Public Storage · NYSE:PSA
Public Storage — Investor Presentation (January 2026)
23 slides from Public Storage's investor presentation, January 2026
Slide 1: Company Update
Company Update January 2026 Public Storage 1
Slide 2: 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
Slide 3: Company Highlights
Company Highlights I. An Exceptional Industry ▪ Favorable demand dynamics ▪ Declining new competitive supply ▪ Fragmentation leads to portfolio growth ▪ A superior cash flow profile ▪ Operational improvement occurring II. Public Storage: Leading the Industry ▪ Unique competitive advantages ▪ Powerfu
Slide 4: Favorable Fundamentals With Embedded Growth
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Favorable Fundamentals With Embedded Growth Growing Secular Demand New Supply Constraints Fragmentation Leads to Growth • Needs-based, multi-faceted demand from • Primarily small regional developers that • Majority of
Slide 5: A Superior Cash Flow Profile
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update A Superior Cash Flow Profile Strong NOI Growth1 High NOI Margin1 Low Capital Expenditures1 % of NOI Cumulative = 118% CAGR = 5.4% 78% 21% Public Storage Cumulative = 64% 58% CAGR = 3.4% Other Property 5% Types Public O
Slide 6: Operations Stabilizing From Extraordinary Times
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Operations Stabilizing From Extraordinary Times Quarterly Same Store Revenue Growth 20% Record Growth 15% Stabilization Considerations 10% • Broad-based improvement occurring across markets • Versus the past, a more gr
Slide 7: Acceleration Pacing is Market Specific
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Acceleration Pacing is Market Specific Same Store Revenue Growth 3Q25 Positive Growth Markets Negative Growth Markets 2024 2025 2024 2025 % of Revenues: 26% → 57% % of Revenues: 74% → 43% 4.1% 3.9% 3.4% 2.4% 2.4% 2.3%
Slide 8: Public Storage: Leading the Industry
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Public Storage: Leading the Industry NYSE / S&P 500 3,491 company properties 53 254M years in operation rentable square feet A2 / A 40 credit rating (Moody’s/S&P) states $4.8B 2.1M TTM revenues customers in place $3.5B
Slide 9: A Powerful Compounding-Returns Platform
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update A Powerful Compounding-Returns Platform Select Competitive Advantages Growth Portfolio Locations & Scale Str on ns g tio Ca High-Performing Team & Culture era pit al A Leading Op llocation Platform & Innovation Strengt
Slide 10: Maximizing Revenue Management
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Maximizing Revenue Management Public Storage Self-Storage REIT Peer Average1 Industry Average2 Occupancy Rent per Square Foot 98% $25 Consistently optimized occupancy Rent leadership drives revenue growth $23 95% $21 9
Slide 11: Revenue Maximization is Multi-Dimensional
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Revenue Maximization is Multi-Dimensional Select Revenue Dimensions Same Store Revenue Growth Indexed to 20221 unit demand unit supply +4.1% discounts sales market rents $1 specials +1.4% move-out volumes competitor re
Slide 12: The Leading Omni-Channel Customer Experience
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update The Leading Omni-Channel Customer Experience The Public Storage Approach CUSTOMER Benefits PUBLIC STORAGE Benefits An omni-channel experience that allows ✓ Ability to interact and transact 24-hours a day ✓ Revenue maxi
Slide 13: The Leading End-to-End Digital Operating Model
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update The Leading End-to-End Digital Operating Model Digital Transformation Facilitates Key Operating Model Attributes Best-In-Class Operating Model Digital Revenue Platforms Team Member Benefits Digitally Enabled Operations
Slide 14: Transformation Is Enhancing Our Leading Performance
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Transformation Is Enhancing Our Leading Performance Highest Revenues Per Square Foot1 Most Optimized Labor Hours1 Most Profitable NOI Margin1 (payroll costs per square foot) $1.45 79% $21 $1.19 $1.27 $21 $1.00 71% 70%
Slide 15: Unique Multi-Factor External Growth
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Strong External Growth Platform Total Owned Portfolio By Property Type1 ~228 million square feet Acquisition Unique Multi-Factor External Growth Acquisitions Stabilized High-growth properties 14% Same Store Development
Slide 16: Best-in-Class Development Program
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Best-in-Class Development Program NOI Yield by Delivery Year1 Largest and most experienced team in the industry Data-driven submarket and site selection 18.0% 18.2% 16.5% Optimized property size, design, and unit mixin
Slide 17: A Growth-Oriented Balance Sheet
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update A Growth-Oriented Balance Sheet Total Capitalization1 100% A2 / A $1.8B 90% credit rating (Moody’s/S&P) near-term available liquidity3 80% 70% 4.2x Common Equity 79% net debt + preferred $650M 60% equity to EBITDA2 ret
Slide 18: Platform Advantages Drive Leading Growth
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Platform Advantages Drive Leading Growth 2023 – 2025 YTD Quarterly Average1 Q3 20251 Revenue 1.5% 0.6% 0.4% 0.0% Growth (same store) -1.6% -1.1% -1.2% -2.9% PSA EXR CU BE NSA PSA EXR CU BE NSA 0.9% NOI 0.2% Growth -0.6
Slide 19: Premium Attributes at an Attractive Valuation
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Premium Attributes at an Attractive Valuation Valuation Drivers 2026 FFO Multiple2 Most recognizable brand 16x Unmatched owned portfolio scale and locations 15x Leading end-to-end digital ecosystem 14x 13x Pioneering o
Slide 20: Appendix
Appendix Public
Slide 21: Same Store Move-In and Move-Out Update
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Same Store Move-In and Move-Out Update Three Months Ended December 31, 2025 Year Ended December 31, 2025 Rental Rates 1 Square Footage Rental Rates 1 Square Footage 2.4% 0.3% -0.3% -1.4% -1.2% -4.2% -6.5% -10.6% Move-I
Slide 22: Same Store Occupancy and Rent Trends
An Exceptional Industry I Public Storage: Leading the Industry I Operating Update Same Store Occupancy and Rent Trends Square Foot Occupancy at Period End Annual Contract Rent Per Square Foot at Period End 2024 2025 2024 2025 $22.86 $22.88 $22.72 $22.55 91.4% 91.0% 90.7% 90.5% At September 30 (Q3) A
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Net Income to EBITDA Reconciliation 2015 2020 3Q25 TTM Net income $1,318 $1,361 $1,905 Net operating income attributed to noncontrolling interests (8) (6) (21) Depreciation and amortization 425 553 1,137 Interest expense 1 56 295 Income tax expense 8 8 6 Extraordinary and no
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