Public Storage — Apr 27, 2026 release

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 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 “Occupancy and move-in rates were ahead of expectations through the first quarter, but the true standout was our ability to utilize our integrated PS Next Operating Platform to mitigate inflationary pressures on our direct cost of operations. This focus on digital transformation has allowed us to maintain superior margins even as we navigate a shifting market” said Natalia Johnson, President, Chief Digital and Transformation Officer. “