Public Storage (NYSE:PSA) Q1 2022 Results Conference Call May 4, 2022 12:00 PM ET Company Participants Ryan Burke - VP, IR Joe Russell - President and CEO Tom Boyle - SVP and CFO Conference Call Participants Jeff Spector - Bank of America Michael Goldsmith - UBS Ki Bin Kim - Truist Juan Sanabria - BMO Capital Markets Samir Khanal - Evercore Keegan Carl - Berenberg Ron Kamdem - Morgan Stanley Rob Simone - Hedgeye Risk Smedes Rose - Citigroup Todd Thomas - KeyBanc Capital Spenser Allaway - Green Street Caitli ...

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 March 31, 2022 or ☐ 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 | 95-3551121 | | --- | - ...

Public Storage (NYSE:PSA) Q4 2021 Results Conference Call February 23, 2022 12:00 PM ET Company Participants Ryan Burke - VP, IR Joe Russell - President and CEO Tom Boyle - SVP and CFO Conference Call Participants Elvis Rodriguez - Bank of America Michael Goldsmith - UBS Jonathan Hughes - Raymond James Todd Thomas - KeyBanc Capital Markets Spenser Allaway - Green Street Caitlin Burrows - Goldman Sachs Smedes Rose - Citi Samir Khanal - Evercore Mike Mueller - JP Morgan Ronald Kamdem - Morgan Stanley Keegan C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021. or ☐ 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 95-3551121 (State or other jurisdiction of incorporatio ...

Public Storage (NYSE:PSA) Q3 Earnings Conference Call November 2, 2021 12:00 PM ET Company Participants Ryan Burke – Vice President of Investor Relations Joseph Russell – CEO Thomas Boyle – CFO Mike McGowan – Senior Vice President of Acquisitions Conference Call Participants Jeffrey Spector – Bank of America Smedes Rose – Citi Juan Sanabria – BMO Todd Thomas – KeyBanc Capital Caitlin Burrows – Goldman Sachs Ki Bin Kim – Truist Rob Simone – Hedgeye Risk Management Jonathan Hughes – Raymond James Ronald Kamde ...

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, 2021 or ☐ 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 | 95-3551121 | | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 or [ ] 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 | 95-3551121 | | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2021 or [ ] 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 | 95-3551121 | | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K [X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020. or [ ] 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 95-3551121 (State or other jurisdiction of incorpor ...

Financial Data and Key Metrics Changes - The company reported a slight improvement in same-store revenue, which improved to negative 2.7% from negative 3% in the previous quarter, indicating a recovery trend in underlying drivers such as fee-based rates and occupancy [66][70] - Occupancy rates increased significantly, finishing the third quarter up 200 basis points and reaching 230 basis points in October, reflecting strong customer demand [50][70] Business Line Data and Key Metrics Changes - The company resumed existing tenant rate increases in the third quarter, initially on a test basis, and has since increased the volume of those increases as confidence in tenant performance grew [16][18] - Move-in rates were up 8.2% in the quarter, with continued strength in top-of-funnel demand and reduced move-out activity contributing to improved occupancy [50][70] Market Data and Key Metrics Changes - The acquisition market has opened up, with many sellers looking to bring assets into the market, driven by low interest rates and strong performance in the storage sector [9][10] - The company is tracking a sizable portfolio acquisition of 36 properties across 15 markets, with 24 of the assets being relatively new Class A properties [11][12] Company Strategy and Development Direction - The company is focused on acquiring well-positioned assets to enhance its portfolio, particularly in prime core markets, and is optimistic about capturing growth opportunities from the new acquisitions [10][12] - The management emphasized the importance of maintaining a conservative balance sheet to allow for investments through cycles, indicating a disciplined approach to capital allocation [100][101] Management's Comments on Operating Environment and Future Outlook - Management noted that customer activity has been solid, with better collections, reduced move-outs, and strong new customer demand, indicating a positive trend in the operating environment [19][32] - The company is closely monitoring the potential impacts of the pandemic on consumer behavior and is prepared to adapt its strategies accordingly [85][88] Other Important Information - The company has seen a significant increase in e-rental platform usage, with over 40% of move-in volume coming from this channel, highlighting a shift towards more efficient customer interactions [89] - The company is actively looking for both domestic and international acquisition opportunities, leveraging its experience and knowledge from previous investments [80][91] Q&A Session Summary Question: Market activity and acquisition opportunities - Management noted that the acquisition market has opened up, with many sellers looking to sell assets due to favorable conditions, and they are tracking a sizable portfolio acquisition [9][10] Question: Rent increases for existing customers - Management confirmed that they resumed rent increases for existing tenants, albeit at a lower magnitude due to the current economic environment [16][18] Question: Move-out activity trends - Management reported a significant decline in move-out volumes, with a 12% to 15% decrease across all geographies, indicating strong customer retention [26][28] Question: Marketing spend trends - Management explained that marketing spend was reduced in the third quarter as top-of-funnel demand improved, but they still anticipate using advertising as a tool to attract new customers [38][41] Question: Demand drivers and future outlook - Management discussed various demand drivers, including work-from-home trends and housing market strength, and emphasized the need to monitor these factors as the pandemic evolves [85][86]