Public Storage — Oct 30, 2024 release

2024 Guidance Current Guidance Prior Guidance Low High Low High (Dollar amounts in thousands, except per share data) Same Store: Revenue growth (1.3)% (0.5)% (1.5)% (0.5)% Expense growth (a) 2.0% 3.5% 2.0% 3.5% Net operating income growth (a) (2.7)% (1.3)% (3.0)% (1.3)% Consolidated: Non-Same Store net operating income $480,000 $495,000 $480,000 $495,000 Ancillary net operating income $178,500 $181,500 $183,000 $186,000 General and administrative expense $89,000 $95,000 $84,000 $90,000 Interest expense $289,000 $289,000 Preferred dividends $195,000 $195,000 Capital Activity: Acquisitions $350,000 $500,000 Development openings $450,000 $450,000 Capital expenditures: Maintenance of real estate facilities $200,000 $180,000 Property enhancements (b) $130,000 $150,000 Energy efficiencies (c) $70,000 $120,000 Core FFO per share: $16.50 $16.85 $16.50 $16.85 Core FFO per share growth from 2023 Core FFO per share (2.3)% (0.2)% (2.3)% (0.2)% Non-Same Store Net Operating Income Beyond 2024: Incremental Non-Same Store NOI to stabilization (2025 and beyond) $120,000 $110,000 (a) Based on total same store cost of operations and net operating income (i.e., not direct), as reflected on page 4. (b) Expenditures to enhance the competitive position of certain of our facilities relative to local competitors pursuant to a multi-year program that we expect to complete in 2024. Such investments include development of more pronounced, attractive, and clearly identifiable color schemes and signage and upgrades to the configuration and layout of the offices and other customer zones to improve the customer experience. (c) Energy efficiency initiatives primarily include solar panel installation. 6 Third Quarter Conference Call A conference call is scheduled for October 31, 2024 at 9:00 a.m. (PT) to discuss the third quarter earnings results.  The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous