Here are 1-2 brief analogies for Public Storage:

• Marriott for storage units: Public Storage owns and operates a vast network of facilities where individuals and businesses can rent temporary physical spaces (storage units), much like Marriott owns and operates hotels where people rent temporary lodging spaces (rooms). Both are large, established brands in real estate providing temporary space solutions.
• Regus for personal or business items: Similar to how Regus provides flexible office and workspace solutions, Public Storage offers flexible storage space solutions for personal belongings or business inventory.

• Self-Storage Unit Rentals: Public Storage provides individual storage units of various sizes for rent to residential and and commercial customers.
• Retail Sales of Storage Merchandise: The company sells moving supplies such as boxes, locks, and packing materials directly to customers at its facilities.
• Tenant Protection Plans: Public Storage offers optional plans providing coverage for customers' stored belongings against specified risks.

Public Storage (symbol: PSA) primarily serves individuals and small businesses, rather than other large companies. It provides self-storage units directly to these customers.

Here are up to three major categories of customers that Public Storage serves:

1. Individuals Undergoing Life Transitions: This is a very large segment, including people who are moving homes (upsizing, downsizing, relocating), renovating their residences, dealing with life events like divorce or inheritance, or college students needing temporary storage during breaks. They use storage to hold household goods, furniture, and personal belongings.
2. Small Businesses and Entrepreneurs: Many small businesses utilize Public Storage facilities for commercial purposes. This includes e-commerce businesses needing space for inventory, contractors and tradespeople storing tools and equipment, sales representatives keeping samples or marketing materials, and professionals archiving documents.
3. Individuals Needing Seasonal or Recreational Storage: Customers in this category often store items that are not used year-round or require specialized storage. This can include recreational vehicles (RVs), boats, classic cars, motorcycles, holiday decorations, sports equipment (like skis or kayaks), or garden furniture during off-seasons.

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Joseph D. Russell, Jr. President and Chief Executive Officer

Mr. Russell was appointed CEO in January 2019 and has served as President since July 2016. He brings over 32 years of industry experience, including 19 years with Public Storage and PS Business Parks executive teams. Prior to Public Storage, he was President and CEO of PS Business Parks, Inc. (PSB) from 2002 to 2016, where he achieved consistent growth and sector-leading performance. Before joining PSB in 2002, Mr. Russell spent more than ten years at Spieker Partners, becoming an officer of Spieker Properties when it went public as a REIT in 1993. He was President of Spieker Properties' Silicon Valley Region before its merger with Equity Office Properties (EOP) in 2001. PS Business Parks was sold in July 2022. Mr. Russell holds an MBA from Harvard Business School and a Bachelor of Science in Business Administration from the University of Southern California.

H. Thomas Boyle Senior Vice President, Chief Financial Officer and Chief Investment Officer

Mr. Boyle was appointed CFO effective January 1, 2019, and Chief Investment Officer effective January 1, 2023. He joined Public Storage in 2016, initially serving as Chief Financial Officer, Operations. From 2005 to 2016, Mr. Boyle held various roles at Morgan Stanley, most recently as Executive Director, Equity and Debt Capital Markets. In that capacity, he led a capital markets team for equity and debt financing for US real estate, lodging, and gaming companies, and was instrumental in Public Storage's transactions, including preferred stock offerings. He holds a Bachelor of Arts in Economics from the University of Notre Dame.

Chris C. Sambar Senior Vice President, Chief Operating Officer

Mr. Sambar was appointed Chief Operating Officer in October 2024. Before joining Public Storage, he worked at AT&T Communications, serving as President of AT&T Network from 2022 to 2024 and as Executive Vice President of AT&T Network from 2019 to 2022.

Nathaniel A. Vitan Senior Vice President, Chief Legal Officer and Corporate Secretary

Mr. Vitan was named Chief Legal Officer and Corporate Secretary in 2019, having joined Public Storage in June 2016. He is responsible for overseeing the company's legal, enterprise risk management, compliance, and internal audit functions, and serves as the primary counselor to the Board of Trustees on corporate governance.

Natalia N. Johnson Chief Administrative Officer

Ms. Johnson was appointed Chief Administrative Officer in 2020. She holds a Bachelor's Degree in Business Administration from Universidad Católica De Córdoba, Argentina.

1. Occupancy Declines and Soft Demand: A prolonged slowdown in renter demand, persistent declines in move-in rates, and lower consumer confidence pose a significant challenge to Public Storage. This can lead to reduced revenue growth, pressure on profit margins, and difficulties in attracting new customers without offering competitive rates. Recent data indicates a negative correlation between occupancy rates and the consumer confidence index in key markets.
2. Rising Interest Rates: Elevated interest rates significantly impact Public Storage's profitability and debt servicing capabilities. Higher interest rates increase borrowing costs for new debt or refinancing, and also adversely affect the relative attractiveness of the dividend yield on its common shares. Furthermore, rising interest rates carry duration risk for low capitalization rate properties, potentially leading to a devaluation of assets.
3. Regulatory Drag and Rent Caps: Regulatory changes, specifically rent caps, such as those implemented in Los Angeles, are a key risk. These restrictions can affect same-store growth and could potentially spread to other markets, despite the company's short-term leases offering some flexibility.

• On-demand/Valet Storage Services: Companies that pick up, store, and redeliver customers' belongings on demand. This model directly competes with traditional self-storage by offering a higher level of convenience, eliminating the need for customers to transport items themselves. Services like Clutter and MakeSpace are expanding in urban markets, appealing to consumers seeking a "storage as a service" model rather than merely renting space, potentially eroding the market for traditional self-service facilities, especially in high-density areas.
• Peer-to-Peer (P2P) Storage Platforms: Online marketplaces that connect individuals with spare space (e.g., garages, basements, spare rooms) to those needing storage. Platforms like Neighbor.com offer often significantly lower prices and hyper-local options by leveraging existing residential and commercial properties, introducing a decentralized and potentially lower-cost alternative to purpose-built storage facilities, thereby commoditizing parts of the market.

Global Self-Storage Market

U.S. Self-Storage Market

Public Storage (PSA) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Acquisitions and Development Pipeline: Public Storage is actively pursuing growth through significant acquisition volumes and a robust development pipeline. The company reported acquiring 49 self-storage facilities with 3.4 million net rentable square feet for $511.4 million, in addition to expansion projects adding 0.3 million square feet and a development pipeline of 3.9 million square feet. This expansion is anticipated to contribute to significant high-growth Net Operating Income (NOI) from its non-same-store portfolio, with projections of approximately $470 million in 2025 and an additional $110 million through stabilization in 2026 and beyond. Public Storage also had various facilities in development and expansion expected to add 3.8 million net rentable square feet at an estimated cost of $648.2 million as of June 30, 2025.

2. Continued Rent Growth and In-Place Customer Behavior: The company has demonstrated continued ability to increase rental rates within its existing same-store facilities. In the third quarter of 2025, revenue growth in the same-store pool exceeded expectations, primarily due to strong in-place customer behavior, with overall in-place rents increasing by 0.6%. Specific markets like Chicago, Minneapolis, Tampa, Honolulu, and the West Coast showed strong same-store revenue growth in the 2% to 4% range. Furthermore, same-store revenues turned positive in Q1 2025 after three quarters of decline, accompanied by an increase in move-in volumes, indicating a recovery in demand.

3. Digital Transformation and Operating Model Enhancements: Public Storage is leveraging digital transformation efforts to enhance the customer experience and drive revenue. By Q1 2025, 85% of customer interactions were digital, showcasing significant progress in these initiatives. The company's optimized mix of digital and in-person service options has modernized the customer experience, leading to higher engagement, satisfaction, and profitability. Management emphasizes continued investment in technology and operational execution as key drivers of outperformance.

4. International Expansion: Public Storage is actively pursuing international growth opportunities. The company has a significant presence in the European market through its equity interests in Shurgard Self Storage. Additionally, Public Storage is exploring new partnerships for international expansion, as demonstrated by a proposed acquisition in Australia and New Zealand, where the company was in due diligence as of Q1 and Q2 2025.

Share Repurchases

• Public Storage repurchased $200 million of common shares in 2024.
• Future share repurchases are dependent upon available capital, investment alternatives, and the trading price of common shares.

Share Issuance

• The company issued shares in connection with share-based compensation, with 47,278 shares in 2024, 53,131 shares in 2023, and 35,271 shares in 2022.

Outbound Investments

• In 2022, Public Storage completed the sale of its 41% equity investment in PS Business Parks for $7.6 billion, resulting in a $2.3 billion gain and a special dividend of $13.15 per share.
• In 2023, Public Storage acquired Life Storage, significantly expanding its self-storage portfolio.
• Year-to-date in 2025, Public Storage has completed or is under contract to acquire facilities totaling 6.1 million net rentable square feet for an aggregate investment of approximately $934.5 million, which includes the acquisition of 49 self-storage facilities for $511.4 million as of Q3 2025.

Capital Expenditures

• Capital expenditures were $180 million in 2024, $225 million in 2023, and $241 million in 2022.
• The company anticipates spending approximately $150 million on capital expenditures for real estate facility maintenance in 2025.
• As of September 30, 2025, Public Storage had various facilities in development and expansion expected to add 3.9 million net rentable square feet at an estimated cost of $649.2 million.