Public Storage — Jul 29, 2026 release

These strategic expansions allow us to deepen and broaden our portfolio, deliver value creation to our stakeholders, and improve customer experience across a rapidly growing footprint.” 1 2026 Guidance Public Storage has raised its previously provided guidance for net operating income growth (Same Store and Non-Same Store), and Core FFO per share as included in the table below. 2026 Guidance Current Prior Guidance Adjustment Low High Low High (Dollar amounts in thousands, except per share data) Same Store: Revenue growth (0.7)% 0.3% (2.2)% —% 0.9% Expense growth 2.0% 3.0% 1.5% 2.8% 0.4% Net operating income growth (2.0)% (0.3)% (3.9)% (0.5)% 1.1% Non-Same Store: Non-Same Store net operating income $343,000 $357,000 $335,000 $355,000 $5,000 Core FFO per share: $16.75 $17.05 $16.35 $17.00 $0.22 * 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. * Guidance adjustment column represents the absolute nominal change between midpoints of current and prior issued guidance. * Non-Same Store net operating income does not include the impact of NSA and PS Canada. Operating Results The operating results of our 2,755 Same Store Facilities (192.1 million net rentable square feet), which represent