Public Storage — Jul 29, 2026 release

The acquisition of PS Canada represents a strategic opportunity to expand the Public Storage platform into major Canadian markets with attractive long-term fundamentals. This portfolio includes high-quality real estate in key markets, carries the Public Storage brand, and offers meaningful upside through our PS Next™ operating platform. The transaction is expected to close in the third quarter of 2026. Acquisitions: During the quarter, we acquired 20 self-storage facilities with 1.5 million net rentable square feet for $222.5 million. For the six months ended June 30, 2026, and including activity subsequent to quarter end, not including PS Canada, we acquired or were under contract to acquire 44 facilities with 3.2 million net rentable square feet for $454.9 million. Developments and Expansions: For the six months ended June 30, 2026, we opened three newly developed facilities and one expansion project, which together contributed 0.4 million net rentable square feet at a cost of $57.3 million. At June 30, 2026, we had various facilities in development (2.8 million net rentable square feet) estimated to cost $483.5 million and various expansion projects underway (1.2 million net rentable square feet) estimated to cost $208.2 million. In total, these development and expansion projects are expected to deliver 4.0 million net rentable square feet at an aggregate cost of approximately $691.7 million. The remaining $431.6 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 $30.5