Public Storage — Feb 24, 2025 release

“In the new year, we are inspired by the strength of the Los Angeles community in response to the fires and are fully supporting impacted customers and team members. Due to the associated pricing restrictions, our guidance anticipates an approximate $0.23 per share impact to Core FFO in 2025 while portfolio operations outside of Los Angeles continue to improve. Our completed Property of Tomorrow enhancement program, industry-leading transformation initiatives, sizeable and high-growth non-same store pool, and growth-oriented balance sheet have us well positioned for improving fundamentals and increased transaction market activity moving forward.” Highlights for the Three Months Ended December 31, 2024 • Reported net income allocable to common shareholders of $3.21 per diluted share. • Reported core FFO allocable to common shareholders (“Core FFO”) of $4.21 per diluted share. • Achieved 79.2% Same Store (as defined below) direct net operating income margin. • Acquired 17 self-storage facilities with 1.3 million net rentable square feet for $221.2 million. Subsequent to December 31, 2024, we acquired or were under contract to acquire nine self-storage facilities with 0.7 million net rentable square feet, for $140.7 million. • Opened three newly developed facilities and completed various expansion projects, which together added 0.4 million net rentable square feet at a cost of $80.9 million. At December 31, 2024, we had various facilities in de