Public Storage — Feb 12, 2026 release

At December 31, 2025, we had various facilities in development (2.6 million net rentable square feet) estimated to cost $479.5 million and various expansion projects (0.9 million net rentable square feet) estimated to cost $130.4 million. In total, these development and expansion projects are expected to deliver 3.5 million net rentable square feet at an aggregate cost of approximately $609.9 million. The remaining $415.6 million of development costs for these projects are expected to be incurred primarily in the next 18 to 24 months. Lending: During the quarter, we originated $48.4 million of bridge loan financing for third-party self-storage owners at an average rate of 7.7%. At year end, we have total notes receivable of $142.1 million at an average annual interest rate of 7.9%. Third-Party Management: During the quarter, we added 28 facilities to our third-party property management program. At December 31, 2025, we managed 362 facilities (28.2 million net rentable square feet) through the program, and were under contract to manage 84 additional facilities (7.1 million net rentable square feet), including 78 facilities currently under construction. Capital Markets Activity and Balance Sheet The Company’s total indebtedness as of December 31, 2025 was $10.3 billion, with $1.15 billion, or 11.2%, maturing in 2026. As of December 31, 2025, the Company had approximately $2.4 billion of liquidity through a combination of cash, undrawn capacity on its credit facility, and expected retained cash flow over the next twelve months. Selected balance sheet metrics as of December 31, 2025: Year Ended December 31, Me