Public Storage — Jul 30, 2025 release

2025 Guidance Current Guidance Prior Guidance Low High Low High (Dollar amounts in thousands, except per share data) Same Store: Revenue growth (a) (1.3)% 0.8% (1.3)% 0.8% Expense growth (b) 2.3% 3.0% 2.5% 4.0% Net operating income growth (b) (2.6)% 0.3% (2.9)% 0.2% Consolidated: Non-Same Store net operating income $465,000 $475,000 $444,000 $464,000 Ancillary net operating income $200,000 $205,000 $198,000 $203,000 Core general and administrative expense (c) $91,000 $97,000 $91,000 $97,000 Interest expense $304,000 $285,000 Preferred dividends $195,000 $195,000 Capital Activity: Development openings $370,000 $370,000 Capital expenditures: Maintenance of real estate facilities $150,000 $150,000 Energy efficiencies (d) $50,000 $50,000 Core FFO per share (a): $16.45 $17.00 $16.35 $17.00 Core FFO per share growth from 2024 Core FFO per share (1.3)% 2.0% (1.9)% 2.0% Non-Same Store Net Operating Income Beyond 2025: Incremental Non-Same Store NOI to stabilization (2026 and beyond) $110,000 $80,000 (a) Both the low-end and high-end of the expected revenue growth from our Same Store Facilities in 2025 include a negative 1% estimated impact from the self-storage facilities located in Los Angeles County, where a temporary governmental pricing limitation is in place under the “State of Emergency” declarations following the wildfires in Southern California in early 2025. This leads to a negative $0.23 per share impact on both the low-end and high-end of the estimated Core FFO per share for 2025. (b) Based on tot