Public Storage (PSA) official guidance

For Core FFO, we are raising forecasts to $16.75-$17.05, with a midpoint of $16.90.

The key assumptions underlying this guidance increase include improved new move-in rates at positive low double digits versus prior assumptions of down mid-single digits, and an improved occupancy forecast of +30 basis points year-over-year compared to the prior assumption of flat.

Move-in rents, while still negative, came in better than expected at -2.4% versus full year expectations of down mid-single digits, which had been expected to start the year lower and improve throughout the year.

Move-in rents will remain negative in the mid-single digits for the year, but will improve throughout the year, and our ECRI contribution will continue to help support total revenue.

We are raising our guidance across all key metrics. Revenue and NOI growth are now forecast at a midpoint to be -0.2% and -1.1%, an improvement of 90 basis points and 110 basis points respectively.

The key assumptions underlying this guidance increase include improved new move-in rates at positive low double digits versus prior assumptions of down mid-single digits, and an improved occupancy forecast of +30 basis points year-over-year compared to the prior assumption of flat.

Occupancy was positive year-over-year by 0.4% versus guidance assumed at flat for the year.

We believe occupancy for the year will remain roughly stable.

| Expense growth | 1.5% | 2.5% | 2.0% | 3.0% | (0.5)% |

| Expense growth | 2.0% | 3.0% | 1.5% | 2.8% | 0.4% |

| Expense growth | 1.5% | 2.8% |

Expense growth is expected to remain constrained again in 2026, with mid-single-digit property tax growth being offset by expense-constraining initiatives in personnel and R&M.

| Expense growth | 1.5% | 2.8% |

| Revenue growth | —% | 0.5% | (0.7)% | 0.3% | 0.5% |

We are raising our guidance across all key metrics. Revenue and NOI growth are now forecast at a midpoint to be -0.2% and -1.1%, an improvement of 90 basis points and 110 basis points respectively.

| Revenue growth | (0.7)% | 0.3% | (2.2)% | —% | 0.9% |

| Revenue growth | (2.2)% | —% |

Same-store revenue and NOI guidance are minus 1.1% and minus 2.2% at the midpoint, respectively.

| Revenue growth | (2.2)% | —% |

| Core FFO per share: | $16.75 | $17.05 | $16.35 | $17.00 | $0.22 |

| Core FFO per share: | $16.35 | $17.00 |

We've established an initial core FFO range of $16.35 to $17, resulting in a midpoint of $16.68 and a year-over-year decline of 1.7%.

| Core FFO per share: | $16.35 | $17.00 |

| Non-Same Store net operating income | $343,000 | $357,000 | $335,000 | $355,000 | $5,000 |

| Non-Same Store net operating income | $335,000 | $355,000 |

| Non-Same Store net operating income | $335,000 | $355,000 |

| Net operating income growth | (2.0)% | (0.3)% | (3.9)% | (0.5)% | 1.1% |

| Net operating income growth | (3.9)% | (0.5)% |

| Net operating income growth | (3.9)% | (0.5)% |

As a reminder, we have assumed the state of emergency remains in place all year at a negative 80 basis point impact to same-store performance.

Specific to Los Angeles, we've guided to the state of emergency staying in place for all of 2026, resulting in a drag on same-store revenue of approximately 80 basis points.