Public Storage outlines PS4.0 transition and projects $16.35–$17 core FFO for 2026, with strategic leadership realignment

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• This is a generational transition and a strategic vision designed to drive accelerated performance. Our objective is simple: build the best team to attack the opportunity ahead, and we have.

  80% confidence

• Move-in rents for January down 7% with sequential improvement. Continued evolution as we think about attracting the right customers at the top of funnel, being able to understand what we think their length of stays are going to be and their price elasticities.

  80% confidence

• From 2023 to 2025, Public Storage has led the sector in same-store revenue growth, NOI growth and NOI margins. Core FFO per share growth leads the sector. Total shareholder returns of 18.6% outperformed peers over that time frame.

  80% confidence

• Joe Fisher has tenure at UDR as President, CFO and CIO, along with stature in the REIT industry

  80% confidence

• Tom and I have been partners for nearly a decade since we both joined Public Storage in 2016. Tom has proven to be an exceptional leader in both his CFO and CIO roles with outstanding accomplishments across capital allocation, operations and financial strategy.

  80% confidence

• We're certainly aware of some of the recent pronouncements out of New York, for instance, and other states around pricing transparency and making sure we're in compliance

  80% confidence

• Core FFO in the quarter was $4.26 per share, resulting in full year core FFO of $16.97 per share at the high end of guidance range. Same-store revenue and NOI growth in the quarter were minus 0.2% and minus 1.5%, respectively.

  80% confidence

• Los Angeles state of emergency resulting in a drag on same-store revenue of approximately 80 basis points

  80% confidence

• We had a good number of single and double type opportunities and we continue to try to capture as well as small and medium-sized portfolios. We're investing in the team. Our data science team has done tremendous work streamlining our processes and looking to take advantage of the industry's largest data set.

  80% confidence

• We believe occupancy for the year will remain roughly stable. 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.

  80% confidence

• Declines in move-in rents were offset by strong existing customer performance, resulting in in-place rents up 20 basis points and occupancy down 20 basis points

  80% confidence

• Negative same-store NOI growth and refinancing activity is being offset by positive contributions from non-same-store pool and tenant insurance program

  80% confidence

• Year-over-year revenue is a backward-looking indicator. Occupancy for the year, we expect will be relatively static. New move-ins, we do forecast that while down mid-single digits for the year, we're going to start low and continue to lift throughout the year.

  80% confidence