Public Storage (PSA) Company presentation summary

Financial highlights and portfolio overview

• Enterprise value stands at $60B, with $4.8B in trailing twelve-month revenues and $3.5B in NOI.

• Portfolio includes 3,533 properties and 258M rentable square feet, serving 2.1M customers across 40 states.

• Dividend yield is 4.3% with a 9.4% CAGR, and credit ratings are A2/A with a 3.1% weighted average cost of debt.

• Net debt and preferred equity to EBITDA is 4.2x, with 24% of the portfolio in high-growth, non-same store assets.

Strategic initiatives and transformation

• PS4.0 and PS Next initiatives focus on digital transformation, omnichannel engagement, and AI-enhanced operations.

• Value Creation Engine accelerates capital deployment and leverages data science partnerships.

• Leadership transitions and a culture of accountability support long-term value creation.

• Strategic pillars include organic growth, external growth, and a high-performance talent platform.

Operating performance and trends

• Achieved industry-leading NOI margin and highest rent per available square foot at year-end 2025.

• Non-same store NOI growth projected at 16.2% for 2026, with ancillary NOI up 11.5%.

• Occupancy improved by 50bps in 4Q25 and 40bps YTD 2026, with favorable move-in rates and higher retention.

• Same-store revenue and NOI growth for 2026 are forecasted at -1.1% and -2.2% respectively.