Public Storage

Beating expectations + raising 2026 guidance again (good surprise) - Q3 core FFO: $4.34/share, +0.7% YoY - Same-store revenue and NOI each +0.5% in the quarter; occupancy remained ahead of prior year - Move-in rent pricing strength: average +9% YoY move-in rent, “strongest since Q2 2022”; move-in rates +28% vs Q4 2025 - Company is raising full-year 2026 core FFO guidance for the second time in 2026 to $16.90–$17.10/share (midpoint $17.00), +$0.10 (≈+0.6%) - Revised outlook (at midpoint): same-store revenue +0.25%, same-store NOI -0.3% (improved by +45 bps and +85 bps, respectively, vs prior guidance)

Demand/stabilization improving; supply backdrop moderating (key operating thesis) - Management: fundamentals improved without a major macro change; demand still uneven by geography - Drivers cited: better retention/churn, stronger new-customer pricing, and slowing new construction (less supply pressure vs earlier years) - Sequential momentum: same-store revenue accelerated from Q2 to Q3 by +110 bps into positive territory - Industry supply still pressures some Sunbelt markets, but company expects a gradual recovery as supply declines into 2027

PS Next + AI strategy is scaling (opportunity) - Nearly 90% of customer interactions are digital; about 3/4 lease digitally - AI agent “Ellie” has handled >300,000 customer interactions and continues to expand - Management expects customers increasingly engage via AI agents (examples mentioned included third-party bot interfaces), and Public Storage is positioning for a “seamless” experience - Key message: AI changes how customers discover/evaluate/engage, not the underlying need-based physical demand for storage - Investor takeaway: PS Next is presented as a platform advantage that supports retention, pricing, and incremental NOI/FFO per property