 20% Record Growth 15% Stabilization Considerations 10% • Broad-based improvement occurring across markets •
Slide 11: Generational Demand Tailwinds
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 2 Generational Demand Tailwinds U.S. Population by Age and Generation New Self-Storage Competitive Supply Growth1 5.0 4.0 5.0% 5.0% Further declines expected People (millions) 3.0 in 2025 throu
Slide 12: High Quality & Diversified U.S. Portfolio
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 3 High Quality & Diversified U.S. Portfolio 3,103 Owned Properties(1) 68 Million Owned Net Rentable Square Meters Revenue from Top Ten Markets(2) Los Angeles 13% San Francisco 7% WA Dallas 6% 1
Slide 13: Significant Growth Achieved
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 4 Significant Growth Achieved Growth Since Beginning of 20201 Total Owned Portfolio By Property Type1 Non-Same Store $12 billion Lease-Up Properties: of investment in acquisitions, development,
Slide 14: Transformation Enhancing Our Leading Performance
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 5 Transformation Enhancing Our Leading Performance Highest Revenues Per Square Foot1 Most Optimized Labor Hours1 Most Profitable NOI Margin1 (payroll costs per square foot) $1.47 79% $21 $1.18
Slide 15: Committed to Sustainable Growth
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 5 Committed to Sustainable Growth Environmental Social Governance A Low Impact Company A People Focus Integral to operational, financial, and reputational resilience Light footprint I Carbon, w
Slide 16: Long-Term Track Record
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 6 Long-Term Track Record Significant Cash Flow Generation • We retain significant cash flow after dividends and capex each year, which we reinvest in our business EBITDA and Retained Cash Flow
Slide 17: Diversifying Capital Sources
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 7 Diversifying Capital Sources Debt and Preferred Equity on Balance Sheet (billions) Diversified Funding Sources and Lowered Cost Debt — USD Debt and free cash flow fund significant external gr
Slide 18: Conservative Balance Sheet Philosophy
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx 7 Conservative Balance Sheet Philosophy Maturity Schedule ($ millions) 177th Unsecured Preferred Consecutive 82% USD / 90% Growing or Fixed rate debt 18% EUR maintained Denominated debt quarter
Slide 19: Key Investment Highlights
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx Key Investment Highlights 1 Industry with Attractive Cash Flow Characteristics 2 Operating Update 3 High Quality & Diversified Portfolio 4 Multi-Factor External Growth 5 The Industry Leader 6 L
Slide 20: Appendix
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx Appendix 20
Slide 21: Net Income, EBITDA, and Retained Cash Flow
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx Net Income, EBITDA, and Retained Cash Flow EBITDA to Retained Cash Flow Reconciliation ($M) TTM 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 6/30/25
Slide 22: Disclaimer
Indcm\REITS\Public Storage\_2025\09 Bond Deal (Active)\Marketing\PSA - Fixed Income Presentation vFFF.pptx Disclaimer Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statement
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