Public Storage — Feb 12, 2026 release

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 Store: Non-Same Store net operating income $335,000 $355,000 Core FFO per share: $16.35 $17.00 * Additional guidance assumptions can be found in the Company’s accompanying quarterly financial supplement. * As described in more detail in the Company’s accompanying quarterly financial supplement, consistent with applicable SEC rules, we do not provide guidance for GAAP net income per share, the most comparable GAAP financial measure, or a reconciliation of estimated 2026 Core FFO per share to estimated GAAP net income per share because we are unable to reasonably predict certain items that are included in GAAP net income, including gains or losses on sales of real estate investments. Operating Results “Strong existing customer performance paired with solid execution from our team driving new move-ins resulted in quarter-end occupancy that was 0.5% better year-over-year. That represents the first occupancy increase in over four years further reinforcing the fundamental stabilization leading into 2026,” said Chris Sambar, Chief Operating Officer. “We are maximizing revenue and NOI as the industry operating environment stabilizes.” The operating results of our 2,565 Same Store Facilities (175.3 million net rentable square feet), which r