Public Storage — Apr 27, 2026 release

At March 31, 2026, we had various facilities in development (2.5 million net rentable square feet) estimated to cost $449.8 million and various expansion projects (1.0 million net rentable square feet) estimated to cost $168.6 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 $618.4 million. The remaining $415.7 million of development costs for these projects are expected to be incurred primarily in the next 18 to 24 months. Lending: At March 31, 2026, we have total notes receivable of $142.5 million at an average annual interest rate of 7.9%. Third-Party Management: During the quarter, we added 20 facilities to our third-party property management program. At March 31, 2026, we managed or were under contract to manage 441 facilities (35.1 million net rentable square feet) through the program including 68 facilities currently under construction. Capital Markets Activity and Balance Sheet The Company’s total indebtedness as of March 31, 2026 was $10.1 billion, with $650 million, or 6.4%, maturing in 2026. As of March 31, 2026, the Company had approximately $1.9 billion of liquidity through a combination of cash, undrawn capacity on its credit facility, and expected retained cash flow over the next twelve months. Subsequent to quarter end, we issued $500 million of senior notes, bearing interest at a fixed rate of 5.000% per year and maturing on December 15, 2035. We used a portion of these proceeds to repay the $325 million balance on our line of credit. Selected balan