PSA 10-Q Quarterly Report Sept. 30, 2025

PUBLIC STORAGE

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psa-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ____________ to ____________.

Commission File Number: 001-33519

Public Storage

(Exact name of registrant as specified in its charter)


Maryland						93-2834996
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

701 Western Avenue , Glendale , California						91201-2349
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: ( 818 ) 244-8080 .

Former name, former address and former fiscal, if changed since last report: N/A

Securities registered pursuant to Section 12b of the Act:

Title of Class

Trading Symbol

Name of each exchange on which registered

Common Shares, $0.10 par value

PSA

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value

PSAPrF

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value

PSAPrG

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value

PSAPrH

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value

PSAPrI

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value

PSAPrJ

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value

PSAPrK

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value

PSAPrL

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value

PSAPrM

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value

PSAPrN

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value

PSAPrO

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value

PSAPrP

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value

PSAPrQ

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value

PSAPrR

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value

PSAPrS

New York Stock Exchange

Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company

PSA/32

New York Stock Exchange

Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company

PSA/30

New York Stock Exchange

Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company

PSA/34

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated
filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☒

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

Indicate the number of the registrant’s outstanding common shares of beneficial interest, as of October 22, 2025:

Common Shares of beneficial interest, $0.10 par value per share – 175,463,014 shares

PUBLIC STORAGE

INDEX


PART I	FINANCIAL INFORMATION	Pages

Item 1.	Consolidated Financial Statements (Unaudited)

	Consolidated Balance Sheets	1

	Consolidated Statements of Income	2

	Consolidated Statements of Comprehensive Income	3

	Consolidated Statements of Equity	4

	Consolidated Statements of Cash Flows	8

	Condensed Notes to Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53

Item 4.	Controls and Procedures	53

PART II	OTHER INFORMATION (Items 3 and 4 are not applicable)

Item 1.	Legal Proceedings	54

Item 1A.	Risk Factors	54

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54

Item 5.	Other Information	54

Item 6.	Exhibits	54

PUBLIC STORAGE

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)


	September 30, 2025		December 31, 2024
	(Unaudited)

ASSETS	(Unaudited)

Cash and equivalents	$	296,460	$	447,416
Real estate facilities, at cost:
Land	5,896,029		5,711,685
Buildings	23,815,040		22,767,053
	29,711,069		28,478,738
Accumulated depreciation	( 11,199,115 )		( 10,426,186 )
	18,511,954		18,052,552
Construction in process	267,816		308,101
	18,779,770		18,360,653

Investment in unconsolidated real estate entity	383,557		382,490
Goodwill and other intangible assets, net	269,568		282,187
Other assets	384,963		282,188
Total assets	$	20,114,318	$	19,754,934

LIABILITIES AND EQUITY

Notes payable	$	10,042,822	$	9,353,034
Accrued and other liabilities	664,389		588,248
Total liabilities	10,707,211		9,941,282

Commitments and contingencies (Note 15)

Equity:
Public Storage shareholders’ equity:
Preferred Shares, $ 0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, ( 174,000 shares at December 31, 2024) at liquidation preference	4,350,000		4,350,000
Common Shares, $ 0.10 par value, 650,000,000 shares authorized, 175,462,847 shares issued ( 175,408,393 shares at December 31, 2024)	17,546		17,541
Paid-in capital	6,143,166		6,116,113
Accumulated deficit	( 1,150,224 )		( 699,083 )
Accumulated other comprehensive loss	( 48,365 )		( 71,965 )
Total Public Storage shareholders’ equity	9,312,123		9,712,606
Noncontrolling interests	94,984		101,046
Total equity	9,407,107		9,813,652
Total liabilities and equity	$	20,114,318	$	19,754,934

See accompanying notes.

PUBLIC STORAGE

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share amounts)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Revenues:
Self-storage facilities	$	1,138,837	$	1,110,115	$	3,360,493	$	3,295,896
Ancillary operations	85,206		77,643		247,828		222,293
	1,224,043		1,187,758		3,608,321		3,518,189

Expenses:
Self-storage cost of operations	294,465		287,435		880,336		858,350
Ancillary cost of operations	36,385		34,265		100,366		88,877
Depreciation and amortization	290,364		280,330		856,295		848,875
Real estate acquisition and development expense	2,837		2,530		12,798		9,154
General and administrative	28,783		26,214		79,694		74,130
Interest expense	79,692		74,252		223,310		215,266
	732,526		705,026		2,152,799		2,094,652

Other increases (decreases) to net income:
Interest and other income	21,012		20,029		47,035		52,248
Equity in earnings of unconsolidated real estate entities	3,674		2,888		5,071		15,458
Foreign currency exchange gain (loss)	899		( 70,572 )		( 213,866 )		( 20,580 )
Gain on sale of real estate	502		554		710		1,428
Income before income tax expense	517,604		435,631		1,294,472		1,472,091
Income tax expense	( 2,831 )		( 2,488 )		( 7,497 )		( 6,042 )
Net income	514,773		433,143		1,286,975		1,466,049
Allocation to noncontrolling interests	( 3,710 )		( 2,814 )		( 9,702 )		( 8,645 )
Net income allocable to Public Storage shareholders	511,063		430,329		1,277,273		1,457,404
Allocation of net income to:
Preferred shareholders	( 48,678 )		( 48,678 )		( 146,029 )		( 146,029 )
Restricted share units and unvested LTIP units	( 977 )		( 939 )		( 2,638 )		( 3,088 )
Net income allocable to common shareholders	$	461,408	$	380,712	$	1,128,606	$	1,308,287
Net income per common share:
Basic	$	2.63	$	2.17	$	6.43	$	7.46
Diluted	$	2.62	$	2.16	$	6.42	$	7.43

Basic weighted average common shares outstanding	175,456		175,043		175,439		175,403
Diluted weighted average common shares outstanding	175,884		175,866		175,916		176,074

See accompanying notes.

PUBLIC STORAGE

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Net income	$	514,773	$	433,143	$	1,286,975	$	1,466,049
Foreign currency translation (loss) gain on investment in Shurgard	( 6,908 )		21,380		23,607		14,567
Total comprehensive income	507,865		454,523		1,310,582		1,480,616
Allocation to noncontrolling interests	( 3,706 )		( 2,827 )		( 9,709 )		( 8,657 )
Comprehensive income allocable to Public Storage shareholders	$	504,159	$	451,696	$	1,300,873	$	1,471,959

See accompanying notes.

PUBLIC STORAGE

CONSOLIDATED STATEMENTS OF EQUITY

Three Months Ended September 30, 2025

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	Cumulative Preferred Shares		Common Shares		Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Public Storage Shareholders' Equity		Noncontrolling Interests		Total Equity
Balances at June 30, 2025	$	4,350,000	$	17,545	$	6,131,517	$	( 1,085,142 )	$	( 41,461 )	$	9,372,459	$	103,890	$	9,476,349
Issuance of common shares in connection with share-based compensation ( 10,131 shares)	—		1		1,731		—		—		1,732		—		1,732
Taxes withheld upon net share settlement of restricted share units	—		—		( 433 )		—		—		( 433 )		—		( 433 )
Share-based compensation cost	—		—		10,366		—		—		10,366		—		10,366

Contributions by noncontrolling interests	—		—		—		—		—		—		1,041		1,041
Net income	—		—		—		514,773		—		514,773		—		514,773
Net income allocated to noncontrolling interests	—		—		—		( 3,710 )		—		( 3,710 )		3,710		—
Reallocation of equity	—		—		( 15 )		—		—		( 15 )		15		—
Distributions to:
Preferred shareholders	—		—		—		( 48,678 )		—		( 48,678 )		—		( 48,678 )
Noncontrolling interests	—		—		—		—		—		—		( 13,668 )		( 13,668 )
Common shareholders, restricted share unitholders and unvested LTIP unitholders ($ 3.00 per share/unit)	—		—		—		( 527,467 )		—		( 527,467 )		—		( 527,467 )
Other comprehensive income (loss)	—		—		—		—		( 6,904 )		( 6,904 )		( 4 )		( 6,908 )
Balances at September 30, 2025	$	4,350,000	$	17,546	$	6,143,166	$	( 1,150,224 )	$	( 48,365 )	$	9,312,123	$	94,984	$	9,407,107

See accompanying notes.

PUBLIC STORAGE

CONSOLIDATED STATEMENTS OF EQUITY

Three Months Ended September 30, 2024

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	Cumulative Preferred Shares		Common Shares		Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Public Storage Shareholders' Equity		Noncontrolling Interests		Total Equity
Balances at June 30, 2024	$	4,350,000	$	17,501	$	6,006,460	$	( 592,665 )	$	( 74,051 )	$	9,707,245	$	96,403	$	9,803,648
Issuance of common shares in connection with share-based compensation ( 97,448 shares)	—		10		20,576		—		—		20,586		—		20,586
Taxes withheld upon net share settlement of restricted share units	—		—		( 679 )		—		—		( 679 )		—		( 679 )
Share-based compensation cost	—		—		11,939		—		—		11,939		—		11,939
Acquisition of noncontrolling interests	—		—		( 1,193 )		—		—		( 1,193 )		7		( 1,186 )
Contributions by noncontrolling interests	—		—		—		—		—		—		567		567
Net income	—		—		—		433,143		—		433,143		—		433,143
Net income allocated to noncontrolling interests	—		—		—		( 2,814 )		—		( 2,814 )		2,814		—
Reallocation of equity	—		—		( 4,417 )		—		—		( 4,417 )		4,417		—
Distributions to:
Preferred shareholders	—		—		—		( 48,678 )		—		( 48,678 )		—		( 48,678 )
Noncontrolling interests	—		—		—		—		—		—		( 4,259 )		( 4,259 )
Common shareholders, restricted share unitholders and unvested LTIP unitholders ($ 3.00 per share)	—		—		—		( 526,436 )		—		( 526,436 )		—		( 526,436 )
Other comprehensive income	—		—		—		—		21,367		21,367		13		21,380
Balances at September 30, 2024	$	4,350,000	$	17,511	$	6,032,686	$	( 737,450 )	$	( 52,684 )	$	9,610,063	$	99,962	$	9,710,025

See accompanying notes.

PUBLIC STORAGE

CONSOLIDATED STATEMENTS OF EQUITY

Nine Months Ended September 30, 2025

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	Cumulative Preferred Shares		Common Shares		Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Public Storage Shareholders' Equity		Noncontrolling Interests		Total Equity
Balances at December 31, 2024	$	4,350,000	$	17,541	$	6,116,113	$	( 699,083 )	$	( 71,965 )	$	9,712,606	$	101,046	$	9,813,652
Issuance of common shares in connection with share-based compensation ( 54,454 shares)	—		5		9,572		—		—		9,577		—		9,577
Taxes withheld upon net share settlement of restricted share units	—		—		( 3,473 )		—		—		( 3,473 )		—		( 3,473 )
Share-based compensation cost	—		—		33,112		—		—		33,112		—		33,112
Acquisition of noncontrolling interests	—		—		( 8,161 )		—		—		( 8,161 )		( 900 )		( 9,061 )
Contributions by noncontrolling interests	—		—		—		—		—		—		3,725		3,725
Net income	—		—		—		1,286,975		—		1,286,975		—		1,286,975
Net income allocated to noncontrolling interests	—		—		—		( 9,702 )		—		( 9,702 )		9,702		—
Reallocation of equity	—		—		( 3,997 )		—		—		( 3,997 )		3,997		—
Distributions to:
Preferred shareholders	—		—		—		( 146,029 )		—		( 146,029 )		—		( 146,029 )
Noncontrolling interests	—		—		—		—		—		—		( 22,593 )		( 22,593 )
Common shareholders, restricted share unitholders and unvested LTIP unitholders ($ 9.00 per share/unit)	—		—		—		( 1,582,385 )		—		( 1,582,385 )		—		( 1,582,385 )
Other comprehensive income (loss)	—		—		—		—		23,600		23,600		7		23,607
Balances at September 30, 2025	$	4,350,000	$	17,546	$	6,143,166	$	( 1,150,224 )	$	( 48,365 )	$	9,312,123	$	94,984	$	9,407,107

See accompanying notes.

PUBLIC STORAGE

CONSOLIDATED STATEMENTS OF EQUITY

Nine Months Ended September 30, 2024

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	Cumulative Preferred Shares		Common Shares		Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Public Storage Shareholders' Equity		Noncontrolling Interests		Total Equity
Balances at December 31, 2023	$	4,350,000	$	17,567	$	5,980,760	$	( 267,910 )	$	( 67,239 )	$	10,013,178	$	93,768	$	10,106,946
Issuance of common shares in connection with share-based compensation ( 164,473 shares)	—		17		30,999		—		—		31,016		—		31,016
Taxes withheld upon net settlement of restricted share units	—		—		( 6,295 )		—		—		( 6,295 )		—		( 6,295 )
Share-based compensation cost	—		—		35,696		—		—		35,696		—		35,696
Repurchase of common shares ( 726,865 shares)	—		( 73 )		—		( 199,927 )		—		( 200,000 )		—		( 200,000 )
Acquisition of noncontrolling interests	—		—		( 1,193 )		—		—		( 1,193 )		7		( 1,186 )
Contributions by noncontrolling interests	—		—		—		—		—		—		1,985		1,985
Net income	—		—		—		1,466,049		—		1,466,049		—		1,466,049
Net income allocated to noncontrolling interests	—		—		—		( 8,645 )		—		( 8,645 )		8,645		—
Reallocation of equity	—		—		( 7,281 )		—		—		( 7,281 )		7,281		—
Distributions to:
Preferred shareholders	—		—		—		( 146,029 )		—		( 146,029 )		—		( 146,029 )
Noncontrolling interests	—		—		—		—		—		—		( 11,736 )		( 11,736 )
Common shareholders, restricted share unitholders and unvested LTIP unitholders ($ 9.00 per share/unit)	—		—		—		( 1,580,988 )		—		( 1,580,988 )		—		( 1,580,988 )
Other comprehensive income	—		—		—		—		14,555		14,555		12		14,567
Balances at September 30, 2024	$	4,350,000	$	17,511	$	6,032,686	$	( 737,450 )	$	( 52,684 )	$	9,610,063	$	99,962	$	9,710,025

See accompanying notes.

PUBLIC STORAGE

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)


	For the Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	1,286,975	$	1,466,049
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of real estate	( 710 )		( 1,428 )
Depreciation and amortization	856,295		848,875
Equity in earnings of unconsolidated real estate entities	( 5,071 )		( 15,458 )
Distributions from cumulative equity in earnings of unconsolidated real estate entities	1,823		10,664
Unrealized foreign currency exchange loss	214,575		20,725
Share-based compensation expense	30,361		32,101
Impairment of real estate investments	3,946		—
Amortization of debt issuance costs	7,588		7,259
Other non-cash adjustments	2,017		733
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Other assets	( 12,352 )		( 45,241 )
Accrued and other liabilities	67,415		35,356
Net cash flows from operating activities	2,452,862		2,359,635
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	( 139,305 )		( 174,896 )
Capital expenditures for property enhancements	—		( 106,172 )
Capital expenditures for energy efficiencies (LED lighting, solar)	( 49,986 )		( 35,784 )
Development and expansion of real estate facilities	( 237,998 )		( 247,161 )
Acquisition of real estate facilities and intangible assets	( 814,555 )		( 46,280 )
Issuance of notes receivable	( 82,839 )		—
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	—		13,285
Proceeds from sale of real estate investments	3,903		6,014
Net cash flows used in investing activities	( 1,320,780 )		( 590,994 )
Cash flows from financing activities:
Repayments of notes payable	( 400,099 )		( 808,473 )
Issuance of notes payable, net of issuance costs	866,532		1,151,022
Issuance of common shares in connection with share-based compensation	9,477		30,917
Taxes paid upon net share settlement of restricted share units	( 3,473 )		( 6,295 )
Repurchase of common shares	—		( 200,000 )
Acquisition of noncontrolling interests	( 9,061 )		( 1,186 )
Contributions by noncontrolling interests	3,725		1,985
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders	( 1,727,546 )		( 1,726,246 )
Distributions paid to noncontrolling interests	( 22,593 )		( 11,736 )
Net cash flows used in financing activities	( 1,283,038 )		( 1,570,012 )
Net (decrease) increase in cash and equivalents, including restricted cash	$	( 150,956 )	$	198,629

See accompanying notes.

PUBLIC STORAGE

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)


	For the Nine Months Ended September 30,
	2025		2024

Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	$	447,416		$	370,002
Restricted cash included in other assets	—			30,373
	$	447,416		$	400,375

Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	$	296,460		$	599,004
Restricted cash included in other assets	—			—
	$	296,460		$	599,004

Supplemental schedule of non-cash investing and financing activities:

Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	$	( 7,384 )		$	( 11,206 )
Capital expenditures for property enhancements	—			( 4,668 )
Capital expenditures for energy efficiencies (LED lighting, solar)	( 526 )			( 3,865 )
Construction or expansion of real estate facilities	( 23,476 )			( 43,075 )

Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	$	220,519		$	210,652
Cash paid for income taxes, net of refunds	5,858			6,577

See accompanying notes.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

1. Description of the Business

Public Storage is a Maryland real estate investment trust (“REIT”) engaged in the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, and other related operations such as tenant reinsurance, merchandise sales, third party management, and bridge lending to third-party self-storage owners, as well as the acquisition and development of additional self-storage space.

We are structured as an umbrella partnership REIT, or UPREIT, under which substantially all of our business is conducted through Public Storage OP, L.P. (“PSA OP”), an operating partnership, and its subsidiaries, including Public Storage Operating Company (“PSOC”). The primary assets of the parent entity, Public Storage, are general partner and limited partner interests in PSA OP, which holds all of the Company’s assets through its ownership of all of the equity interests in PSOC. As a limited partnership, PSA OP is a variable interest entity and is consolidated by Public Storage as its primary beneficiary. As of September 30, 2025, Public Storage owned all of the general partner interests and approximately 99.80 % of the limited partnership interests of PSA OP, with the remaining 0.20 % of limited partnership interests owned by certain trustees and officers of the Company.

Unless stated otherwise or the context otherwise requires, references to “Public Storage” mean the parent entity, Public Storage, and references to “the Company,” “we,” “us,” and “our” mean collectively Public Storage, PSA OP, PSOC, and those entities/subsidiaries owned or controlled by Public Storage, PSA OP, and PSOC.

At September 30, 2025, we owned interests in 3,152 self-storage facilities (with approximately 227.7 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.0 million net rentable square feet of commercial and retail space. In addition, we managed 339 facilities (with approximately 26.6 million net rentable square feet) for third parties at September 30, 2025.

At September 30, 2025, we owned an approximate 35 % common equity interest in Shurgard Self Storage Limited (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 323 self-storage facilities (with approximately 18 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name. In recording our share of equity in earnings or losses from Shurgard, we adjust Shurgard’s operating results, which are reported under International Financial Reporting Standards (“IFRS”), to conform with U.S. generally accepted accounting principles (“GAAP”).

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

We have prepared the accompanying interim consolidated financial statements in accordance with U.S. GAAP as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 15) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

Summary of Significant Accounting Policies

There have been no significant changes to the Company's significant accounting policies described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies , in Notes to Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

3. Real Estate Facilities

Activity in real estate facilities during the nine months ended September 30, 2025 is as follows:


	Nine Months Ended September 30, 2025
	(Amounts in thousands)
Operating facilities, at cost:
Beginning balance	$	28,478,738
Capital expenditures to maintain real estate facilities	138,204

Capital expenditures for energy efficiencies (LED lighting, solar)	49,407
Acquisitions	756,922
Transfers, dispositions, and retirements, net	19,011
Developed or expanded facilities opened for operation	268,787
Ending balance	29,711,069
Accumulated depreciation:
Beginning balance	( 10,426,186 )
Depreciation expense	( 777,100 )
Dispositions and retirements	4,171
Ending balance	( 11,199,115 )
Construction in process:
Beginning balance	308,101
Costs incurred to develop and expand real estate facilities	233,314
Transfer to Other Assets	( 4,779 )
Write-off of cancelled projects	( 33 )
Developed or expanded facilities opened for operation	( 268,787 )
Ending balance	267,816
Total real estate facilities at September 30, 2025	$	18,779,770

During the nine months ended September 30, 2025, we acquired 74 self-storage facilities ( 5.2 million net rentable square feet of storage space), for a total cost of $ 814.6 million in cash. Approximately $ 57.6 million of the total cost was allocated to intangible assets. During the nine months ended September 30, 2025, we completed development and redevelopment activities costing $ 268.8 million, adding 1.1 million net rentable square feet of self-storage space. Construction in process at September 30, 2025 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During the nine months ended September 30, 2025, we recognized $ 3.9 million of impairment write-down of certain land development parcels that are or will be marketed for sale. These land development parcels are included in other assets on the Consolidated Balance Sheet, and the related impairment write-down is classified as real estate acquisition and development expense on the Consolidated Statements of Income.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

4. Investment in Unconsolidated Real Estate Entity

Throughout all periods presented, we had an approximate 35 % equity interest in Shurgard. On September 15 and June 13, 2025, Shurgard issued 1,192,066 and 1,267,459 new common shares to its shareholders who opted to exchange the cash dividend rights declared on August 13, 2025 and May 14, 2025, respectively, for additional shares. On September 15 and June 13, 2025, we received 576,984 and 576,992 new common shares, respectively, in exchange for all of our dividend rights. At September 30, 2025, we owned 35,773,710 common shares of Shurgard. Based upon the closing price at September 30, 2025 (€ 32.25 per share of Shurgard common stock, at 1.174 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $ 1.4 billion.

Our equity in earnings of Shurgard comprise our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During the nine months ended September 30, 2025 and 2024, we received $ 3.7 million and $ 3.2 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $ 1.3 million and $ 1.1 million of intra-entity profits and losses for the nine months ended September 30, 2025 and 2024, respectively, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income on our Consolidated Statements of Income.

At September 30, 2025, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by $ 32.6 million ($ 62.6 million at December 31, 2024). This differential (the “Shurgard Basis Differential”) includes our basis adjustments in Shurgard’s real estate assets net of related deferred income taxes. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $ 4.3 million and $ 7.8 million during the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, we transferred $ 25.7 million of the Shurgard Basis Differential to Real Estate Facilities.

As of September 30, 2025 and 2024, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $ 23.6 million and $ 14.6 million in other comprehensive income during the nine months ended September 30, 2025 and 2024, respectively.

5. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following (amounts in thousands):


	At September 30, 2025						At December 31, 2024
	Gross Book Value		Accumulated Amortization		Net Book Value		Gross Book Value		Accumulated Amortization		Net Book Value
Goodwill	$	165,843	$	—	$	165,843	$	165,843	$	—	$	165,843
Shurgard® Trade Name	18,824		—		18,824		18,824		—		18,824
Finite-lived intangible assets, subject to amortization	1,065,744		( 980,843 )		84,901		1,008,111		( 910,591 )		97,520
Total goodwill and other intangible assets	$	1,250,411	$	( 980,843 )	$	269,568	$	1,192,778	$	( 910,591 )	$	282,187

Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $ 26.5 million and $ 70.3 million for the three and nine months ended September 30, 2025, respectively, and $ 26.6 million and $ 93.4 million for the same periods in 2024. During the nine months ended September 30, 2025, intangibles increased $ 57.6 million, in connection with the acquisition of real estate facilities (Note 3).

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

The estimated future amortization expense for our finite-lived intangible assets at September 30, 2025 is as follows (amounts in thousands):


Year	Amount
Remainder of 2025	$	22,510
2026	48,134
2027	9,719
2028	957
2029	212
Thereafter	3,369
Total	$	84,901

6. Notes Receivable

We offer bridge loan financing to third-party self-storage owners for operating properties that we manage. The bridge loans, collateralized by operating self-storage properties, typically have a term of three years or four years with two one-year extensions, and have variable interest rates. At September 30, 2025, we have notes receivable of $ 93.7 million included in other assets and unfunded loan commitments of $ 43.9 million expected to close in the next twelve months, subject to the satisfaction of certain conditions. As of September 30, 2025, none of the notes receivable were in past-due or nonaccrual status (none as of December 31, 2024) and the allowance for expected credit losses was immaterial.

7. Credit Facility

On June 12, 2023, PSOC entered into an amended revolving credit agreement (the “Credit Facility”), which increased our borrowing limit from $ 500 million to $ 1.5 billion and extended the maturity date from April 19, 2024 to June 12, 2027. We have the option to further extend the maturity date by up to one additional year with additional extension fees up to 0.125 % of the extended commitment amount. Amounts drawn on the Credit Facility bear annual interest at rates ranging from SOFR plus 0.65 % to SOFR plus 1.40 % depending upon our credit rating (SOFR plus 0.70 % at September 30, 2025). We are also required to pay a quarterly facility fee ranging from 0.10 % per annum to 0.30 % per annum depending upon our credit rating ( 0.10 % per annum at September 30, 2025). At September 30, 2025 and October 29, 2025, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $ 19.9 million at September 30, 2025 ($ 19.4 million at December 31, 2024). The Credit Facility has various customary restrictive covenants with which we were in compliance at September 30, 2025.

Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facility.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

8. Notes Payable

Our notes payable (all of which were issued by PSOC), are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at September 30, 2025 and December 31, 2024 are set forth in the tables below:


			Amounts at September 30, 2025								Amounts at December 31, 2024
	Coupon Rate	Effective Rate	Principal		Unamortized Costs		Book Value		Fair Value		Book Value		Fair Value

			($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due July 25, 2025	SOFR + 0.60 %	4.940 %	$	—	$	—	$	—	$	—	$	399,537	$	400,714
Notes due February 15, 2026	0.875 %	1.030 %	500,000		( 285 )		499,715		493,307		499,160		479,639
Notes due November 9, 2026	1.500 %	1.640 %	650,000		( 964 )		649,036		632,956		648,383		614,981
Notes due April 16, 2027	SOFR + 0.70 %	5.024 %	700,000		( 1,676 )		698,324		704,182		697,544		706,119
Notes due September 15, 2027	3.094 %	3.218 %	500,000		( 1,040 )		498,960		492,097		498,564		480,904
Notes due May 1, 2028	1.850 %	1.962 %	650,000		( 1,737 )		648,263		616,438		647,756		592,876
Notes due November 9, 2028	1.950 %	2.044 %	550,000		( 1,495 )		548,505		517,034		548,144		494,867
Notes due January 15, 2029	5.125 %	5.260 %	500,000		( 1,921 )		498,079		516,690		497,639		506,074
Notes due May 1, 2029	3.385 %	3.459 %	500,000		( 1,094 )		498,906		488,829		498,673		472,031
Notes due July 1, 2030 (a)	4.375 %	4.568 %	475,000		( 3,848 )		472,053		477,301		—		—
Notes due May 1, 2031	2.300 %	2.419 %	650,000		( 3,813 )		646,187		584,534		645,673		555,387
Notes due November 9, 2031	2.250 %	2.322 %	550,000		( 2,163 )		547,837		486,977		547,570		459,682
Notes due August 1, 2033	5.100 %	5.207 %	700,000		( 4,537 )		695,463		727,903		695,028		695,171
Notes due July 1, 2035	5.000 %	5.143 %	400,000		( 4,294 )		395,706		404,589		—		—
Notes due August 1, 2053	5.350 %	5.474 %	900,000		( 15,363 )		884,637		889,654		884,224		856,992
			8,225,000		( 44,230 )		8,181,671		8,032,491		7,707,895		7,315,437

Euro Denominated Unsecured Debt
Notes due November 3, 2025	2.175 %	2.175 %	284,048		—		284,048		325,208		251,385		249,979
Notes due September 9, 2030	0.500 %	0.640 %	821,581		( 5,532 )		816,049		832,887		720,735		630,159
Notes due January 24, 2032	0.875 %	0.978 %	586,843		( 3,384 )		583,459		581,757		515,575		443,113
Notes due April 11, 2039	4.080 %	4.080 %	176,053		( 68 )		175,985		208,420		155,736		166,979
			1,868,525		( 8,984 )		1,859,541		1,948,272		1,643,431		1,490,230

Mortgage Debt , secured by 2 real estate facilities with a net book value of 11.0 million	4.264 %	4.264 %	1,610		—		1,610		1,583		1,708		1,591



			$	10,095,135	$	( 53,214 )	$	10,042,822	$	9,982,346	$	9,353,034	$	8,807,258

(a) The book value includes $ 0.9 million in adjustments related to changes in fair value attributable to hedging instruments on these notes. See below for further discussion.

Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under each series of unsecured notes.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

U.S. Dollar Denominated Unsecured Notes

On June 30, 2025, PSOC completed a public offering of $ 875 million aggregate principal amount of senior notes, including $ 475 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 4.375 % maturing on July 1, 2030 and $ 400 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.000 % maturing on July 1, 2035. Interest on the senior notes is payable semi-annually on January 1 and July 1 of each year, commencing on January 1, 2026. In connection with the offering, we received approximately $ 867 million in net proceeds from the offering. The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants with which we were in compliance at September 30, 2025. Included in these covenants are (a) a maximum Debt to Total Assets of 65 % (approximately 18 % at September 30, 2025) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5 x (approximately 12 x for the trailing twelve months ended September 30, 2025) as well as covenants limiting the amount we can encumber our properties with mortgage debt.

In connection with our public offering of senior notes due July 1, 2030, we entered into three separate interest rate swap agreements, with a combined notional amount of $ 475 million, which effectively convert the debt’s fixed interest rate to a variable rate. The swaps were designated in combination as a fair value hedge of interest rate risk and mature on July 1, 2030. The Company’s hedging relationship is assumed to be perfectly effective. As of September 30, 2025, the fair value of the swaps was an asset position of $ 0.9 million. There was no impact to earnings for the nine months ended September 30, 2025. The estimated fair values of our swaps are based upon changes in benchmark interest rates related to these notes. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to these financial instruments is categorized as level 2 of the fair value hierarchy.

Euro Denominated Unsecured Notes

At September 30, 2025, our Euro denominated unsecured notes (the “Euro Notes”) consisted of four tranches: (i) € 242.0 million issued to institutional investors on November 3, 2015, (ii) € 500.0 million issued in a public offering on January 24, 2020, (iii) € 700.0 million issued in a public offering on September 9, 2021, and (iv) € 150.0 million issued to institutional investors on April 11, 2024. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes.

We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (gains of $ 0.9 million and losses of $ 215.4 million for the three and nine months ended September 30, 2025, respectively, as compared to losses of $ 71.1 million and $ 20.7 million for the three and nine months ended September 30, 2024, respectively).

Mortgage Notes

We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method.

At September 30, 2025, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.9 % and 7.1 %, and mature between September 1, 2028 and July 1, 2030.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

At September 30, 2025, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):


	Unsecured Debt		Mortgage Debt		Total

Remainder of 2025	$	284,048	$	34	$	284,082
2026	1,150,000		138		1,150,138
2027	1,200,000		146		1,200,146
2028	1,200,000		129		1,200,129
2029	1,000,000		88		1,000,088
Thereafter	5,259,477		1,075		5,260,552
	$	10,093,525	$	1,610	$	10,095,135
Weighted average effective rate	3.0 %		4.3 %		3.0 %

Interest capitalized as real estate totaled $ 5.0 million and $ 8.2 million for the nine months ended September 30, 2025 and 2024, respectively.

9. Noncontrolling Interests

There are noncontrolling interests related to subsidiaries of PSOC we consolidate of which we do not own 100% of the equity. At September 30, 2025, certain of these subsidiaries have issued 470,398 partnership units to third-parties that are redeemable by the holders on a one -for-one basis for common shares of the Company or cash at our option. The holders of these partnership units are entitled to receive the same per-unit cash distributions equal to the dividends paid on our common shares.

Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including common units (“OP Units”) and vested LTIP units from equity awards we issue to certain officers and trustees of the Company (see Note 12 Share-based Compensation). Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units of PSA OP, which are redeemable by the holders on a one -for-one basis for common shares of the Company or cash at our option. The holders of OP Units and vested LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders. At September 30, 2025, approximately 0.20 % of the partnership interests of PSA OP, were not owned by the Company. We adjust the balance of noncontrolling interests of PSA OP to reflect their proportionate share of the net assets of PSA OP as of the end of each period.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

10. Shareholders’ Equity

Preferred Shares

At September 30, 2025 and December 31, 2024, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:


				At September 30, 2025				At December 31, 2024
Series	Earliest Redemption Date	Dividend Rate		Shares Outstanding	Liquidation Preference			Shares Outstanding	Liquidation Preference

				($ amounts in thousands)
Series F	6/2/2022	5.150	%	11,200		$	280,000	11,200		$	280,000
Series G	8/9/2022	5.050	%	12,000		300,000		12,000		300,000
Series H	3/11/2024	5.600	%	11,400		285,000		11,400		285,000
Series I	9/12/2024	4.875	%	12,650		316,250		12,650		316,250
Series J	11/15/2024	4.700	%	10,350		258,750		10,350		258,750
Series K	12/20/2024	4.750	%	9,200		230,000		9,200		230,000
Series L	6/17/2025	4.625	%	22,600		565,000		22,600		565,000
Series M	8/14/2025	4.125	%	9,200		230,000		9,200		230,000
Series N	10/6/2025	3.875	%	11,300		282,500		11,300		282,500
Series O	11/17/2025	3.900	%	6,800		170,000		6,800		170,000
Series P	6/16/2026	4.000	%	24,150		603,750		24,150		603,750
Series Q	8/17/2026	3.950	%	5,750		143,750		5,750		143,750
Series R	11/19/2026	4.000	%	17,400		435,000		17,400		435,000
Series S	1/13/2027	4.100	%	10,000		250,000		10,000		250,000
Total Preferred Shares				174,000		$	4,350,000	174,000		$	4,350,000

The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At September 30, 2025, there were no dividends in arrears. The affirmative vote of at least 66.67 % of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67 % of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares.

Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $ 25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares.

Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

Dividends and Distributions

Dividends and distributions paid to our common shareholders, restricted share unitholders, deferred share unitholders, and unvested LTIP unitholders, totaled $ 527.2 million ($ 3.00 per share) and $ 526.2 million ($ 3.00 per share) for the three months ended September 30, 2025 and 2024, respectively, and $ 1.58 billion ($ 9.00 per share/unit) and $ 1.60 billion ($ 9.00 per share/unit) for the nine months ended September 30, 2025 and 2024, respectively. In addition, we accrued $ 0.3 million of dividends and distributions to holders of unearned performance-based restricted share units and LTIP units for each of the three months ended September 30, 2025 and 2024, and $ 0.9 million and $ 0.8 million for the nine months ended September 30, 2025 and 2024, respectively.

Preferred share dividends paid totaled $ 48.7 million for each of the three months ended September 30, 2025 and 2024, and $ 146.0 million for each of the nine months ended September 30, 2025 and 2024.

11. Related Party Transactions

At September 30, 2025, Tamara Hughes Gustavson, a current member of our Board, held less than a 0.1 % equity interest in, and is a manager of, a limited liability company that owns 68 self-storage facilities in Canada. Two of Ms. Gustavson’s adult children own the remaining equity interest in the limited liability company. These facilities operate under the Public Storage® tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities, and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the Public Storage® name in Canada. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities if their owners agree to sell them. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received premium payments of approximately $ 1.6 million for each of the nine months ended September 30, 2025 and 2024.

12. Share-Based Compensation

We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(Amounts in thousands)

Self-storage cost of operations	$	2,902	$	2,927	$	8,998	$	9,237
Ancillary cost of operations	318		248		991		874
Real estate acquisition and development expense	262		635		1,375		2,063
General and administrative	5,975		7,117		18,997		19,927
Total	$	9,457	$	10,927	$	30,361	$	32,101

In addition, $ 0.5 million and $ 1.7 million of share-based compensation cost was capitalized as real estate facilities for the three and nine months ended September 30, 2025, respectively, as compared to $ 0.7 million and $ 2.5 million for the same periods of 2024, respectively.

As of September 30, 2025, there was $ 65.6 million of total unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted-average period of three years .

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

Restricted Share Units and LTIP Units

We have service-based and performance-based RSUs and LTIP units outstanding, which generally vest over 5 to 8 years from the grant date. Performance-based RSUs and LTIP units outstanding vest upon meeting certain performance conditions or market conditions. Upon vesting, the grantee of RSUs receives new common shares equal to the number of vested RSUs, less common shares withheld to satisfy the grantee’s statutory tax liabilities arising from the vesting. Vested LTIP units represent noncontrolling interests of PSA OP and may be converted, subject to the satisfaction of all applicable vesting conditions, on a one -for-one basis into common units of PSA OP, which are exchangeable by the holders for cash, or at the Company’s election, on a one -for-one basis into common shares of the Company. Holders of RSUs and LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders, except that holders of performance-based awards are not entitled to receive the full distributions until expiration of the applicable performance period, at which time holders of any earned performance-based awards are entitled to receive a catch-up distribution for the periods prior to such time.

Below is a summary of award activity issued in the form of RSUs and LTIP units for the nine months ended September 30, 2025.


	Service-Based	Performance-Based (a)	Total









Unvested awards outstanding January 1, 2025	257,874		128,057	385,931
Granted (b)	1,822		36,802	38,624
Vested (c)	( 40,266 )		( 26,394 )	( 66,660 )
Forfeited	( 14,184 )		—	( 14,184 )
Unvested awards outstanding September 30, 2025	205,246		138,465	343,711

(a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance.

(b) During the nine months ended September 30, 2025, 36,802 performance-based LTIP unit awards (at target) were granted to certain executive officers. The vesting of performance-based LTIP unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2025 through March 4, 2028, with continued service-based vesting through the first quarter of 2030. These LTIP unit awards require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 73,604 LTIP units.

For the three and nine months ended September 30, 2025, we incurred share-based compensation cost for RSUs and LTIP units of $ 7.5 million and $ 23.2 million, respectively, as compared to $ 8.0 million and $ 24.0 million for the same periods in 2024.

Stock Options and AO LTIP Units

We have service-based and performance-based stock options and appreciation-only LTIP units (“AO LTIP units”) outstanding. Performance-based stock options and AO LTIP units vest upon meeting certain performance conditions or market conditions. Stock options and AO LTIP units generally vest over 1 to 5 years, expire 10 years after the grant date, and have an exercise or conversion price equal to the closing trading price of our common shares on the grant date. Common shares of the Company are issued for options exercised and vested LTIP units are issued for AO LTIP units converted. Employees cannot require the Company to settle their awards in cash.

Below is a summary of award activity issued in the form of stock options and AO LTIP units for the nine months ended September 30, 2025.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)


	Service-Based	Performance-Based (a)	Total









Awards outstanding January 1, 2025	1,347,866		1,202,599	2,550,465
Granted (b)	107,016		61,388	168,404
Exercised or converted (c)	( 223,705 )		( 34,538 )	( 258,243 )
Cancelled	( 6,884 )		—	( 6,884 )
Awards outstanding September 30, 2025	1,224,293		1,229,449	2,453,742
Awards exercisable or convertible at September 30, 2025	1,049,184		873,551	1,922,735

(b) During the nine months ended September 30, 2025, 103,839 of service-based AO LTIP units, 61,388 of performance-based AO LTIP units (at target), and 3,177 service-based options were granted to certain executive officers and trustees. The vesting of the performance-based AO LTIP units is dependent upon meeting certain market conditions over a three-year period from March 5, 2025 through March 4, 2028, with continued service-based vesting through the first quarter of 2030. These performance-based AO LTIP units require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 122,776 AO LTIP units.

(c) 41,367 common shares were issued upon the exercise of stock options. 66,936 vested LTIP units were issued upon conversion of 216,876 AO LTIP units in the nine months ended September 30, 2025.

For the three and nine months ended September 30, 2025, we incurred share-based compensation cost for stock options and AO LTIP units of $ 2.4 million and $ 8.2 million, respectively, as compared to $ 3.4 million and $ 10.0 million for the same periods in 2024.

Trustee Deferral Program

Non-management trustees may elect to receive all or a portion of their cash retainers in cash, unrestricted common shares, fully-vested LTIP units, or deferred share units (“DSUs”) to be settled at a specified future date. Unrestricted common shares and/or LTIP units and DSUs will be granted to the non-management trustee on the last day of each calendar quarter based on the cash retainer earned for that quarter and converted into a number of shares or units based on the applicable closing price of our common shares on such date. During the nine months ended September 30, 2025, we granted 1,463 fully vested LTIP units, 574 DSUs, and 339 unrestricted common shares. During the nine months ended 2025, 602 previously granted DSUs were settled in common shares. A total of 11,458 DSUs were outstanding at September 30, 2025 ( 11,486 at December 31, 2024).

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

13. Net Income per Common Share

We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs and unvested LTIP units, for non-forfeitable dividends and distributions paid and adjusted for participation rights in undistributed earnings of the Company.

We calculate basic and diluted net income per common share based upon net income allocable to common shareholders, divided by (i) weighted average common shares for basic net income per common share, and (ii) weighted average common shares adjusted for the impact of dilutive stock options and AO LTIP units outstanding for diluted net income per common share. Stock options and AO LTIP units equivalent to 572,130 common shares were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2025, as compared to 220,475 common shares for the same period in 2024, because their effect would have been antidilutive.

The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three and nine months ended September 30, 2025 and 2024, respectively:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(Amounts in thousands, except per share data)
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$	461,408	$	380,712	$	1,128,606	$	1,308,287

Denominator for basic net income per share - weighted average common shares outstanding	175,456		175,043		175,439		175,403
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method	428		823		477		671
Denominator for dilutive net income per share - weighted average common shares outstanding	175,884		175,866		175,916		176,074

Net income per common share:
Basic	$	2.63	$	2.17	$	6.43	$	7.46
Dilutive	$	2.62	$	2.16	$	6.42	$	7.43

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

14. Segment Information

Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our President and Chief Executive Officer, who is our chief operating decision maker (“CODM”). Segment asset information is not used by the CODM to assess performance or allocate resources.

Self-Storage Operations

The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own through the following operating segments: (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Newly Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. Our CODM evaluates performance and allocates resources for the Self-Storage Operations reportable segment based on its Net Operating Income (“NOI”), which represents the related revenue less cost of operations. Our CODM utilizes NOI during the budget and forecasting process to allocate capital and personnel resources and evaluates financial performance and operating trends of the reportable segment based on the budget-to-actual variance and year-over-year change of the NOI on an ongoing basis.

The presentation in the table below sets forth the revenue, significant expense categories, and NOI of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment.

Ancillary Operations

Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments.

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

Presentation of Segment Information

The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(Amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue	$	1,138,837	$	1,110,115	$	3,360,493	$	3,295,896
Cost of operations:
Property taxes	( 119,397 )		( 111,606 )		( 362,607 )		( 343,448 )
On-site property manager payroll	( 40,915 )		( 40,528 )		( 119,998 )		( 124,980 )
Repairs and maintenance	( 23,946 )		( 23,566 )		( 73,840 )		( 70,863 )
Utilities	( 17,790 )		( 18,026 )		( 50,008 )		( 48,650 )
Marketing	( 26,610 )		( 27,810 )		( 77,270 )		( 79,644 )
Other direct property costs	( 30,664 )		( 33,323 )		( 91,046 )		( 92,507 )
Supervisory payroll	( 13,234 )		( 12,726 )		( 40,505 )		( 38,178 )
Centralized management costs	( 19,007 )		( 16,923 )		( 56,064 )		( 50,843 )
Share-based compensation	( 2,902 )		( 2,927 )		( 8,998 )		( 9,237 )
Total cost of operations	( 294,465 )		( 287,435 )		( 880,336 )		( 858,350 )
Net operating income	844,372		822,680		2,480,157		2,437,546
Depreciation and amortization	( 290,364 )		( 280,330 )		( 856,295 )		( 848,875 )
Net income	554,008		542,350		1,623,862		1,588,671

Ancillary Operations
Revenue	85,206		77,643		247,828		222,293
Cost of operations	( 36,385 )		( 34,265 )		( 100,366 )		( 88,877 )
Net operating income	48,821		43,378		147,462		133,416
Total net income allocated to segments	602,829		585,728		1,771,324		1,722,087

Other items not allocated to segments:
Real estate acquisition and development expense	( 2,837 )		( 2,530 )		( 12,798 )		( 9,154 )
General and administrative	( 28,783 )		( 26,214 )		( 79,694 )		( 74,130 )
Interest and other income	21,012		20,029		47,035		52,248
Interest expense	( 79,692 )		( 74,252 )		( 223,310 )		( 215,266 )
Equity in earnings of unconsolidated real estate entities	3,674		2,888		5,071		15,458
Foreign currency exchange gain (loss)	899		( 70,572 )		( 213,866 )		( 20,580 )
Gain on sale of real estate	502		554		710		1,428
Income tax expense	( 2,831 )		( 2,488 )		( 7,497 )		( 6,042 )
Net income	$	514,773	$	433,143	$	1,286,975	$	1,466,049

PUBLIC STORAGE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

15. Commitments and Contingencies

Contingent Losses

We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.

Insurance and Loss Exposure

We maintain comprehensive property and casualty insurance policies which include coverage for earthquake, rental loss, general liability, umbrella liability, management liability, employee medical insurance and workers compensation coverage through internationally recognized and highly rated insurance carriers, subject to deductibles.

We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $ 5,000 per storage unit. We reinsure all risks in this program, but purchase excess insurance to cover this exposure for a limit of $ 15.0 million for losses in excess of $ 10.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At September 30, 2025, there were approximately 1.5 million certificates held by self-storage customers under the program, representing aggregate coverage of approximately $ 7.1 billion.

Commitments

We have construction commitments representing future expected payments for construction under contract totaling $ 155.9 million at September 30, 2025. We expect to pay approximately $ 29.2 million in the remainder of 2025 and $ 122.7 million in 2026, and $ 4.0 million in 2027 for these construction commitments.

We have future contractual payments on land, equipment and office space under various lease commitments totaling $ 77.0 million at September 30, 2025. We expect to pay approximately $ 1.1 million in the remainder of 2025, $ 4.5 million in 2026, $ 20.5 million in 2027, $ 2.5 million in each of 2028 and 2029, and $ 45.9 million thereafter for these commitments.

We have unfunded loan commitments totaling $ 43.9 million at September 30, 2025. We expect to fund the loans in the next twelve months, subject to the satisfaction of certain conditions.

16. Corporate Transformation Costs

As part of our operating model transformation, we have launched a corporate transformation initiative focused on modernization and growth. This includes streamlining our processes through technology and shifting our geographic footprint with a stronger corporate presence in Texas and offshore locations. The initiative is intended to transform our corporate functions, improving efficiency and productivity.

As of September 30, 2025, corporate transformation costs incurred to date total approximately $ 3.2 million, primarily attributable to employee severance expenses, and are included in the general and administrative expense in the Consolidated Statements of Income.

17. Subsequent Events

Subsequent to September 30, 2025, we acquired or were under contract to acquire 12 self-storage facilities across eight states with 0.9 million net rentable square feet, for $ 119.9 million.

On October 3, 2025, PSOC issued € 425 million of senior notes, bearing interest at a fixed rate of 3.500 % per year and maturing on January 20, 2034. The senior notes are guaranteed by Public Storage. We received € 420.9 million of net proceeds from the issuance.

On October 15, 2025, we sold $ 17.3 million of solar tax credits for cash proceeds of $ 15.8 million.

On October 29, 2025, our Board declared a regular common quarterly dividend of $ 3.00 per common share totaling approximately $ 527 million, which will be paid at the end of December 2025.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2025 outlook and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, cap rates, and yields, leasing expectations, our credit ratings, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions.

These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to those risks and uncertainties described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2025 and in our other filings with the SEC. These include changes in demand for our facilities, changes in macroeconomic conditions, changes in national self-storage facility development activity, impacts from our strategic corporate transformation initiative, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from public health emergencies, international military conflicts, international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation), or similar events impacting public health and/or economic activity, increases in the costs of our primary customer acquisition channels, adverse impacts to us and our customers from high interest rates, inflation, unfavorable foreign currency rate fluctuations, or changes in federal or state tax laws related to the taxation of REITs, security breaches, including ransomware, or a failure of our networks, systems, or technology.

These forward-looking statements speak only as of the date of this report or as of the dates indicated in the statements. All of our forward-looking statements, including those in this report, are qualified in their entirety by this cautionary statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this report, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.

Critical Accounting Estimates

The preparation of consolidated financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make judgments, assumptions, and estimates that affect the amounts reported. On an ongoing basis, we evaluate our estimates and assumptions. These estimates and assumptions are based on current facts, historical experience, and various other factors that we believe are reasonable under the circumstances to determine reported amounts of assets, liabilities, revenues, and expenses that are not readily apparent from other sources.

During the nine months ended September 30, 2025, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

Our self-storage operations generate most of our net income, and our earnings growth is impacted by the levels of organic growth within our Same Store Facilities (as defined below) as well as within our Acquired Facilities and Newly Developed and Expanded Facilities (both as defined below).

Revenues generated by our Same Store Facilities remained relatively unchanged for three months ended September 30, 2025 and increased 0.1% ($2.8 million) for the nine months ended September 30, 2025, as compared to the same periods in 2024. Cost of operations for Same Store Facilities remained relatively unchanged for the three months ended September 30, 2025 and increased by 1.0% ($7.2 million) for the nine months ended September 30, 2025 as compared to the same periods in 2024. For each of the three and nine months ended September 30, 2025, realized annual rent per occupied square foot for our Same Store Facilities increased by 0.6%, while average occupancy decreased by 0.5%, as compared to the same periods in 2024.

We have grown and plan to continue to grow through the acquisition and development of new facilities and expansion of our existing self-storage facilities. Since the beginning of 2023, we acquired a total of 260 facilities with 19.0 million net rentable square feet for $3.8 billion. Within our non-same store portfolio as of September 30, 2025, our Newly Developed and Expanded Facilities include a total of 103 self-storage facilities with 12.4 million net rentable square feet. For development and expansions completed by September 30, 2025, we incurred a total cost of $1.5 billion. During the three and nine months ended September 30, 2025, combined net operating income generated by our Acquired Facilities and Newly Developed and Expanded Facilities increased 31.1% ($18.6 million) and 22.8% ($39.1 million), respectively, as compared to the same periods in 2024.

We have embarked on a solar program under which we plan to install solar panels on over 1,500 of our self-storage facilities. We have completed the installations on 1,108 facilities through September 30, 2025. We spent approximately $49 million on the program in the nine months ended September 30, 2025 and expect to spend approximately $75 million over 2025 on this effort.

On June 30, 2025, PSOC completed a public offering of $875 million aggregate principal amount of senior notes, including $475 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 4.375% maturing on July 1, 2030 and $400 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.000% maturing on July 1, 2035. In connection with the offering of senior notes due July 1, 2030, we entered into five-year interest rate swaps in order to manage our variable rate assets. These swaps are designated as fair value hedges, which convert the debt’s fixed interest rate to variable rate. Using the proceeds from this offering we repaid PSOC’s outstanding $400 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.60% at maturity on July 25, 2025. We plan to use the remaining proceeds for general corporate purposes, including to make investments in self-storage facilities.

On October 3, 2025, PSOC completed a public offering of €425 million principal amount of senior notes, bearing interest at an annual rate of 3.500% and maturing on January 20, 2034. The senior notes are guaranteed by Public Storage. We received €420.9 million of net proceeds from the issuance. We plan to use the net proceeds from the offering to repay the outstanding €242 million aggregate principal amount of our 2.175% senior notes due November 2025 and for general corporate purposes, described above.

Results of Operations

Operating Results for the Three Months Ended September 30, 2025 and 2024

For the three months ended September 30, 2025, net income allocable to our common shareholders was $461.4 million or $2.62 per diluted common share, compared to $380.7 million or $2.16 per diluted common share for the same period in 2024, representing an increase of $80.7 million or $0.46 per diluted common share. The increase is due primarily to (i) a $71.5 million increase in foreign currency gain primarily associated with our Euro denominated notes payable and (ii) a $21.7 million increase in self-storage net operating income, partially offset by (iii) a $10.0 million increase in depreciation expense and (iv) a $5.4 million increase in interest expense.

The $21.7 million increase in self-storage net operating income for the three months ended September 30, 2025 as compared to the same period in 2024 is a result of a $21.5 million increase attributable to our Non-Same Store Facilities (as defined below) reflecting the impact of newly acquired facilities and the lease-up of development/expansion properties.

Operating Results for the Nine Months Ended September 30, 2025 and 2024

For the nine months ended September 30, 2025, net income allocable to our common shareholders was $1.1 billion or $6.42 per diluted common share, compared to $1.3 billion or $7.43 per diluted common share for the same period in 2024, representing a decrease of $179.7 million or $1.01 per diluted common share. The decrease is due primarily to (i) a $193.3 million increase in foreign currency exchange losses primarily associated with our Euro denominated notes payable, and (ii) a $10.4 million decrease in equity in earnings of unconsolidated real estate entities partially offset by (iii) a $42.6 million increase in self-storage net operating income.

The $42.6 million increase in self-storage net operating income in the nine months ended September 30, 2025 as compared to the same period in 2024 is a result of a $47.0 million increase attributable to our Non-Same Store Facilities, partially offset by a $4.4 million decrease attributable to our Same Store Facilities. Revenues for the Same Store Facilities increased 0.1% or $2.8 million in the nine months ended September 30, 2025 as compared to the same period in 2024, due primarily to higher realized annual rent per occupied square foot offset by a decline in occupancy. Cost of operations for the Same Store Facilities increased by 1.0% or $7.2 million in the nine months ended September 30, 2025 as compared to the same period in 2024, due primarily to increased property tax expense and centralized management costs, partially offset by decreased on-site property manager payroll expense and marketing. The increase in net operating income of $47.0 million for the Non-Same Store Facilities is due primarily to the impact of newly acquired properties and the lease-up of development/expansion properties.

Funds from Operations and Core Funds from Operations

Funds from Operations (“FFO”) and FFO per diluted common share (“FFO per share”) are non-GAAP measures defined by Nareit. We believe that FFO and FFO per share are useful to REIT investors and analysts in measuring our performance because Nareit’s definition of FFO excludes items included in net income that do not relate to or are not indicative of our operating and financial performance. FFO represents net income before real estate-related depreciation and amortization, which is excluded because it is based upon historical costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. FFO also excludes gains or losses on sale of real estate assets and real estate impairment charges, which are also based upon historical costs and are impacted by historical depreciation. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our consolidated statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.

For the three months ended September 30, 2025, FFO was $4.33 per diluted common share as compared to $3.80 per diluted common share for the same period in 2024, representing an increase of 13.9%, or $0.53 per diluted common share.

For the nine months ended September 30, 2025, FFO was $11.48 per diluted common share as compared to $12.34 per diluted common share for the same period in 2024, representing a decrease of 7.0%, or $0.86 per diluted common share.

We also present “Core FFO” and “Core FFO per share” non-GAAP measures that represent FFO and FFO per share excluding the impact of (i) foreign currency exchange gains and losses, (ii) charges related to the redemption of preferred securities, and (iii) certain other non-cash and/or nonrecurring income or expense items primarily representing, with respect to the periods presented below, the impact of corporate transformation costs, loss contingencies, due diligence costs incurred in pursuit of strategic transactions, unrealized gain or loss on private equity investments, and amortization of acquired non real estate-related intangibles. We review Core FFO and Core FFO per share to evaluate our ongoing operating performance and we believe they are used by investors and REIT analysts in a similar manner. However, Core FFO and Core FFO per share are not substitutes for net income and net income per share. Because other REITs may not compute Core FFO or Core FFO per share in the same manner as we do, may not use the same terminology or may not present such measures, Core FFO and Core FFO per share may not be comparable among REITs.

The following table reconciles net income to FFO and Core FFO and reconciles diluted earnings per share to FFO per share and Core FFO per share:


	Three Months Ended September 30,						Nine Months Ended September 30,

	2025		2024		Percentage Change		2025		2024		Percentage Change

	(Amounts in thousands, except per share data)
Reconciliation of Net Income to FFO and Core FFO:
Net income allocable to common shareholders	$	461,408	$	380,712	21.2	%	$	1,128,606	$	1,308,287	(13.7)	%
Eliminate items excluded from FFO:
Real estate-related depreciation and amortization	287,472		277,652				847,702		839,749
Real estate-related depreciation from unconsolidated real estate investment	14,706		12,013				45,664		31,531
Real estate-related depreciation allocated to noncontrolling interests and restricted share unitholders and unvested LTIP unitholders	(2,009)		(2,192)				(6,338)		(5,904)
Impairment write-down of real estate investments	119		—				3,946		—
Gains on sale of real estate investments, including our equity share from investment	(502)		(554)				(710)		(1,428)
FFO allocable to common shares	$	761,194	$	667,631	14.0	%	$	2,018,870	$	2,172,235	(7.1)	%
Eliminate the impact of items excluded from Core FFO, including our equity share from investment:
Foreign currency exchange (gain) loss	(899)		70,572				213,866		20,580
Unrealized gain on private equity investments	(6,148)		(2,626)				(4,360)		(4,740)
Corporate transformation costs	1,376		—				3,178		—
Other items	3,167		2,666				4,082		6,031
Core FFO allocable to common shares	$	758,690	$	738,243	2.8	%	$	2,235,636	$	2,194,106	1.9	%

Reconciliation of Diluted Earnings per Share to FFO per Share and Core FFO per Share:
Diluted earnings per share	$	2.62	$	2.16	21.3	%	$	6.42	$	7.43	(13.6)	%
Eliminate amounts per share excluded from FFO:
Real estate-related depreciation and amortization	1.71		1.64				5.04		4.92
Impairment write-down of real estate investments	—		—				0.02		—
Gains on sale of real estate investments, including our equity share from investment	—		—				—		(0.01)
FFO per share	$	4.33	$	3.80	13.9	%	$	11.48	$	12.34	(7.0)	%
Eliminate the per share impact of items excluded from Core FFO, including our equity share from investment:
Foreign currency exchange (gain) loss	$	(0.01)	$	0.40			$	1.20	$	0.11
Unrealized gain on private equity investments	(0.03)		(0.01)				(0.02)		(0.03)
Corporate transformation costs	0.01		—				0.02		—
Other items	0.01		0.01				0.03		0.04
Core FFO per share	$	4.31	$	4.20	2.6	%	$	12.71	$	12.46	2.0	%

Diluted weighted average common shares	175,884		175,866				175,916		176,074

Analysis of Net Income — Self-Storage Operations

Our self-storage operations are analyzed in four groups: (i) 2,565 facilities that we have owned and operated on a stabilized basis since January 1, 2023 (the “Same Store Facilities”), (ii) 260 facilities we acquired since January 1, 2023 (the “Acquired Facilities”), (iii) 103 facilities that have been newly developed or expanded, or that will commence expansion by December 31, 2025 (the “Newly Developed and Expanded Facilities”), and (iv) 224 other facilities, which are otherwise not stabilized with respect to occupancies or rental rates since January 1, 2023 (the “Other Non-Same Store Facilities”). The Acquired Facilities, Newly Developed and Expanded Facilities, and Other Non-Same Store Facilities are collectively referred to as the “Non-Same Store Facilities”. See Note 14 to our September 30, 2025 consolidated financial statements “Segment Information,” for a reconciliation of the amounts in the tables below to our total net income.


Self-Storage Operations
Summary	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		Percentage Change		2025		2024		Percentage Change

	(Dollar amounts and square footage in thousands)
Revenues:
Same Store Facilities	$	948,925	$	948,693	—	%	$	2,828,661	$	2,825,867	0.1	%
Acquired Facilities	67,935		46,961		44.7	%	175,913		138,136		27.3	%
Newly Developed and Expanded Facilities	47,409		42,011		12.8	%	134,282		117,461		14.3	%
Other Non-Same Store Facilities	74,568		72,450		2.9	%	221,637		214,432		3.4	%
	1,138,837		1,110,115		2.6	%	3,360,493		3,295,896		2.0	%
Cost of operations:
Same Store Facilities	231,785		231,767		—	%	703,436		696,258		1.0	%
Acquired Facilities	21,586		15,767		36.9	%	56,205		45,661		23.1	%
Newly Developed and Expanded Facilities	15,393		13,437		14.6	%	43,424		38,469		12.9	%
Other Non-Same Store Facilities	25,701		26,464		(2.9)	%	77,271		77,962		(0.9)	%
	294,465		287,435		2.4	%	880,336		858,350		2.6	%
Net operating income (a):
Same Store Facilities	717,140		716,926		—	%	2,125,225		2,129,609		(0.2)	%
Acquired Facilities	46,349		31,194		48.6	%	119,708		92,475		29.4	%
Newly Developed and Expanded Facilities	32,016		28,574		12.0	%	90,858		78,992		15.0	%
Other Non-Same Store Facilities	48,867		45,986		6.3	%	144,366		136,470		5.8	%
Total net operating income	844,372		822,680		2.6	%	2,480,157		2,437,546		1.7	%

Depreciation and amortization expense:
Same Store Facilities	175,567		177,842		(1.3)	%	529,835		533,778		(0.7)	%
Acquired Facilities	58,558		49,649		17.9	%	157,477		157,572		(0.1)	%
Newly Developed and Expanded Facilities	17,400		14,022		24.1	%	51,319		38,882		32.0	%
Other Non-Same Store Facilities	38,839		38,817		0.1	%	117,664		118,643		(0.8)	%
Total depreciation and amortization	290,364		280,330		3.6	%	856,295		848,875		0.9	%

Net income (loss):
Same Store Facilities	541,573		539,084		0.5	%	1,595,390		1,595,831		—	%
Acquired Facilities	(12,209)		(18,455)		(33.8)	%	(37,769)		(65,097)		(42.0)	%
Newly Developed and Expanded Facilities	14,616		14,552		0.4	%	39,539		40,110		(1.4)	%
Other Non-Same Store Facilities	10,028		7,169		39.9	%	26,702		17,827		49.8	%
Total net income	$	554,008	$	542,350	2.1	%	$	1,623,862	$	1,588,671	2.2	%

Number of facilities at period end:
Same Store Facilities							2,565		2,565		—	%
Acquired Facilities							260		169		53.8	%
Newly Developed and Expanded Facilities							103		91		13.2	%
Other Non-Same Store Facilities							224		224		0.0	%
							3,152		3,049		3.4	%
Net rentable square footage at period end:
Same Store Facilities							175,349		175,349		—	%
Acquired Facilities							18,955		12,410		52.7	%
Newly Developed and Expanded Facilities							12,373		10,515		17.7	%
Other Non-Same Store Facilities							20,993		20,566		2.1	%
							227,670		218,840		4.0	%

(a) Net operating income or “NOI” is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense, which is based upon historical real estate costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. We utilize NOI in determining current property values, evaluating property performance, and evaluating property operating trends. We believe that investors and analysts utilize NOI in a similar manner. NOI is not a substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. See Note 14 to our September 30, 2025 consolidated financial statements for a reconciliation of NOI to our total net income for all periods presented.

Same Store Facilities

The Same Store Facilities consist of facilities we have owned and operated on a stabilized level of occupancy, revenues, and cost of operations since January 1, 2023. Our Same Store Facilities increased from 2,507 facilities at December 31, 2024 to 2,565 at September 30, 2025. The composition of our Same Store Facilities allows us more effectively to evaluate the ongoing performance of our self-storage portfolio in 2023, 2024, and 2025 and exclude the impact of fill-up of unstabilized facilities, which can significantly affect operating trends. We believe investors and analysts use Same Store Facilities information in a similar manner. However, because other REITs may not compute Same Store Facilities in the same manner as we do, may not use the same terminology or may not present such a measure, Same Store Facilities may not be comparable among REITs.

The following table summarizes the historical operating results (for all periods presented) of these 2,565 facilities (175.3 million net rentable square feet) that represent approximately 77% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at September 30, 2025. It includes various measures and detail that we do not include in the analysis of the developed, acquired, and other non-same store facilities, due to the relative magnitude and importance of the Same Store Facilities relative to our other self-storage facilities.

Selected Operating Data for the Same Store Facilities (2,565 facilities)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024		Change (e)	2025		2024		Change (e)

	(Dollar amounts in thousands, except for per square foot data)
Revenues (a):
Rental income	$	916,590	$	915,614	0.1%	$	2,731,714	$	2,728,749	0.1%
Late charges and administrative fees	32,335		33,079		(2.2)%	96,947		97,118		(0.2)%
Total revenues	948,925		948,693		—%	2,828,661		2,825,867		0.1%

Direct cost of operations (a):
Property taxes	93,983		89,566		4.9%	287,503		275,015		4.5%
On-site property manager payroll	32,169		32,928		(2.3)%	95,744		101,968		(6.1)%
Repairs and maintenance	18,108		19,269		(6.0)%	58,838		58,366		0.8%
Utilities	13,135		13,726		(4.3)%	38,054		37,598		1.2%
Marketing	21,313		22,499		(5.3)%	62,313		64,971		(4.1)%
Other direct property costs	24,945		26,899		(7.3)%	75,336		76,870		(2.0)%
Total direct cost of operations	203,653		204,887		(0.6)%	617,788		614,788		0.5%
Direct net operating income (b)	745,272		743,806		0.2%	2,210,873		2,211,079		—%

Indirect cost of operations (a):
Supervisory payroll	(10,315)		(10,273)		0.4%	(31,994)		(31,055)		3.0%
Centralized management costs	(15,476)		(14,168)		9.2%	(46,313)		(42,697)		8.5%
Share-based compensation	(2,341)		(2,439)		(4.0)%	(7,341)		(7,718)		(4.9)%
Net operating income	717,140		716,926		—%	2,125,225		2,129,609		(0.2)%

Depreciation and amortization expense	(175,567)		(177,842)		(1.3)%	(529,835)		(533,778)		(0.7)%
Net income	$	541,573	$	539,084	0.5%	$	1,595,390	$	1,595,831	—%

Gross margin (before indirect costs, depreciation and amortization expense)	78.5%		78.4%		0.1%	78.2%		78.2%		—%

Gross margin (before depreciation and amortization expense)	75.6%		75.6%		—%	75.1%		75.4%		(0.3)%

Weighted average for the period:
Square foot occupancy	92.2%		92.7%		(0.5)%	92.1%		92.6%		(0.5)%

Realized annual rental income per (c):

Occupied square foot	$	22.67	$	22.53	0.6%	$	22.55	$	22.41	0.6%
Available square foot	$	20.91	$	20.89	0.1%	$	20.77	$	20.75	0.1%

At September 30:
Square foot occupancy						90.7%		91.4%		(0.7)%
Annual contract rent per occupied square foot (d)						$	22.88	$	22.86	0.1%

(a) Revenues and cost of operations do not include tenant reinsurance and merchandise sale revenues and expenses generated at the facilities. See “Ancillary Operations” below for more information.

(b) Direct net operating income (“Direct NOI”), a subtotal within NOI, is a non-GAAP financial measure that excludes the impact of supervisory payroll, centralized management costs, and share-based compensation in addition to depreciation and amortization expense. We utilize direct net operating income in evaluating property performance and in evaluating property operating trends as compared to our competitors.

(c) Realized annual rent per occupied square foot is computed by dividing rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. Realized annual rent per available square foot (“REVPAF”) is computed by dividing rental income, before late charges and administrative fees, by the total available net rentable square feet for the period. These measures exclude late charges and administrative fees in order to provide a better measure of our ongoing level of revenue. Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins. In addition, the rates charged for late charges and administrative fees can vary independently from rental rates. These measures take into consideration promotional discounts, which reduce rental income.

(d) Annual contract rent represents the agreed upon monthly rate that is paid by our tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in, and we adjust them from time to time with notice. Contract rent excludes other fees that are charged on a per-item basis, such as late charges and administrative fees, does not reflect the impact of promotional discounts, and does not reflect the impact of rents that are written off as uncollectible.

(e) Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.

Analysis of Same Store Revenue

We believe a balanced occupancy and rate strategy maximizes our revenues over time. We regularly adjust rental rates and promotional discounts offered (generally, “$1.00 rent for the first month”), as well as our marketing efforts to maximize revenue from new tenants to replace tenants that vacate.

We typically increase rental rates to our long-term tenants (generally, those who have been with us for at least six months) every six to twelve months. As a result, the number of long-term tenants we have in our facilities is an important factor in our revenue growth. The level of rate increases to long-term tenants is based upon evaluating the additional revenue from the increase against the negative impact of incremental move-outs, by considering tenants’ in-place rent and prevailing market rents, among other factors.

Revenues generated by our Same Store Facilities remained relatively unchanged for the three months ended September 30, 2025 and increased 0.1% for the nine months ended September 30, 2025, as compared to the same periods in 2024. Revenues for the three months ended September 30, 2025 remained relatively unchanged due primarily to a 0.6% increase in realized annual rent per occupied square foot, offset by a 0.5% decrease in average occupancy and a 2.2% decrease in Late Charges and Administrative Fees, as compared to the same period in 2024. The 0.1% increase for the nine months ended September 30, 2025 was due primarily to a 0.6% increase in realized annual rent per occupied square foot, offset by a 0.5% decrease in average occupancy, as compared to the same period in 2024.

The 0.6% increase in realized annual rent per occupied square foot in both of the three and nine months ended September 30, 2025, as compared to the same periods in 2024, was due to cumulative rate increases to existing long-term tenants over the past twelve months offset by a decrease in average rates per square foot charged to new tenants moving in over the same period.

The weighted average square foot occupancy for our Same Store Facilities was 92.2% and 92.1% for the three and nine months ended September 30, 2025, respectively, representing a decrease of 0.5% due primarily to a decline in move-in volume net of move-out volumes, as compared to the same periods in 2024.

Move-out activities from our tenants decreased slightly for the three and nine months ended September 30, 2025 as compared to the same periods in 2024. Move-out average annual contract rent per square foot decreased for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024.

Selected Key Move-in and Move-Out Statistical Data

The following table sets forth average annual contract rent per square foot and total square footage for tenants moving in and moving out during the three and nine months ended September 30, 2025 and 2024. Contract rents gained from move-ins and contracts rents lost from move-outs included in the table assume move-in and move-out activities occur at the beginning of each period presented. The table also includes promotional discounts, which vary based upon the move-in contractual rates, move-in volume, and percentage of tenants moving in who receive the discount.


	Three Months Ended September 30,					Nine Months Ended September 30,

	2025		2024		Change	2025		2024		Change

	(Amounts in thousands, except for per square foot amounts)

Tenants moving in during the period:
Average annual contract rent per square foot	$	13.53	$	14.38	(5.9)%	$	13.19	$	13.92	(5.2)%
Square footage	30,543		31,716		(3.7)%	93,865		94,164		(0.3)%
Contract rents gained from move-ins	$	103,312	$	114,019	(9.4)%	$	928,560	$	983,072	(5.5)%
Promotional discounts given	$	14,101	$	19,319	(3.7)%	$	43,444	$	47,496	(8.5)%

Tenants moving out during the period:
Average annual contract rent per square foot	$	20.39	$	20.71	(1.5)%	$	20.35	$	20.73	(1.8)%
Square footage	33,192		33,814		(1.8)%	93,539		93,726		(0.2)%
Contract rents lost from move-outs	$	169,196	$	175,072	(3.4)%	$	1,427,639	$	1,457,205	(2.0)%

We expect industry-wide demand in 2025 to increase as compared to 2024, across a diverse set of markets, subject to potential adverse effects from evolving political, macroeconomic uncertainty, including changes in trade policy and new tariffs, and microeconomic uncertainty. Following the recent wildfires in Southern California in early 2025, we anticipate an adverse impact on revenue growth at our self-storage facilities located in Los Angeles County, where a temporary governmental pricing limitation is in place under the “State of Emergency” declarations. These self-storage facilities generated approximately 10% of revenues earned by our Same Store Facilities in 2024. As a result, we expect Same Store Facilities revenues in 2025 to be similar to those earned in 2024.

Late Charges and Administrative Fees

Late charges and administrative fees decreased 2.2% and 0.2% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, as a result of lower late charges collected on delinquent accounts due to lower customer delinquency rates for both periods.

Analysis of Same Store Cost of Operations

Cost of operations (excluding depreciation and amortization) remained relatively unchanged for the three months ended September 30, 2025 and increased 1.0% for the nine months ended September 30, 2025, as compared to the same periods in 2024. The year over-year increase for the nine months ended September 30, 2025 was due primarily to increased property tax expense and centralized management costs, partially offset by decreased on-site property manager payroll expense and marketing.

Property tax expense increased 4.9% and 4.5% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, as a result of higher assessed values. We expect property tax expense to grow approximately 5.5% in 2025 due primarily to higher assessed values.

On-site property manager payroll expense decreased 2.3% and 6.1% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, primarily due to reduction in labor hours driven by the continued implementation of dynamic staffing models based on customer activity levels. We expect on-site property manager payroll expense to decrease moderately in 2025 as compared to 2024 as we continue to enhance operational processes.

Marketing expense includes internet advertising we utilize through our online paid search programs and the operating costs of our website and telephone reservation center. Internet advertising expense, comprising keyword search fees assessed on a “per click” basis, varies based upon demand for self-storage space, the quantity of people inquiring about self-storage through online search, occupancy levels, the number and aggressiveness of bidding competitors, and other factors. These factors are volatile; accordingly, Internet advertising can increase or decrease significantly in the short-term. Our marketing expense decreased by 5.3% and 4.1% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024. For the three and nine months ended September 30, 2025, we realized cost efficiencies on our online paid search programs utilized to attract new tenants as compared to the same periods in 2024. We plan to continue to use internet advertising and other advertising channels to support move-in volumes for the remainder of 2025.

Centralized management costs represent administrative and cash compensation expenses for shared general corporate functions to the extent their efforts are devoted to self-storage operations. Such functions include information technology support, hardware, and software, as well as centralized administration of payroll, benefits, training, repairs and maintenance, customer service, pricing and marketing, operational accounting and finance, legal costs, and costs from field management executives. Centralized management costs increased 9.2% and 8.5% for the three and nine months ended September 30, 2025, respectively, as compared to the same period in 2024, primarily driven by increases in personnel-related costs.

Analysis of Market Trends

The following tables set forth selected market trends in our Same Store Facilities:

Same Store Facilities Operating Trends by Market


	As of September 30, 2025		Three Months Ended September 30,
			Realized Rent per Occupied Square Foot						Average Occupancy						Realized Rent per Available Square Foot
	Number of Facilities	Square Feet (millions)	2025		2024		Change (a)		2025		2024		Change (a)		2025		2024		Change (a)
Los Angeles	217	15.8	$	35.80	$	36.59	(2.2)	%	94.8	%	94.1	%	0.7	%	$	33.94	$	34.42	(1.4)	%
San Francisco	130	8.0	33.91		33.20		2.1	%	94.2	%	94.1	%	0.1	%	31.93		31.23		2.2	%
New York	90	6.6	33.17		32.55		1.9	%	93.5	%	93.8	%	(0.3)	%	31.02		30.54		1.6	%
Washington DC	109	7.3	27.70		27.10		2.2	%	93.9	%	93.7	%	0.2	%	26.02		25.41		2.4	%
Miami	85	6.3	30.35		30.13		0.7	%	92.0	%	93.2	%	(1.2)	%	27.92		28.07		(0.6)	%
Seattle-Tacoma	95	6.7	26.82		26.09		2.8	%	92.6	%	93.1	%	(0.5)	%	24.84		24.29		2.3	%
Dallas-Ft. Worth	136	10.2	17.45		18.29		(4.6)	%	90.0	%	89.5	%	0.5	%	15.70		16.36		(4.0)	%
Houston	128	10.4	17.02		16.73		1.7	%	90.4	%	92.8	%	(2.4)	%	15.38		15.52		(0.9)	%
Chicago	132	8.4	21.36		20.63		3.6	%	93.5	%	93.6	%	(0.1)	%	19.97		19.30		3.4	%
Atlanta	107	7.1	16.03		17.06		(6.1)	%	89.1	%	89.1	%	—	%	14.28		15.21		(6.2)	%
West Palm Beach	42	3.3	25.95		25.90		0.2	%	91.0	%	92.1	%	(1.1)	%	23.61		23.85		(1.0)	%
Orlando-Daytona	72	4.6	18.69		18.65		0.2	%	89.9	%	92.2	%	(2.3)	%	16.80		17.19		(2.3)	%
Philadelphia	60	3.9	20.67		20.64		0.1	%	92.6	%	93.0	%	(0.4)	%	19.13		19.20		(0.3)	%
Baltimore	40	2.9	23.44		23.54		(0.4)	%	94.0	%	93.2	%	0.8	%	22.02		21.95		0.3	%
Tampa	56	3.7	19.37		18.51		4.6	%	91.0	%	91.2	%	(0.2)	%	17.62		16.88		4.4	%
Charlotte	57	4.4	15.84		15.99		(0.9)	%	90.2	%	91.8	%	(1.6)	%	14.28		14.68		(2.7)	%
San Diego	22	2.1	30.72		30.03		2.3	%	94.4	%	94.3	%	0.1	%	29.00		28.32		2.4	%
Denver	60	4.1	19.42		19.50		(0.4)	%	92.6	%	92.2	%	0.4	%	17.98		17.98		—	%
Phoenix	45	3.1	19.50		19.69		(1.0)	%	91.5	%	92.8	%	(1.3)	%	17.85		18.28		(2.4)	%
Detroit	43	3.1	18.19		17.98		1.1	%	94.0	%	93.6	%	0.4	%	17.10		16.83		1.6	%
Boston	27	1.9	29.49		28.92		2.0	%	94.3	%	94.5	%	(0.2)	%	27.80		27.32		1.7	%
Honolulu	11	0.8	56.03		54.60		2.6	%	95.3	%	95.4	%	(0.1)	%	53.37		52.08		2.5	%
Portland	44	2.3	21.85		21.25		2.8	%	92.7	%	93.6	%	(0.9)	%	20.24		19.89		1.8	%
Minneapolis/St. Paul	50	3.5	16.98		16.50		2.9	%	94.0	%	92.9	%	1.1	%	15.97		15.32		4.2	%
Sacramento	34	2.0	22.01		21.82		0.9	%	91.9	%	93.3	%	(1.4)	%	20.24		20.36		(0.6)	%
All other markets	673	42.8	16.41		16.26		1.0	%	91.8	%	92.5	%	(0.7)	%	15.06		15.04		0.1	%
Totals	2,565	175.3	$	22.67	$	22.53	0.6	%	92.2	%	92.7	%	(0.5)	%	$	20.91	$	20.89	0.1	%

(a) Represents the absolute nominal change with respect to square foot occupancy, and the percentage change with respect to all other items.

Same Store Facilities Operating Trends by Market (Continued)


	Three Months Ended September 30, 2025
	Revenues ($000's)						Direct Expenses ($000's)						Indirect Expenses ($000's)						Net Operating Income ($000's)
	2025		2024		Change		2025		2024		Change		2025		2024		Change		2025		2024		Change
Los Angeles	$	137,185	$	139,263	(1.5)	%	$	18,307	$	18,879	(3.0)	%	$	2,523	$	2,508	0.6	%	$	116,355	$	117,876	(1.3)	%
San Francisco	65,519		64,118		2.2	%	9,786		10,069		(2.8)	%	1,479		1,406		5.2	%	54,254		52,643		3.1	%
New York	53,195		52,294		1.7	%	12,513		12,781		(2.1)	%	1,197		1,042		14.9	%	39,485		38,471		2.6	%
Washington DC	48,990		47,911		2.3	%	10,430		9,890		5.5	%	1,273		1,225		3.9	%	37,287		36,796		1.3	%
Miami	45,126		45,412		(0.6)	%	8,666		11,114		(22.0)	%	914		931		(1.8)	%	35,546		33,367		6.5	%
Seattle-Tacoma	42,433		41,511		2.2	%	7,335		7,896		(7.1)	%	1,152		1,013		13.7	%	33,946		32,602		4.1	%
Dallas-Ft. Worth	41,629		43,516		(4.3)	%	11,123		10,764		3.3	%	1,489		1,307		13.9	%	29,017		31,445		(7.7)	%
Houston	41,933		42,361		(1.0)	%	11,027		11,333		(2.7)	%	1,386		1,326		4.5	%	29,520		29,702		(0.6)	%
Chicago	43,412		41,995		3.4	%	17,302		13,410		29.0	%	1,377		1,297		6.2	%	24,733		27,288		(9.4)	%
Atlanta	26,723		28,483		(6.2)	%	6,102		7,195		(15.2)	%	1,173		1,144		2.5	%	19,448		20,144		(3.5)	%
West Palm Beach	19,993		20,225		(1.1)	%	3,899		4,127		(5.5)	%	469		484		(3.1)	%	15,625		15,614		0.1	%
Orlando-Daytona	19,948		20,424		(2.3)	%	4,094		4,235		(3.3)	%	753		756		(0.4)	%	15,101		15,433		(2.2)	%
Philadelphia	19,394		19,473		(0.4)	%	4,584		4,938		(7.2)	%	625		651		(4.0)	%	14,185		13,884		2.2	%
Baltimore	16,935		16,868		0.4	%	3,619		3,487		3.8	%	424		386		9.8	%	12,892		12,995		(0.8)	%
Tampa	17,140		16,498		3.9	%	4,103		4,151		(1.2)	%	591		572		3.3	%	12,446		11,775		5.7	%
Charlotte	16,534		17,000		(2.7)	%	3,473		3,571		(2.7)	%	589		545		8.1	%	12,472		12,884		(3.2)	%
San Diego	15,285		14,930		2.4	%	2,415		2,483		(2.7)	%	250		277		(9.7)	%	12,620		12,170		3.7	%
Denver	19,354		19,376		(0.1)	%	5,889		6,108		(3.6)	%	605		616		(1.8)	%	12,860		12,652		1.6	%
Phoenix	14,561		14,947		(2.6)	%	3,037		3,354		(9.5)	%	466		497		(6.2)	%	11,058		11,096		(0.3)	%
Detroit	13,914		13,696		1.6	%	2,903		2,768		4.9	%	484		455		6.4	%	10,527		10,473		0.5	%
Boston	13,349		13,123		1.7	%	2,719		2,501		8.7	%	303		293		3.4	%	10,327		10,329		—	%
Honolulu	10,952		10,693		2.4	%	1,500		1,370		9.5	%	155		126		23.0	%	9,297		9,197		1.1	%
Portland	12,235		12,022		1.8	%	2,564		2,383		7.6	%	430		434		(0.9)	%	9,241		9,205		0.4	%
Minneapolis/St. Paul	14,316		13,747		4.1	%	4,200		4,083		2.9	%	569		482		18.0	%	9,547		9,182		4.0	%
Sacramento	10,291		10,351		(0.6)	%	1,784		1,654		7.9	%	367		363		1.1	%	8,140		8,334		(2.3)	%
All other markets	168,579		168,456		0.1	%	40,279		40,343		(0.2)	%	7,089		6,744		5.1	%	121,211		121,369		(0.1)	%
Totals	$	948,925	$	948,693	—	%	$	203,653	$	204,887	(0.6)	%	$	28,132	$	26,880	4.7	%	$	717,140	$	716,926	—	%

Same Store Facilities Operating Trends by Market (Continued)


	As of September 30, 2025		Nine Months Ended September 30,
			Realized Rent per Occupied Square Foot						Average Occupancy						Realized Rent per Available Square Foot
	Number of Facilities	Square Feet (millions)	2025		2024		Change (a)		2025		2024		Change (a)		2025		2024		Change (a)
Los Angeles	217	15.8	$	35.94	$	36.12	(0.5)	%	94.8	%	94.8	%	0.0	%	$	34.08	$	34.25	(0.5)	%
San Francisco	130	8.0	33.58		32.55		3.2	%	93.9	%	94.6	%	(0.7)	%	31.55		30.78		2.5	%
New York	90	6.6	32.85		32.25		1.8	%	93.2	%	93.8	%	(0.6)	%	30.61		30.24		1.2	%
Washington DC	109	7.3	27.35		26.81		2.0	%	93.4	%	93.0	%	0.4	%	25.53		24.93		2.4	%
Miami	85	6.3	30.16		29.83		1.1	%	92.6	%	93.5	%	(0.9)	%	27.92		27.91		0.1	%
Seattle-Tacoma	95	6.7	26.59		25.64		3.7	%	92.5	%	93.1	%	(0.6)	%	24.59		23.87		3.0	%
Dallas-Ft. Worth	136	10.2	17.49		18.24		(4.1)	%	89.5	%	89.6	%	(0.1)	%	15.65		16.35		(4.3)	%
Houston	128	10.4	17.01		16.69		1.9	%	90.6	%	91.8	%	(1.2)	%	15.42		15.32		0.6	%
Chicago	132	8.4	21.05		20.45		3.0	%	92.8	%	93.0	%	(0.2)	%	19.53		19.02		2.7	%
Atlanta	107	7.1	16.18		17.49		(7.5)	%	88.6	%	88.2	%	0.4	%	14.33		15.42		(7.1)	%
West Palm Beach	42	3.3	25.82		25.78		0.1	%	91.5	%	92.6	%	(1.1)	%	23.62		23.88		(1.1)	%
Orlando-Daytona	72	4.6	18.70		18.75		(0.3)	%	90.3	%	91.7	%	(1.4)	%	16.88		17.20		(1.9)	%
Philadelphia	60	3.9	20.54		20.70		(0.8)	%	92.7	%	92.8	%	(0.1)	%	19.05		19.20		(0.8)	%
Baltimore	40	2.9	23.32		23.54		(0.9)	%	93.2	%	92.6	%	0.6	%	21.73		21.80		(0.3)	%
Tampa	56	3.7	19.39		18.89		2.6	%	91.6	%	90.6	%	1.0	%	17.77		17.12		3.8	%
Charlotte	57	4.4	15.83		16.02		(1.2)	%	90.1	%	91.6	%	(1.5)	%	14.27		14.67		(2.7)	%
San Diego	22	2.1	30.44		29.75		2.3	%	93.8	%	94.6	%	(0.8)	%	28.56		28.14		1.5	%
Denver	60	4.1	19.22		19.26		(0.2)	%	92.0	%	92.3	%	(0.3)	%	17.68		17.77		(0.5)	%
Phoenix	45	3.1	19.37		19.75		(1.9)	%	91.8	%	92.6	%	(0.8)	%	17.78		18.29		(2.8)	%
Detroit	43	3.1	18.23		17.93		1.7	%	92.7	%	93.0	%	(0.3)	%	16.91		16.67		1.4	%
Boston	27	1.9	28.72		28.32		1.4	%	94.2	%	94.3	%	(0.1)	%	27.04		26.72		1.2	%
Honolulu	11	0.8	55.31		52.92		4.5	%	95.6	%	96.3	%	(0.7)	%	52.85		50.96		3.7	%
Portland	44	2.3	21.72		21.26		2.2	%	92.4	%	93.3	%	(0.9)	%	20.06		19.83		1.2	%
Minneapolis/St. Paul	50	3.5	16.79		16.45		2.1	%	93.1	%	92.3	%	0.8	%	15.63		15.17		3.0	%
Sacramento	34	2.0	21.78		21.70		0.4	%	92.8	%	93.8	%	(1.0)	%	20.21		20.36		(0.7)	%
All other markets	673	42.8	16.28		16.22		0.4	%	91.8	%	92.5	%	(0.7)	%	14.94		15.00		(0.4)	%
Totals	2,565	175.3	$	22.55	$	22.41	0.6	%	92.1	%	92.6	%	(0.5)	%	$	20.77	$	20.75	0.1	%

(a) Represents the absolute nominal change with respect to square foot occupancy, and the percentage change with respect to all other items.

Same Store Facilities Operating Trends by Market (Continued)


	Nine Months Ended September 30,
	Revenues ($000's)						Direct Expenses ($000's)						Indirect Expenses ($000's)						Net Operating Income ($000's)
	2025		2024		Change		2025		2024		Change		2025		2024		Change		2025		2024		Change
Los Angeles	$	413,485	$	415,555	(0.5)	%	$	55,352	$	55,871	(0.9)	%	$	7,607	$	7,857	(3.2)	%	$	350,526	$	351,827	(0.4)	%
San Francisco	194,265		189,735		2.4	%	29,402		30,770		(4.4)	%	4,520		4,179		8.2	%	160,343		154,786		3.6	%
New York	157,242		155,199		1.3	%	39,581		38,503		2.8	%	3,619		3,215		12.6	%	114,042		113,481		0.5	%
Washington DC	144,371		140,979		2.4	%	30,651		28,365		8.1	%	3,873		3,765		2.9	%	109,847		108,849		0.9	%
Miami	135,401		135,355		—	%	28,962		29,230		(0.9)	%	2,805		2,799		0.2	%	103,634		103,326		0.3	%
Seattle-Tacoma	126,004		122,258		3.1	%	22,569		24,248		(6.9)	%	3,298		3,061		7.7	%	100,137		94,949		5.5	%
Dallas-Ft. Worth	124,552		130,509		(4.6)	%	33,018		32,261		2.3	%	4,450		3,847		15.7	%	87,084		94,401		(7.8)	%
Houston	126,111		125,500		0.5	%	34,674		34,067		1.8	%	4,375		3,961		10.5	%	87,062		87,472		(0.5)	%
Chicago	127,374		124,014		2.7	%	50,135		48,590		3.2	%	4,239		3,979		6.5	%	73,000		71,445		2.2	%
Atlanta	80,474		86,479		(6.9)	%	19,013		21,029		(9.6)	%	3,614		3,369		7.3	%	57,847		62,081		(6.8)	%
West Palm Beach	60,044		60,729		(1.1)	%	12,835		13,554		(5.3)	%	1,443		1,553		(7.1)	%	45,766		45,622		0.3	%
Orlando-Daytona	60,149		61,254		(1.8)	%	12,867		13,000		(1.0)	%	2,357		2,301		2.4	%	44,925		45,953		(2.2)	%
Philadelphia	57,907		58,372		(0.8)	%	14,653		14,260		2.8	%	1,951		1,890		3.2	%	41,303		42,222		(2.2)	%
Baltimore	50,142		50,224		(0.2)	%	10,744		10,016		7.3	%	1,302		1,213		7.3	%	38,096		38,995		(2.3)	%
Tampa	51,856		50,071		3.6	%	12,420		12,703		(2.2)	%	1,773		1,710		3.7	%	37,663		35,658		5.6	%
Charlotte	49,573		50,929		(2.7)	%	10,267		10,170		1.0	%	1,787		1,646		8.6	%	37,519		39,113		(4.1)	%
San Diego	45,181		44,534		1.5	%	7,062		7,041		0.3	%	809		892		(9.3)	%	37,310		36,601		1.9	%
Denver	57,089		57,398		(0.5)	%	17,977		18,234		(1.4)	%	1,901		1,822		4.3	%	37,211		37,342		(0.4)	%
Phoenix	43,596		44,890		(2.9)	%	8,435		9,438		(10.6)	%	1,381		1,486		(7.1)	%	33,780		33,966		(0.5)	%
Detroit	41,289		40,692		1.5	%	8,811		8,480		3.9	%	1,445		1,322		9.3	%	31,033		30,890		0.5	%
Boston	38,966		38,476		1.3	%	8,736		8,461		3.3	%	958		951		0.7	%	29,272		29,064		0.7	%
Honolulu	32,576		31,352		3.9	%	4,328		4,174		3.7	%	472		391		20.7	%	27,776		26,787		3.7	%
Portland	36,364		35,934		1.2	%	7,387		7,245		2.0	%	1,322		1,342		(1.5)	%	27,655		27,347		1.1	%
Minneapolis/St. Paul	42,046		40,799		3.1	%	13,026		12,917		0.8	%	1,639		1,431		14.5	%	27,381		26,451		3.5	%
Sacramento	30,802		31,063		(0.8)	%	5,298		5,100		3.9	%	1,095		1,097		(0.2)	%	24,409		24,866		(1.8)	%
All other markets	501,802		503,567		(0.4)	%	119,585		117,061		2.2	%	21,613		20,391		6.0	%	360,604		366,115		(1.5)	%
Totals	$	2,828,661	$	2,825,867	0.1	%	$	617,788	$	614,788	0.5	%	$	85,648	$	81,470	5.1	%	$	2,125,225	$	2,129,609	(0.2)	%

Acquired Facilities

The Acquired Facilities represent 260 facilities that we acquired in 2023, 2024, and 2025. As a result of the stabilization process and timing of when these facilities were acquired, year-over-year changes can be significant. The following table summarizes operating data with respect to the Acquired Facilities:


ACQUIRED FACILITIES	Three Months Ended September 30,							Nine Months Ended September 30,
	2025		2024			Change (a)		2025		2024		Change (a)

	($ amounts in thousands, except for per square foot amounts)
Revenues (b):
2023 Acquisitions	$	48,872		$	46,375	$	2,497	$	144,400	$	137,488	$	6,912
2024 Acquisitions	5,477			586		4,891		15,196		648		14,548
2025 Acquisitions	13,586			—		13,586		16,317		—		16,317
Total revenues	67,935			46,961		20,974		175,913		138,136		37,777

Cost of operations (b):
2023 Acquisitions	14,773			15,103		(330)		44,149		44,876		(727)
2024 Acquisitions	1,811			664		1,147		5,623		785		4,838
2025 Acquisitions	5,002			—		5,002		6,433		—		6,433
Total cost of operations	21,586			15,767		5,819		56,205		45,661		10,544

Net operating income:
2023 Acquisitions	34,099			31,272		2,827		100,251		92,612		7,639
2024 Acquisitions	3,666			(78)		3,744		9,573		(137)		9,710
2025 Acquisitions	8,584			—		8,584		9,884		—		9,884
Net operating income	46,349			31,194		15,155		119,708		92,475		27,233
Depreciation and amortization expense	(58,558)			(49,649)		(8,909)		(157,477)		(157,572)		95
Net loss	$	(12,209)		$	(18,455)	$	6,246	$	(37,769)	$	(65,097)	$	27,328

As of September 30:
Square foot occupancy:
2023 Acquisitions								86.1%		87.6%		(1.5)%
2024 Acquisitions								85.9%		63.2%		22.7%
2025 Acquisitions								81.7%		—%		—%
								84.9%		86.3%		(1.4)%
Annual contract rent per occupied square foot:
2023 Acquisitions								$	17.78	$	17.08	4.1%
2024 Acquisitions								14.56		10.93		33.2%
2025 Acquisitions								14.16		—		—%
								$	16.55	$	16.96	(2.4)%
Number of facilities:
2023 Acquisitions								164		164		—
2024 Acquisitions								22		5		17
2025 Acquisitions								74		—		74
								260		169		91
Net rentable square feet (in thousands):
2023 Acquisitions								12,112		12,067		45
2024 Acquisitions								1,666		343		1,323
2025 Acquisitions								5,177		—		5,177
								18,955		12,410		6,545

ACQUIRED FACILITIES (Continued)


	As of September 30 2025
Costs to acquire (in thousands):
2023 Acquisitions (c)(d)	$	2,674,840
2024 Acquisitions	267,473
2025 Acquisitions	814,555
	$	3,756,868

(a) Represents the percentage change with respect to annual contract rent per occupied square foot, and the absolute nominal change with respect to all other items.

(b) Revenues and cost of operations do not include tenant reinsurance and merchandise sale revenues and expenses generated at the facilities. See “Ancillary Operations” below for more information.

(c) We have completed the expansion project on a facility acquired in 2023 for $6.9 million, adding 45,000 net rentable square feet of storage space as of September 30, 2025.

(d) The amount includes the costs allocated to land, buildings and intangible assets associated with the 127 self-storage facilities from the Simply Acquisition.

We have been active in acquiring facilities in recent years. Since the beginning of 2023, we acquired a total of 260 facilities with 19.0 million net rentable square feet for $3.8 billion. During the three and nine months ended September 30, 2025, these facilities contributed net operating income of $46.3 million and $119.7 million, respectively.

During 2023, we acquired BREIT Simply Storage LLC (“Simply”), a self-storage company that owned and operated 127 self-storage facilities (9.4 million square feet) and managed 25 self-storage facilities (1.8 million square feet) for third parties, for a purchase price of $2.2 billion in cash. Included in the acquisition results in the table above are the Simply portfolio self-storage revenues of $116.9 million and $113.9 million, NOI of $81.6 million and $77.9 million (including Direct NOI of $85.8 million and $81.9 million), and average square footage occupancy of 88.3% and 87.4% for the nine months ended September 30, 2025 and September 30, 2024, respectively.

We remain active in seeking to acquire additional self-storage facilities. Future acquisition volume may be impacted by cost of capital and overall macro-economic uncertainties. During the nine months ended September 30, 2025, we acquired 74 self-storage facilities across 19 states with 5.2 million net rentable square feet for $814.6 million. Subsequent to September 30, 2025, we acquired or were under contract to acquire 12 self-storage facilities across eight states with 0.9 million net rentable square feet for $119.9 million. As a result, our total acquisitions planned or completed through September 30, 2025, amount to $934.5 million.

Newly Developed and Expanded Facilities

The Newly Developed and Expanded Facilities include 40 facilities that were developed on new sites since January 1, 2020, and 63 facilities expanded to increase their net rentable square footage. Of these expansions, 45 were completed before 2024, 12 were completed in 2024 or 2025, and six are currently in process at September 30, 2025. The following table summarizes operating data with respect to the Newly Developed and Expanded Facilities:


NEWLY DEVELOPED AND EXPANDED FACILITIES
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		Change (a)		2025		2024		Change (a)

	($ amounts in thousands, except for per square foot amounts)
Revenues (b):
Developed in 2020	$	1,756	$	1,848	$	(92)	$	5,335	$	5,565	$	(230)
Developed in 2021	3,209		3,059		150		9,301		8,802		499
Developed in 2022	2,970		2,631		339		8,617		7,377		1,240
Developed in 2023	2,941		1,812		1,129		8,032		4,043		3,989
Developed in 2024	1,390		296		1,094		3,277		349		2,928
Developed in 2025	385		—		385		567		—		567
Expansions completed before 2024	26,216		24,790		1,426		77,229		71,616		5,613
Expansions completed in 2024 or 2025	5,720		4,536		1,184		13,445		10,484		2,961
Expansions in process	2,822		3,039		(217)		8,479		9,225		(746)
Total revenues	47,409		42,011		5,398		134,282		117,461		16,821

Cost of operations (b):
Developed in 2020	460		528		(68)		1,485		1,438		47
Developed in 2021	1,040		920		120		2,991		2,783		208
Developed in 2022	950		811		139		2,922		2,879		43
Developed in 2023	1,179		1,264		(85)		3,944		3,662		282
Developed in 2024	715		280		435		1,873		391		1,482
Developed in 2025	327		—		327		564		—		564
Expansions completed before 2024	7,338		7,057		281		21,960		21,551		409
Expansions completed in 2024 or 2025	2,788		1,627		1,161		5,904		3,597		2,307
Expansions in process	596		950		(354)		1,781		2,168		(387)
Total cost of operations	15,393		13,437		1,956		43,424		38,469		4,955

Net operating income (loss):
Developed in 2020	1,296		1,320		(24)		3,850		4,127		(277)
Developed in 2021	2,169		2,139		30		6,310		6,019		291
Developed in 2022	2,020		1,820		200		5,695		4,498		1,197
Developed in 2023	1,762		548		1,214		4,088		381		3,707
Developed in 2024	675		16		659		1,404		(42)		1,446
Developed in 2025	58		—		58		3		—		3
Expansions completed before 2024	18,878		17,733		1,145		55,269		50,065		5,204
Expansions completed in 2024 or 2025	2,932		2,909		23		7,541		6,887		654
Expansions in process	2,226		2,089		137		6,698		7,057		(359)
Net operating income	32,016		28,574		3,442		90,858		78,992		11,866
Depreciation and amortization expense	(17,400)		(14,022)		(3,378)		(51,319)		(38,882)		(12,437)
Net income	$	14,616	$	14,552	$	64	$	39,539	$	40,110	$	(571)


DEVELOPED AND EXPANDED FACILITIES (Continued)
	As of September 30,
		2025		2024		Change (a)

		($ amounts in thousands, except for per square foot amounts)
Square foot occupancy:
Developed in 2020		88.0%		90.7%		(2.7)%
Developed in 2021		83.8%		78.4%		5.4%
Developed in 2022		88.0%		86.6%		1.4%
Developed in 2023		81.6%		68.7%		12.9%
Developed in 2024		70.5%		45.7%		24.8%
Developed in 2025		31.5%		—%		31.5%
Expansions completed before 2024		83.7%		83.5%		0.2%
Expansions completed in 2024 or 2025		57.6%		59.8%		(2.2)%
Expansions in process		86.1%		90.6%		(4.5)%
		77.5%		78.6%		(1.1)%
Annual contract rent per occupied square foot:
Developed in 2020		$	22.03	$	22.04	0.0%
Developed in 2021		19.70		19.92		(1.1)%
Developed in 2022		19.10		17.33		10.2%
Developed in 2023		12.30		10.22		20.4%
Developed in 2024		12.20		9.67		26.2%
Developed in 2025		12.70		—		0.0%
Expansions completed before 2024		20.82		20.15		3.3%
Expansions completed in 2024 or 2025		17.67		20.32		(13.0)%
Expansions in process		26.32		27.04		(2.7)%
		$	19.17	$	19.26	(0.5)%
Number of facilities:
Developed in 2020		3		3		—
Developed in 2021		6		6		—
Developed in 2022		8		8		—
Developed in 2023		11		11		—
Developed in 2024		7		4		3
Developed in 2025		5		—		5
Expansions completed before 2024		45		45		—
Expansions completed in 2024 or 2025		12		7		5
Expansions in process		6		7		(1)
		103		91		12
Net rentable square feet (in thousands):
Developed in 2020		347		347		—
Developed in 2021		760		760		—
Developed in 2022		631		631		—
Developed in 2023 (c)		1,153		1,098		55
Developed in 2024		668		389		279
Developed in 2025		527		—		527
Expansions completed before 2024		5,834		5,753		81
Expansions completed in 2024 or 2025		1,961		1,050		911
Expansions in process		492		487		5
		12,373		10,515		1,858


	As of September 30, 2025
Costs to develop (in thousands):
Developed in 2020	$	42,063
Developed in 2021	128,435
Developed in 2022	100,089
Developed in 2023 (c)	217,572
Developed in 2024	129,669
Developed in 2025	118,191
Expansions completed before 2024 (d)	468,750
Expansions completed in 2024 or 2025 (d)	327,685
	$	1,532,454

(a) Represents the percentage change with respect to annual contract rent per occupied square foot, and the absolute nominal change with respect to all other items.

(b) Revenues and cost of operations do not include tenant reinsurance and merchandise sales generated at the facilities. See “Ancillary Operations” below for more information.

(c) We have completed an expansion project on a facility developed in 2023 for $23.8 million, adding 55,000 net rentable square feet of storage space as of September 30, 2025.

(d) These amounts only include the direct cost incurred to expand and renovate these facilities, and do not include (i) the original cost to develop or acquire the facility or (ii) the lost revenue on space demolished during the construction and fill-up period.

Our Newly Developed and Expanded Facilities includes a total of 103 self-storage facilities of 12.4 million net rentable square feet. For development and expansions completed by September 30, 2025, we incurred a total cost of $1.5 billion. During the three and nine months ended September 30, 2025, Newly Developed and Expanded Facilities contributed net operating income of $32.0 million and $90.9 million, respectively.

It typically takes at least three to four years for a newly developed or expanded self-storage facility to stabilize with respect to revenues. Physical occupancy can be achieved as early as two to three years following completion of the development or expansion through offering lower rental rates during fill-up. As a result, even after achieving high occupancy, there can still be a period of elevated revenue growth as the tenant base matures and higher rental rates are achieved.

We believe that our development and redevelopment activities generate favorable risk-adjusted returns over the long run. However, in the short run, our earnings are diluted during the construction and stabilization period due to the cost of capital to fund the development cost, the related construction and development overhead expenses included in general and administrative expense, and the net operating loss from newly developed facilities undergoing fill-up.

We typically underwrite new developments to stabilize at approximately an 8% yield on cost (adjusted for impacts from tenant reinsurance and maintenance capital expenditures). Our developed facilities have thus far leased up as expected and are at various stages of their revenue stabilization periods. The actual annualized yields that we may achieve on these facilities upon stabilization will depend on many factors, including local and current market conditions in the vicinity of each property and the level of new and existing supply.

The facilities under “expansions completed” represent those facilities where the expansions have been completed at September 30, 2025. We incurred a total of $796.4 million in direct cost to expand these facilities, demolished a total of 0.6 million net rentable square feet of storage space, and built a total of 4.7 million net rentable square feet of new storage space.

The facilities under “expansion in process” represent those facilities where construction is in process at September 30, 2025, and together with additional future expansion activities primarily related to our Same Store Facilities at September 30, 2025, we expect to add a total of 1.3 million net rentable square feet of storage space by expanding existing self-storage facilities for an aggregate direct development cost of $165.4 million.

At September 30, 2025, we had 29 additional facilities in development, which will have a total of 2.6 million net rentable square feet of storage space and have an aggregate development cost totaling approximately $483.8 million. We expect these facilities to open over the next 18 to 24 months.

As of September 30, 2025, we have ongoing development and expansion projects at a total cost to complete of approximately $649.2 million.

Other Non-Same Store Facilities

The “Other Non-Same Store Facilities” represent facilities which, while not newly acquired, developed, or expanded, are not fully stabilized since January 1, 2023, including facilities acquired prior to 2023 and facilities developed or expanded prior to 2020 undergoing fill-up as well as facilities damaged in casualty events such as hurricanes, floods, and fires.

The Other Non-Same Store Facilities have an aggregate of 21.0 million net rentable square feet at September 30, 2025. During the three and nine months ended September 30, 2025 and 2024, the average occupancy for these facilities totaled 86.4% and 85.4%, respectively, as compared to 83.5% and 81.4% for the same periods in 2024, and the realized rent per occupied square foot totaled $15.91 and $15.78, respectively, as compared to $16.00 and $16.01 for the same periods in 2024.

Ancillary Operations

Ancillary revenues and expenses include amounts associated with the reinsurance of policies against losses to goods stored by tenants in our self-storage facilities, sale of merchandise at our self-storage facilities, and management of property owned by unrelated third parties. The following table sets forth our ancillary operations:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		Change			2025		2024		Change

	(Amounts in thousands)
Revenues:
Tenant reinsurance premiums	$	64,007	$	58,103	$	5,904		$	185,382	$	168,123	$	17,259
Merchandise	6,138		6,894		(756)			18,948		20,767		(1,819)
Third party property management	15,061		12,646		2,415			43,498		33,403		10,095
Total revenues	85,206		77,643		7,563			247,828		222,293		25,535
Cost of operations:
Tenant reinsurance	17,766		17,390		376			45,202		41,964		3,238
Merchandise	4,114		4,269		(155)			12,842		13,759		(917)
Third party property management	14,505		12,606		1,899			42,322		33,154		9,168
Total cost of operations	36,385		34,265		2,120			100,366		88,877		11,489
Net operating income (loss):
Tenant reinsurance	46,241		40,713		5,528			140,180		126,159		14,021
Merchandise	2,024		2,625		(601)			6,106		7,008		(902)
Third party property management	556		40		516			1,176		249		927
Total net operating income	$	48,821	$	43,378	$	5,443		$	147,462	$	133,416	$	14,046

Tenant reinsurance operations: Tenant reinsurance premium revenue increased $5.9 million or 10.2% for the three months ended September 30, 2025, and increased $17.3 million or 10.3% for the nine months ended September 30, 2025, in each case as compared to the same period in 2024, as a result of an increase in our tenant base with respect to acquired, newly developed, and expanded facilities and the third party properties we manage, as well as higher insurance coverage and premium rates in our tenant base at our same store facilities. Tenant reinsurance premium revenue generated from tenants at our Same Store Facilities were $46.5 million and $136.8 million for the three and nine months ended September 30, 2025, respectively, as compared to $44.2 million and $130.3 million for the same periods in 2024, representing an increase of 5.2% and 5.0%, respectively.

Cost of operations primarily includes claims paid as well as claims adjustment expenses. Claims expenses vary based upon the number of insured tenants and the volume of events that drive covered customer losses, such as burglary, as well as catastrophic weather events affecting multiple properties such as hurricanes and floods.

We expect tenant reinsurance operations to grow as we roll out insurance policies with increased coverage and higher premiums in 2025, and as we continue to increase the tenant base at our newly acquired and developed facilities.

Third-party property management: At September 30, 2025, in our third-party property management program, we managed 339 facilities (26.6 million net rentable square feet) for unrelated third parties, and were under contract to manage 90 additional facilities (7.7 million net rentable square feet) including 85 facilities that are currently under construction. During the nine months ended September 30, 2025, we added 45 facilities to the program and had 18 facilities exit the program. While we expect this business to increase in scope and size, we do not expect any significant changes in overall profitability of this business in the near term as we seek new properties to manage and are in the earlier stages of fill-up for newly managed properties.

Analysis of items not allocated to segments

Equity in earnings of unconsolidated real estate entity

We account for our equity investment in Shurgard using the equity method and record our pro-rata share of its net income. For the three and nine months ended September 30, 2025, we recognized earnings from our equity method investment of Shurgard of $3.7 million and $5.1 million, respectively, as compared to earnings of $2.9 million and $15.5 million for the same periods in 2024. Included in our equity earnings from Shurgard were $14.7 million and $45.7 million of our share of depreciation and amortization expense for the three and nine months ended September 30, 2025, respectively, as compared to $12.0 million and $31.5 million for the same periods in 2024.

For purposes of recording our equity in earnings from Shurgard, the Euro was translated at exchange rates of approximately 1.174 U.S. Dollars per Euro at September 30, 2025 (1.039 at December 31, 2024), and average exchange rates of 1.169 and 1.099 for the three months ended September 30, 2025 and 2024, respectively, and average exchange rates of 1.118 and 1.087 for the nine months ended September 30, 2025 and 2024, respectively.

Real estate acquisition and development expense: For the three and nine months ended September 30, 2025, we incurred a total of $2.8 million and $12.8 million, respectively, of expenses related to our acquisition and development of real estate facilities, as compared to $2.5 million and $9.2 million for the same periods in 2024. These amounts are net of $3.5 million and $10.3 million for the three and nine months ended September 30, 2025, respectively, in development costs that were capitalized to newly developed and redeveloped self-storage facilities, as compared to $4.3 million and $12.9 million for the same periods in 2024. During the nine months ended September 30, 2025, we recognized $3.9 million of impairment write-down of certain land development parcels that are or will be marketed for sale.

General and administrative expense: The following table sets forth our general and administrative expense:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		Change			2025		2024		Change

	(Amounts in thousands)

Share-based compensation expense	$	5,975	$	7,117	$	(1,142)		$	18,997	$	19,927	$	(930)

Corporate management costs	9,070		7,525		1,545			25,018		22,345		2,673

Corporate transformation costs	1,376		—		1,376			3,178		—		3,178
Other costs	12,362		11,572		790			32,501		31,858		643
Total	$	28,783	$	26,214	$	2,569		$	79,694	$	74,130	$	5,564

General and administrative expense increased $2.6 million for the three months ended September 30, 2025, as compared to the same period of 2024, primarily due to transaction costs and an increase in corporate transformation costs recognized in the three months ended September 30, 2025.

General and administrative expense increased $5.6 million for the nine months ended September 30, 2025, as compared to the same period of 2024, primarily due to transaction costs and increased legal costs associated with nonrecurring corporate legal matters and corporate transformation costs recognized in the nine months ended September 30, 2025.

As part of our operating model transformation, we have launched a corporate transformation initiative focused on modernization and growth. This includes streamlining our processes through technology and expanding our geographic footprint with a stronger corporate presence in Texas and offshore locations. The initiative is intended to transform our corporate functions improving efficiency and productivity.

We expect to incur corporate transformation costs of approximately $15 to $20 million as we complete the initiative over the next three years. Beginning in 2026, we believe this restructuring plan will result in future cost savings of approximately $3 to $5 million annually, although the amount and timing of such savings are subject to change depending on a variety of factors.

Interest and other income: The following table sets forth our interest and other income:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		Change		2025		2024		Change

	(Amounts in thousands)

Interest earned on cash balances	$	8,598	$	12,235	$	(3,637)	$	23,668	$	33,838	$	(10,170)
Commercial operations	1,849		2,223		(374)		7,203		7,065		138
Interest earned on notes receivable, net	1,733		—		1,733		2,976		—		2,976
Unrealized gain on private equity investments	6,148		2,626		3,522		4,360		4,740		(380)
Other	2,684		2,945		(261)		8,828		6,605		2,223
Total	$	21,012	$	20,029	$	983	$	47,035	$	52,248	$	(5,213)

Interest expense: For the three and nine months ended September 30, 2025, we incurred $81.6 million and $228.3 million, respectively, of interest on our outstanding notes payable, as compared to $77.3 million and $223.5 million for the same periods in 2024. In determining interest expense, these amounts were offset by capitalized interest of $1.9 million and $5.0 million during the three and nine months ended September 30, 2025, respectively, associated with our development activities, as compared to $3.0 million and $8.2 million for the same periods in 2024. The increase of interest expense for the three and nine months ended September 30, 2025 as compared to the same periods in 2024 is due to the issuance of U.S. Dollar and Euro denominated unsecured notes in April 2024 and the issuance of U.S. Dollar unsecured notes in June 2025 partially offset by a more favorable weighted average interest rate. At September 30, 2025, we had $10.1 billion of notes payable outstanding, with a weighted average interest rate of approximately 3.0%.

Foreign currency exchange gain (loss): For the three and nine months ended September 30, 2025, we recorded foreign currency gains of $0.9 million and losses of $213.9 million, respectively, representing primarily the changes in the U.S. Dollar equivalent of our Euro-denominated unsecured notes due to fluctuations in exchange rates, as compared to foreign currency losses of $70.6 million and $20.6 million, for the three and nine months ended September 30, 2024, respectively. The Euro was translated at exchange rates of approximately 1.174 U.S. Dollars per Euro at September 30, 2025, 1.039 at December 31, 2024, 1.116 at September 30, 2024, and 1.104 at December 31, 2023. Future gains and losses on foreign currency will be dependent upon changes in the relative value of the Euro to the U.S. Dollar and the level of Euro-denominated notes payable outstanding.

Income tax expense: We operate as a REIT for U.S. federal income tax purposes. As a REIT, we are generally not subject to U.S. federal income taxes on our taxable income distributed to stockholders. For the three and nine months ended September 30, 2025, we recorded income tax expense totaling $2.8 million and $7.5 million, respectively, related to income taxes incurred in certain state and local jurisdictions in which we operate, as compared to $2.5 million and $6.0 million for the same periods in 2024.

Liquidity and Capital Resources

Overview and our Sources of Capital

While operating as a REIT allows us to minimize the payment of U.S. federal corporate income tax expense, we are required to distribute at least 90% of our taxable income to our shareholders. Notwithstanding this requirement, our annual operating retained cash flow was approximately $480 million in 2023 and $400 million in 2024. Retained operating cash flow represents our expected cash flow provided by operating activities (including property operating costs and interest payments described below), less shareholder distributions and capital expenditures. We expect retained cash flow of approximately $650 million for 2025.

Capital needs in excess of retained cash flow are met with: (i) medium and long-term debt, (ii) preferred equity, (iii) limited partnership interests, and (iv) common equity. We select among these sources of capital based upon relative cost, availability, the desire for leverage, and considering potential constraints caused by certain features of capital sources, such as debt covenants. We view our line of credit, as well as any short-term bank loans, as bridge financing.

Because raising capital is important to our growth, we endeavor to maintain a strong financial profile characterized by strong credit metrics, including low leverage relative to our total capitalization and operating cash flows. We are one of the highest rated REITs, as rated by major rating agencies Moody’s and Standard & Poor’s. Our senior notes payable have an “A” credit rating by Standard & Poor’s and “A2” by Moody’s. Our credit ratings on each of our series of preferred shares are “A3” by Moody’s and “BBB+” by Standard & Poor’s. Our credit profile enables us to effectively access both the public and private capital markets to raise capital.

Our revolving line of credit has a borrowing limit of $1.5 billion. The revolving line of credit generally serves as a temporary “bridge” financing until we are able to raise longer term capital. As of September 30, 2025 and October 29, 2025, there were no borrowings outstanding on the revolving line of credit; however, we do have approximately $19.9 million of outstanding letters of credit, which limits our borrowing capacity to $1,480.1 million as of October 29, 2025. Our line of credit matures on June 12, 2027.

In December 2024, we implemented an “at the market” offering program pursuant to which we may, from time to time, sell common shares through participating agents up to an aggregate gross sales price of $2.0 billion on the open market or in privately negotiated transactions. Since the inception of the program, we have issued a total of 184,390 common shares on the open market for an aggregate gross sales price of $61.4 million and received net proceeds of approximately $60.3 million after issuance costs (none in 2025).

We believe that we have significant financial flexibility to adapt to changing conditions and opportunities, and we have significant access to sources of capital including debt and preferred equity. Based on our strong credit profile and our substantial current liquidity relative to our capital requirements noted below, we would not expect any potential capital market dislocations to have a material impact upon our expected capital and growth plans over the next 12 months. However, if capital market conditions deteriorate significantly for a long period of time, our access to or cost of debt and preferred equity capital could be negatively impacted and potentially affect future investment activities.

Our current and expected capital resources include: (i) $296.5 million of cash as of September 30, 2025, (ii) approximately $650 million of expected retained operating cash flow over the next twelve months and (iii) €420.9 million of cash proceeds from the issuance of senior notes in October 2025. Additionally, we have $1,480.1 million available borrowing capacity on our revolving line of credit, which can be used as temporary “bridge” financing until we are able to raise longer term capital. We believe that the cash provided by our operating activities will continue to be sufficient to enable us to meet our ongoing cash requirements for interest payments on debt, maintenance capital expenditures, and distributions to our shareholders for the foreseeable future.

As described below, as of September 30, 2025 our current committed cash requirements consist of (i) $119.9 million in property acquisitions currently under contract, (ii) $381.4 million of remaining spending on our current development pipeline, which will be incurred primarily in the next 18 to 24 months, (iii) unfunded loan commitments of $43.9 million under the bridge lending program expected to close in the next twelve months, and (iv) approximately $784.0 million in scheduled principal repayments on our unsecured notes in the next twelve months. Our cash requirements may increase over the next year as we add projects to our development pipeline and acquire additional properties. Additional potential cash requirements could result from various activities including the redemption of outstanding preferred securities, repurchases of common stock, or merger and acquisition activities, as and to the extent we determine to engage in such activities.

Over the long term, to the extent that our cash requirements exceed our capital resources, we believe we have a variety of possibilities to raise additional capital including issuing common or preferred securities, debt, and limited partnership interests, or entering into joint venture arrangements to acquire or develop facilities.

Cash Requirements

The following summarizes our expected material cash requirements, which comprise (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, maintenance capital expenditures and dividends paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including acquisitions and developments and repurchases of our securities. We expect to satisfy these cash requirements through operating cash flow and opportunistic debt and equity financings.

Required Debt Repayments: As of September 30, 2025, the principal outstanding on our debt totaled approximately $10.1 billion, consisting of $8.2 billion of U.S. Dollar denominated unsecured notes payable, $1.9 billion of Euro-denominated unsecured notes payable, and $1.6 million of mortgage notes payable. Approximate principal maturities and interest payments (including $61.8 million in estimated interest on our $0.7 billion variable rate unsecured notes based on rates in effect at September 30, 2025) are as follows (amounts in thousands):


	Principal		Interest		Total
Remainder of 2025	$	284,082	$	53,894	$	337,976
2026	1,150,138		296,441		1,446,579
2027	1,200,146		266,852		1,466,998
2028	1,200,129		227,717		1,427,846
2029	1,000,088		189,704		1,189,792
Thereafter	5,260,552		1,553,737		6,814,289
	$	10,095,135	$	2,588,345	$	12,683,480

We had $400 million of U.S. Dollar denominated unsecured notes that we repaid upon maturity on July 25, 2025. We have €242 million of our Euro denominated unsecured notes that mature on November 3, 2025, and $500 million of our U.S. Dollar denominated unsecured notes that mature on February 15, 2026. We plan to utilize the proceeds from our October 2025 Euro denominated unsecured notes issuance to refinance the November 2025 Euro denominated unsecured notes and plan to refinance the U.S Dollar denominated notes as they come due.

Capital Expenditure Requirements: Capital expenditures include general maintenance, major repairs, or replacements to elements of our facilities to keep our facilities in good operating condition and maintain their visual appeal. Capital expenditures do not include costs relating to the development of new facilities or redevelopment of existing facilities to increase their available rentable square footage.

We have spent $139 million of capital expenditures to maintain real estate facilities in the nine months ended September 30, 2025, and expect to spend approximately $175 million in 2025. In addition, we have spent $49 million on the installation of solar panels in the nine months ended September 30, 2025, and expect to spend approximately $75 million in 2025.

We believe the capital spent to install solar panels and LED lights will significantly reduce electricity consumption resulting in lower utility costs.

Requirement to Pay Distributions: For all periods presented herein, we have elected to be treated as a REIT, as defined in the Internal Revenue Code. For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these requirements in all periods presented herein, and we expect to continue to qualify as a REIT. Our consistent, long-term dividend policy has been to distribute our taxable income. Future quarterly distributions with respect to the common shares will continue to be determined based upon our REIT distribution requirements after taking into consideration distributions to the preferred shareholders and will be funded with cash flows from operating activities.

On October 29, 2025, our Board declared a regular common quarterly dividend of $3.00 per common share totaling approximately $527 million, which will be paid at the end of December 2025. Our consistent, long-term dividend policy has been to distribute our taxable income. Future quarterly distributions with respect to the common shares will continue to be determined based upon our REIT distribution requirements after taking into consideration distributions to the preferred shareholders and will be funded with cash flows from operating activities.

The annual distribution requirement with respect to our preferred shares outstanding at September 30, 2025 is approximately $194.7 million per year.

Real Estate Investment Activities: We continue to seek to acquire additional self-storage facilities from third parties. Subsequent to September 30, 2025, we acquired or were under contract to acquire 12 self-storage facilities for a total purchase price of $119.9 million.

As of September 30, 2025, we had development and expansion projects at a total cost of approximately $649.2 million. Costs incurred through September 30, 2025 were $267.8 million, with the remaining cost to complete of $381.4 million expected to be incurred primarily in the next 18 to 24 months. Some of these projects are subject to contingencies such as entitlement approval. We expect to continue to seek to add projects to maintain and increase our robust pipeline. Our ability to do so continues to be challenged by various constraints such as difficulty in finding projects that meet our risk-adjusted yield expectations and challenges in obtaining building permits for self-storage facilities in certain municipalities.

Bridge loan commitments: We offer bridge loan financing to third-party self-storage owners for operating properties that we manage. As of September 30, 2025, we had unfunded loan commitments of $43.9 million expected to close in the next twelve months, subject to the satisfaction of certain conditions.

Property Operating Expenses: The direct and indirect cost of our operations impose significant cash requirements. Direct operating costs include property taxes, on-site property manager payroll, repairs and maintenance, utilities, and marketing. Indirect operating costs include supervisory payroll and centralized management costs. The cash requirements from these operating costs will vary year to year based on, among other things, changes in the size of our portfolio and changes in property tax rates and assessed values, wage rates, and marketing costs in our markets.

Redemption of Preferred Securities : Historically, we have taken advantage of refinancing higher coupon preferred securities with lower coupon preferred securities. In the future, we may also elect to finance the redemption of preferred securities with proceeds from the issuance of debt. As of October 29, 2025, our Series F through N of preferred securities are eligible for redemption, at our option and with 30 days’ notice. See Note 10 to our September 30, 2025 consolidated financial statements for the redemption dates of all of our series of preferred shares. Redemption of such preferred shares will depend upon many factors, including the rate at which we could issue replacement preferred securities. None of our preferred securities are redeemable at the option of the holders.

Repurchases of Common Shares : Our Board has authorized a share repurchase program pursuant to which management may purchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions. From the inception of the repurchase program through October 29, 2025, we have repurchased a total of 24,448,781 common shares at an aggregate cost of approximately $879.1 million (none in 2025 through October 29, 2025). All the repurchased shares are constructively retired and returned to an authorized and unissued status. Future levels of common share repurchases will be dependent upon our available capital, investment alternatives and the trading price of our common shares.

New Tax Legislation

Effective July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. Certain provisions of OBBBA impact us and our shareholders. Among other changes, this legislation (i) permanently extended the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Internal Revenue Code (“the Code”), (ii) permanently reinstates 100% bonus depreciation for certain property acquired after January 19, 2025, (iii) increased the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries (“TRSs”) from 20% to 25% for taxable years beginning after December 31, 2025, and (iv) increases the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization and depletion from the definition of “adjusted taxable income” (i.e. based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

To limit our exposure to market risk, we are capitalized primarily with preferred and common equity. Our preferred shares are redeemable at our option generally five years after issuance, but the holder has no redemption option. Our debt, which totals approximately $10.1 billion at September 30, 2025, is the only market-risk sensitive portion of our capital structure.

The fair value of our debt at September 30, 2025 is approximately $10.1 billion. The table below summarizes the annual maturities of our debt, which had a weighted average effective rate of 3.0% at September 30, 2025. See Note 8 to our September 30, 2025 consolidated financial statements for further information regarding our debt (amounts in thousands).

At September 30, 2025, we have three separate interest rate swaps with a notional amount of $475 million which converted our $475 million principal amount of 4.375% fixed rate senior unsecured notes due July 2030 into a floating rate instrument with an interest rate based on a SOFR index. See Note 8 to our September 30, 2025 consolidated financial statements for further information regarding our swaps.


	Remainder of 2025		2026		2027		2028		2029		Thereafter		Total

Debt	$	284,082	$	1,150,138	$	1,200,146	$	1,200,129	$	1,000,088	$	5,260,552	$	10,095,135

We have foreign currency exposure at September 30, 2025 related to (i) our investment in Shurgard, with a book value of $383.6 million, and a fair value of $1.4 billion based upon the closing price of Shurgard’s stock on September 30, 2025, and (ii) €1.6 billion ($1.9 billion) of Euro-denominated unsecured notes payable, providing a natural hedge against the fair value of our investment in Shurgard.

ITEM 4. Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance. We also have an investment in a certain unconsolidated real estate entity and because we do not control the entity, our disclosure controls and procedures with respect to such entity are substantially more limited than those we maintain with respect to our consolidated subsidiaries.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures, as required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at a reasonable assurance level.

Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II. OTHER INFORMATION

ITEM 1. Legal Proceedings

ITEM 1A. Risk Factors

In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in our Annual Report on Form 10-K filed for the year ended December 31, 2024, in Part I, Item 1A, Risk Factors, and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results. There have been no material changes to the risk factors relating to the Company disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

In addition, in considering the forward-looking statements contained in this Quarterly Report on Form 10-Q and elsewhere, you should refer to the qualifications and limitations on our forward-looking statements that are described in Forward-Looking Statements at the beginning of Part I, Item 2 of this Quarterly Report on Form 10-Q.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Common Share Repurchases

In May 2008, our Board authorized a share repurchase program of up to 35,000,000 of our common shares. There is no expiration date to our common share repurchase program and there are 10,551,219 common shares that may yet be repurchased under our repurchase program as of September 30, 2025. Under the repurchase program, management may repurchase our common shares on the open market or in privately negotiated transactions. During the three months ended September 30, 2025, we did not repurchase any of our common shares. From the inception of the repurchase program through October 29, 2025, we have repurchased a total of 24,448,781 common shares at an aggregate cost of approximately $879.1 million. We have no current plans to repurchase shares; however, future levels of common share repurchases will be dependent upon our available capital, investment alternatives, and the trading price of our common shares.

ITEM 5. Other Information

During the three months ended September 30, 2025, no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K .

ITEM 6. Exhibits

Exhibits required by Item 601 of Regulation S-K are filed herewith or incorporated herein by reference and are listed in the attached Exhibit Index which is incorporated herein by reference.

PUBLIC STORAGE

INDEX TO EXHIBITS (1)

(Items 15(a)(3) and 15(c))


4.1			Twenty-First Supplemental Indenture, dated as of October 3, 2025, among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association, as trustee). Filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated October 3, 2025 and incorporated herein by reference.

31.1			Rule 13a – 14(a) Certification. Filed herewith.

31.2			Rule 13a – 14(a) Certification. Filed herewith.

32			Section 1350 Certifications. Filed herewith.

101 .INS			Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101 .SCH			Inline XBRL Taxonomy Extension Schema. Filed herewith.

101 .CAL			Inline XBRL Taxonomy Extension Calculation Linkbase. Filed herewith.

101 .DEF			Inline XBRL Taxonomy Extension Definition Linkbase. Filed herewith.

101 .LAB			Inline XBRL Taxonomy Extension Label Linkbase. Filed herewith.

101 .PRE			Inline XBRL Taxonomy Extension Presentation Link. Filed herewith.

104			Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

_ (1) SEC			File No. 001-33519 unless otherwise indicated.

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			DATED: October 29, 2025
			PUBLIC STORAGE
			By:			/s/ H. Thomas Boyle
						H. Thomas Boyle Senior Vice President, Chief Financial and Investment Officer

TABLE OF CONTENTS

Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II. Other Information Part II Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 5. Other Information Item 6. Exhibits

Exhibits

4.1 Twenty-First Supplemental Indenture, dated as of October 3, 2025, among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association, as trustee). Filed as Exhibit 4.2 to the Companys Current Report on Form 8-K dated October 3, 2025 and incorporated herein by reference. 31.1 Rule 13a 14(a) Certification. Filed herewith. 31.2 Rule 13a 14(a) Certification. Filed herewith. 32 Section 1350 Certifications. Filed herewith.

Customer name	Ticker
Abercrombie & Fitch Co.	ANF
Bed Bath & Beyond Inc.	BBBY
The Gap, Inc.	GPS
Nordstrom, Inc.	JWN
Ross Stores, Inc.	ROST

PSA 10-Q Quarter ended Sept. 30, 2025

Exhibits