Public Storage

Strong Q3 operating momentum → raises 2026 guidance (second raise of the year) - Core FFO: $4.34/share, +0.7% YoY - Same-store revenue and NOI: each +0.5% YoY in Q3 - Key leading indicators strengthened: - Average move-in rents: +9% YoY (strongest since Q2 2022) - Move-in rates: +28% vs Q4 2025 (suggesting the business is moving beyond stabilization) - Churn improving; occupancy ahead of prior year - Q3 sequential improvement: same-store revenue acceleration +110 bps from Q2 to Q3 into positive territory - 2026 outlook raised again: - Core FFO guidance: $16.90–$17.10/share (midpoint $17.00), raised by $0.10 (+0.6%) - At midpoint: same-store revenue +0.25% and same-store NOI -0.3% (improved +45 bps and +85 bps, respectively, vs prior outlook) - Assumptions: low single-digit move-in rent growth, modestly positive occupancy YoY, churn improvement supporting higher ECRIs

“Stabilization to gradual recovery” narrative supported by retention + moderating supply—uneven demand remains - Management said the macro environment did not change materially, but execution improved: - Better retention (culture/customer obsession; specific example: staff helping a customer download the app to open the gate) - New construction slowing → improving supply backdrop - Demand is still uneven by geography: - Some Sunbelt markets still pressured by supply, but supply is declining - Coastal/Midwest: more normalized revenue growth ~2%–4% - Los Angeles: improving after expiration of earlier pricing restrictions (continued recapture expected)

PS Next + AI: major platform investment; early traction with scale of digital interactions - Nearly 90% of customer interactions are digital; ~3/4 of customers lease digitally - AI agent “Ellie”: - Handled 300k+ customer interactions (more than just pilot scale) - Expected to improve experience and reduce burden on human teams for higher-value personal assistance moments - Strategy: AI changes how customers discover/evaluate/engage, but does not change underlying storage demand - Management explicitly expects customers to increasingly interact via AI agents (examples mentioned: Meta/Muse, Grok bots, etc.), and Public Storage is “tuning” to keep the experience seamless.