Public Storage — Jul 30, 2025 release

Public Storage’s operating model transformation is enhancing the customer experience while bolstering our leading growth and profitability. Leveraging our platform strength, strong retained cash flow, reputation as a preferred acquirer, and unique in-house development team, we are executing on accretive acquisitions and development with more than $1.1 billion of investment anticipated this year.” Highlights for the Three Months Ended June 30, 2025 • Reported net income allocable to common shareholders of $1.76 per diluted share. • Reported core FFO allocable to common shareholders (“Core FFO”) of $4.28 per diluted share. • Achieved 78.8% Same Store (as defined below) direct net operating income margin. • Acquired sixteen self-storage facilities with 1.1 million net rentable square feet for $162.3 million. Subsequent to June 30, 2025, we acquired or were under contract to acquire 47 self-storage facilities with 3.1 million net rentable square feet for $481.9 million. • Opened two newly developed facilities and completed various expansion projects, which together added 0.2 million net rentable square feet at a cost of $64.0 million. At June 30, 2025, we had various facilities in development and expansion expected to add 3.8 million net rentable square feet at an estimated cost of $648.2 million. • Completed a public offering of $875 million aggregate principal amount of unsecured senior notes in various tranches and maturities. Luke Petherbridge Appointed as New Independent Trustee On July 30, 2025, the Board of Trustees appointed Luke P