Public Storage — Apr 27, 2026 release

• Tom Boyle appointed as Chief Executive Officer and a trustee of the Board effective April 1, 2026. • Shank Mitra appointed as Chairman of the Board effective April 1, 2026. • Development and expansion expected to add 3.5 million net rentable square feet at an estimated cost of $618.4 million primarily over the next 18 to 24 months. • Entered into a strategic data science partnership with Welltower to advance the application of AI in capital allocation. • Subsequent to quarter end, the Company completed a public offering of $500 million aggregate principal amount of senior notes at a fixed rate of 5.00% maturing on December 15, 2035. “Public Storage’s first quarter results reflect differentiated strategies that continue to drive our performance,” said Tom Boyle, Chief Executive Officer. “We are excited about the announcement of our acquisition of National Storage Affiliates and its ability to drive per share earnings growth. The pending acquisition will build upon our leading platform, which we expect to enhance customer experience, unlock operating upside, and jump start our Value Creation Engine.” 1 2026 Guidance Public Storage has reaffirmed its previously provided guidance for NOI Growth (Same Store and Non-Same Store) and Core FFO per share as included in the table below. 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 inco