Public Storage (PSA) investor relations material

Financial performance and portfolio overview

• Enterprise value stands at $61.5B, with $4.9B in trailing twelve-month revenues and $3.5B in net operating income.

• Portfolio includes 3,546 properties and 259M rentable square feet, making it the largest global self-storage owner.

• Dividend yield is 4.0% with a 9.3% CAGR since 1996; credit ratings are A2/A with a 3.2% weighted average cost of debt.

• 16% of the portfolio is in high-growth, non-same store assets, with $23B in acquisitions since 2020.

• 84% occupancy with 2.1M customers across 40 states.

Operating trends and growth initiatives

• Achieved 92.2% average occupancy, up 10bps year-over-year, with improving move-in rates and higher retention.

• Move-out activity is decreasing, and the Los Angeles County price restriction has expired.

• PS Next platform delivers industry-leading NOI margin and rent per available square foot.

• Closed or under contract for ~$11B in acquisitions and developments YTD 2026; issued $500M in unsecured bonds at 5.0%.

• Net debt/EBITDA at 2.9x and net debt plus preferred/EBITDA at 4.1x.

Strategic acquisitions and value creation

• Announced $10.5B strategic combination with National Storage Affiliates, combining #1 and #5 operators.

• $110-130M in actionable synergies expected over 3+ years; margin expansion and ancillary NOI benefits anticipated.

• Pro-forma combined portfolio increases properties by 30% and rentable square feet by 27%.

• Margin advantage in like-for-like markets of ~900bps, with 60% assumed captured in synergy estimates.

• $300M planned for rebranding and technology capital expenditures.