Public Storage Investor Presentation — June 2022

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COMPANY PRESENTATION

JUNE 2022FORWARD LOOKING STATEMENTS.

Certain information set forth in this release contains “forward- looking statements” within the meaning of the federal securities laws. Forward- looking statements include statements concerning the benefits of store

acquisitions, developments, favorable market conditions, our outlook and estimates for the year and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or

performance, capital expenditures, financing needs, the competitive landscape, plans or intentions relating to acquisitions and developments and other information that is not historical information. In some cases,

forward -looking statements can be identified by terminology such as “believes,” “estimates,” “expects,” “may,” “will,” “should,” “anticipates,” or “intends,” or the negative of such terms or other comparable

terminology, or by discussions of strategy. We may also make additional forward- looking statements from time to time. All such s ubsequent forward- looking statements, whether written or oral, by us or on our

behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward- looking statements

contained in or contemplated by this release. Any forward- looking statements should be considered in light of the risks referenc ed in the “Risk Factors” section included in our most recent Annual Report on

Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:

•adverse changes in general economic conditions, the real estate industry and the markets in which we operate;

•failure to close pending acquisitions and developments on expected terms, or at all;

•the effect of competition from new and existing stores or other storage alternatives, which could cause rents and occupancy r ates to decline;

•potential liability for uninsured losses and environmental contamination;

•the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitatio n, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspects

of our business, which could adversely affect our results;

•disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable r ates or at all, which could impede our ability to grow;

•impacts from the COVID -19 pandemic or the future outbreak of other highly infectious or contagious diseases, including reduced demand for self -storage space and ancillary products and services such as tenant