Public Storage (PSA) investor relations material

Financial highlights

• Enterprise value stands at $75B with $4.9B in trailing twelve-month revenues and $3.5B in NOI, supported by a 4.0% dividend yield and 9.3% dividend growth CAGR since 1996.

• Maintains an A2/A credit rating, 3.2% weighted average cost of debt, and 4.2x net debt and preferred equity to EBITDA.

• Closed $10.5B National Storage Affiliates and $1.2B PS Canada acquisitions, with $614M in additional acquisitions YTD.

• $5.9B in debt capital markets activity and $6.0B in common share and OP unit issuance or commitments YTD.

• 90% of debt is fixed rate with a 3.6% cost of in-place debt and preferred equity.

Operational performance and growth

• Achieved 92.6% average occupancy in 3QTD 2026, with tenant churn declining year-over-year.

• Highest NOI margin and rent per available square foot in the industry, leading in 19 of 23 top shared markets.

• PS Next platform leverages data science and AI for pricing, customer experience, and operational efficiency.

• Move-in rates forecast positive mid-single digits, offset by lower move-in volumes.

• LA rent restrictions lifted, supporting normalization of trends and future growth.

Industry outlook and competitive positioning

• Rising demand, affordable rents, and declining new supply drive a favorable industry backdrop.

• Added ~5M customers since 2018, with utilization and occupancy rates improving.

• Maintains the most recognized brand, with a widening competitive moat through scale, technology, and financial strength.

• Outperforms peers in revenue growth, NOI margin, and total shareholder returns over 1, 3, and 5 years.

• High free cash flow conversion and optimized labor and utility costs.