Public Storage · NYSE:PSA
Public Storage — Merger or Acquisition (March 2026)
14 slides from Public Storage's merger presentation, Mar 16, 2026
Slide 1: Merger Presentation
Merger Presentation March 16, 2026 1
Slide 2: Transaction Summary
Transaction Summary ▪ Combines #1 and #5 self-storage owners and operators — driving scale, brand, and customer experience ▪ Positions company to outperform as self storage fundamentals improve from cycle lows Strategic ▪ PS4.0 leadership, competitive advantages, and incentives in place to drive gro
Slide 3: Strategic Rationale – A Win-Win for all stakeholders
Strategic Rationale – A Win-Win for all stakeholders • Further advances leading owned + operated self-storage platform Category Leading • Unifies multiple brands under the #1 recognized name in storage Scale & Brand • Expands industry's deepest datasets • Wholly-owned portfolio (46% of NSA assets) d
Slide 4: Creating a Leading Owned Storage Platform
Creating a Leading Owned Storage Platform + = Pro Forma Combination Enterprise Value (billions) $66.6 $10.5 $77.1 Number of Stores1 / NRSF (millions) 3,533 / 258 1,063 / 69 4,596 / 328 Number of States (including Puerto Rico) 40 38 42 12% 10% Wholly-Owned Consolidated 25% 12% Composition of Stores J
Slide 5: Growing Sunbelt & Core Markets to Deepen Physical & Digital Presence
Growing Sunbelt & Core Markets to Deepen Physical & Digital Presence Overlapping Coverage and New Markets Across 42 States1 Added Size in an Industry with Benefits of Coverage and Scale Property Presence Public Storage and National Storage Affiliates overlap Public Combined Increase Storage Company
Slide 6: Complementary Pro Forma Portfolio Composition
Complementary Pro Forma Portfolio Composition NSA Operating Portfolio Market Mix Wholly-Owned Growth Markets New High Cash Flow Assets JV Existing Joint Ventures 100% Interest - (~46% NRSF of portfolio) 20% Interest - (~28% NRSF of portfolio) 25% Interest - (~26% NRSF of portfolio) • Inland Empire •
Slide 7: PS4.0 Platform Advantages
PS4.0 Platform Advantages TM Public Storage CubeSmart Extra Space National Storage Affiliates SmartStop Most Efficient G&A4 (annual as a percent of 2025 revenue) Same-Store Revenue Growth1 Same-Store RevPAF #1 (2023-2025 Average) 14 / 20 (2025) Strong Top-Market2 Premium Most Efficient 13.6% Results
Slide 8: Substantial Synergies and Per Share Growth Potential
Substantial Synergies and Per Share Growth Potential Corporate Consolidation Scale and Growth: combined with industry- • Brand recognition, leading G&A Efficiency customer conversion and cost Enhanced tenant +$25 - $30M Operational: reinsurance profitability • Future PS Next Industry-leading revenue
Slide 9: Strong Track Record of Value Creation
Strong Track Record of Value Creation Case Study: Margin Expansion on Recent Large Acquisitons1 Simply Self Storage All Storage eZ Storage +960 bps +1,730 bps +920 bps 81.8% 73.1% 68.2% 72.6% 63.5% 50.9% Pre-Acquisition Two-Year Operated Pre-Acquisition Two-Year Operated Pre-Acquisition Two-Year Ope
Slide 10: New Joint Venture Structure Creates Pro Forma Portfolio
New Joint Venture Structure Creates Pro Forma Portfolio • $110 – $130 million in synergies, at share, after 3+ years of stabilizing acquired properties • Existing NSA portfolio will be segmented into three components: Wholly-Owned, a new Joint Venture and Existing Joint Ventures • The balance of syn
Slide 11: Source & Uses
Source & Uses National Storage Affiliates Capitalization Transaction Funding2 Key Considerations • Issuance of common shares and OP Equity Consideration units to purchase NSA equity and OP $4.8B units Equity $5.7B New High Cash Flow Assets JV Equity • New unconsolidated High Cash Flow (NSA OP 80% sh
Slide 12: Strategic and Accretive Combination
Strategic and Accretive Combination ✓ Combines two of the leading self-storage operators ✓ Strategic accretion accelerates financial performance and external growth ✓ Strengthens portfolio and balance sheet while expanding industry-leading platforms ✓ PS4.0 powers it all: • Aligned, motivated and ex
Slide 13: 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
Slide 14: Important Information
Important Information Participants in the Solicitation NSA, Public Storage, their respective trustees and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from NSA’s shareholders in respect of the proposed transaction. Information about t