Public Storage · NYSE:PSA
Public Storage — Public Storage (PSA, PSA-PF, PSA-PG, PSA-PH, PSA-PI, PSA-PJ, PSA-PK, PSA-PL, PSA-PM, PSA-PN, PSA-PO, PSA-PP, PSA-PQ) — Merger or Acquisition (April 2021)
13 slides from Public Storage's merger presentation, Apr 13, 2021
Slide 1: Strategic Acquisition of ezStorage
Strategic Acquisition of ezStorage April 2021 Exhibit 99.1
Slide 2: Forward Looking Statements
Forward Looking Statements All statements in this presentation, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only
Slide 3: $1.8 billion ezStorage acquisition will enhance portfolio scale, quality, and growth
$1.8 billion ezStorage acquisition will enhance Public Storage’s portfolio scale, quality, and growth Portfolio expands our leading Washington DC, Virginia, and Maryland footprint by nearly 60% Transaction is immediately accretive to NOI and FFO 3.6% nominal cap rate based on historical NOI at 86% o
Slide 4: An Irreplaceable Portfolio
An Irreplaceable Portfolio Source: ezStorage
Slide 5: Strong Strategic Merit
Complementary to existing Public Storage locations while adding higher barrier submarkets Strong Strategic Merit Source: Company filings and ezStorage ezStorage Strong demographic demand drivers High barriers to entry for new development Submarkets Scale efficiencies and future value creation throug
Slide 6: High-Income, Complementary Locations
= ezStorage High-Income, Complementary Locations Source: U.S. Census, Company filings, and ezStorage = Public Storage Washington DC & Virginia Maryland Submarkets With Strong Demand Complementary Locations in Higher Income Suburbs
Slide 7: Additive to Scale, Quality, and Growth
Revenue optimization and premium rent growth Operating expense efficiencies Ancillary income, including tenant insurance and cell towers 10% square footage expansion potential (8 properties; 422,000 square feet) Additive to Scale, Quality, and Growth Source: Company filings and ezStorage 1. Averages
Slide 8: Strengthening Our Mid-Atlantic Portfolio
Strengthening Our Mid-Atlantic Portfolio Source: Company filings Acquisition bolsters our in-progress portfolio enhancement and diversification strategy ezStorage acquisition immediately upgrades Mid-Atlantic portfolio quality Properties will be fully rebranded to benefit from the Public Storage bra
Slide 9: Utilizing Our Growth-Oriented Balance Sheet
Utilizing Our Growth-Oriented Balance Sheet Transaction Summary Acquisition agreement entered on April 12th following a competitive bidding process Public Storage will acquire all 48 properties Will not acquire ezStorage’s operating platform Expected closing in May 2021 Valuation Summary $1.8 billio
Slide 10: Growth Funding
Growth Funding Source: Company filings and ezStorage. Based on actual EBITDA achieved by ezStorage for the fourth quarter of 2020 annualized Notes Payable Preferred Equity Total Debt and Preferred Equity 2020 ezStorage Adjustment Pro Forma $2,558 4,093 $6,651 $1,852 - $1,852 $4,910 3,793 $8,703 EBIT
Slide 11: $3.6 Billion of Acquisitions Since 2019
$3.6 Billion of Acquisitions Since 2019 Source: Company filings 1. For all companies, figures include acquisitions and developments disclosed as closed or under contract in 2021 (millions) Public Storage Quick Facts (sq ft millions) World’s leading owner, operator, acquirer and developer of self-sto
Slide 12: A Favorable Transaction and Outlook
A Favorable Transaction and Outlook Public Storage is executing on strategic growth in an attractive environment ezStorage acquisition enhances Public Storage’s portfolio scale, quality, and growth Growth-oriented balance sheet remains well positioned to fund accretive growth Broader portfolio enhan
Slide 13: Non-GAAP Reconciliations
Non-GAAP Reconciliations Net income Net operating income attributed to noncontrolling interests Depreciation and amortization Interest expense Extraordinary and nonrecurring gains and losses PS Business Parks and Shurgard equity earnings Distributions received from PS Business Parks and Shurgard EBI