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 total same store cost of operations and net operating income (i.e., not direct), as reflected in the summary table for Same Store Facilities above. (c) Excludes any significant non-recurring general and admin