Public Storage — Feb 12, 2026 release

• Delivered new developments and completed expansion projects adding 2.1 million net rentable square feet at $408.9 million in cost. • As of year-end, the Company had various facilities in development and expansion expected to add 3.5 million net rentable square feet at an estimated cost of $609.9 million primarily over the next 18 to 24 months. • The weighted average interest rate on the Company's total debt as of December 31, 2025 was 3.2%, with a weighted average term of 6.3 years. “Public Storage’s fourth quarter results reflect differentiated strategies that continue to drive our performance,” said Joe Russell, President and Chief Executive Officer. “As industry fundamentals stabilize, new competitive supply declines, and acquisition market activity increases, we are well-positioned to capitalize on the opportunities ahead. With the launch of PS4.0, we are building on that foundation by elevating the customer and employee experience, accelerating value creation, and unlocking the next phase of long-term growth for Public Storage.” 1 2026 Guidance Public Storage's guidance for NOI Growth (Same Store and Non-Same Store) and Core FFO per share is included in the table below, all of which are reconciled in our accompanying quarterly financial supplement. 2026 Guidance Low High (Dollar amounts in thousands, except per share data) Same Store: Revenue growth (2.2)% —% Expense growth 1.5% 2.8% Net operating income growth (3.9)% (0.5)% Non-Same St