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 2026 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, settlement of common shares sold pursuant to forward sale confirmations under our At-the-Market (“ATM”) program; 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, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on April 27, 2026, and in our other filings with the SEC. These include changes in demand for our facilities, changes in macroeconomic conditions, failure to realize the expected benefits of the Merger, including the risk that NSA’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected, including our ability to retain and hire key personnel, 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. 24 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 six months ended June 30, 2026, 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, 2025. 25 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 Developed and Expanded Facilities (both as defined below). During the three and six months ended June 30, 2026, revenues generated by our Same Store Facilities decreased by 0.6% ($5.9 million) and 0.3% ($6.1 million), respectively, as compared to the same periods in 2025. Cost of operations for Same Store Facilities increased by 4.4% ($11.1 million) and 1.6% ($8.2 million), respectively, for the three and six months ended June 30, 2026 as compared to the same periods in 2025. For the three and six months ended June 30, 2026, realized annual rent per occupied square foot for our Same Store Facilities decreased by 0.8% and 0.5%, respectively, while average occupancy increased by 0.2% and 0.3%, respectively, as compared to the same periods in 2025. 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 2024, including the ongoing integration of unstabilized properties acquired prior to 2024, we have expanded our portfolio by a total of 306 facilities with 24.5 million net rentable square feet for a cost of $4.5 billion. Within our non-same store portfolio as of June 30, 2026, our Developed and Expanded Facilities include a total of 120 self-storage facilities with 13.8 million net rentable square feet. For development and expansions completed by June 30, 2026, we incurred a total cost of $1.8 billion. During the three and six months ended June 30, 2026, combined net operating income generated by our Acquired Facilities and Developed and Expanded Facilities increased 23.3% ($15.8 million) and 26.3% ($34.3 million), respectively, as compared to the same periods in 2025. On July 22, 2026, the Company closed its merger with National Storage Affiliates Trust (“NSA”) in an all-stock transaction (the “Merger”). Under the terms of the Merger, NSA common shareholders and holders of Class A units of the NSA operating partnership received 0.1400 of a common share (or OP Unit, as applicable) of the Company for each issued and outstanding common share (or partnership unit) of NSA they owned. Concurrently with the closing, NSA's operating partnership contributed a subset of properties to a newly formed JV, with participating NSA OP unitholders holding an $800 million equity interest, and the Company holding the remaining $200 million equity interest and providing a $237 million mezzanine loan as part of its initial capitalization. Following the Merger, the combined company owned and/or managed over 4,500 locations and approximately 327 million net rentable square feet. On June 22, 2026, the Company announced that it had entered into an agreement to acquire PS Canada. PS Canada’s portfolio includes 68 properties and approximately 5.3 million rentable square feet across major Canadian metropolitan markets. This is currently expected to close in the third quarter of 2026, subject to the satisfaction of customary closing conditions. As of June 30, 2026, we had outstanding forward sale agreements under our ATM program for a total of 425,278 common shares, representing expected net proceeds of approximately $137.4 million (assuming full physical settlement of such agreements). On June 25, 2026, PSOC entered into a fourth amended and restated credit agreement of $3.0 billion maturing on June 25, 2030 (the “Revolver”) and a $500 million delayed draw term loan maturing on June 25, 2031 with an interest rate at SOFR plus 0.700% (the “Term Loan” and together with the Revolver, the “Credit Facility) which replaces in its entirety the Company’s $1.5 billion revolving credit facility set to mature June 12, 2027. Additionally, the Company has established a commercial paper note program and may issue up to $1 billion of unsecured commercial paper notes that bear interest at variable rates and have varying maturities (generally 30 days or less, with a maximum of 364 days). 26 Results of Operations Operating Results for the Three Months Ended June 30, 2026 and 2025 For the three months ended June 30, 2026, net income allocable to our common shareholders was $450.3 million or $2.55 per diluted common share, compared to $309.0 million or $1.76 per diluted common share for the same period in 2025, representing an increase of $141.3 million or $0.79 per diluted common share. The increase is due primarily to (i) a $163.3 million increase in foreign currency gain primarily associated with our Euro denominated notes payable and (ii) a $7.2 million increase in equity in earnings of Shurgard partially offset by (iii) a $13.2 million increase in interest expense and (iv) an $18.6 million increase in general and administrative expense. Operating Results for the Six Months Ended June 30, 2026 and 2025 For the six months ended June 30, 2026, net income allocable to our common shareholders was $927.0 million or $5.26 per diluted common share, compared to $667.2 million or $3.79 per diluted common share for the same period in 2025, representing an increase of $259.8 million or $1.47 per diluted common share. The increase is due primarily to (i) a $273.6 million increase in foreign currency gain primarily associated with our Euro denominated notes payable, (ii) an $18.8 million increase in self-storage net operating income, (iii) a $13.4 million increase in ancillary operation net operating income and (iv) a $10.4 million increase in equity in earnings of Shurgard, partially offset by (v) a $12.5 million increase in depreciation and amortization expense (vi) a $21.2 million increase in interest expense and (vii) a $23.8 million increase in general and administrative expense. The $18.8 million increase in self-storage net operating income for the six months ended June 30, 2026 as compared to the same period in 2025 is a result of a $33.1 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, partially offset by a $14.3 million decrease attributable to our Same Store Facilities. Revenues for the Same Store Facilities decreased by 0.3% or $6.1 million in 2026 as compared to 2025, due primarily to lower realized annual rent per occupied square foot partially offset by an increase in average occupancy. Cost of operations for the Same Store Facilities increased by 1.6% or $8.2 million in 2026 as compared to 2025, due primarily to increased property tax expense and indirect cost of operation. 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 June 30, 2026, FFO was $4.21 per diluted common share as compared to $3.44 per diluted common share for the same period in 2025, representing an increase of 22.4%, or $0.77 per diluted common share. For the six months ended June 30, 2026, FFO was $8.59 per diluted common share as compared to $7.15 per diluted common share for the same period in 2025, representing an increase of 20.1%, or $1.44 per diluted common share. 27 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, (iii) transaction and integration costs related to the NSA Merger, and (iv) 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, cancelled project write-off, realized or unrealized gain or loss on private equity investments and non-hedge designated derivative transactions, certain CEO transition-related costs, 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 June 30, Six Months Ended June 30, 2026 2025 Percentage Change 2026 2025 Percentage Change (Amounts in thousands, except per share data) Reconciliation of Net Income to FFO and Core FFO: Net income allocable to common shareholders $ 450,258 $ 308,968 45.7 % $ 927,046 $ 667,198 38.9 % Eliminate items excluded from FFO: Real estate-related depreciation and amortization 284,729 280,221 572,495 560,230 Real estate-related depreciation from unconsolidated real estate investment 10,884 17,683 22,161 30,958 Real estate-related depreciation allocated to noncontrolling interests, restricted share unitholders, and unvested LTIP unitholders (2,761) (2,215) (5,487) (4,329) Impairment (recovery) write-down of real estate investments (210) — (210) 3,827 Gains on sale of real estate investments, including our equity share from investment 35 (163) (344) (208) FFO allocable to common shares $ 742,935 $ 604,494 22.9 % $ 1,515,661 $ 1,257,676 20.5 % Eliminate items excluded from Core FFO: Adjustments to G&A Expense: Transaction and integration costs 4,687 — 4,687 400 Legal reserves and recoveries (1,700) (255) (1,700) 290 Corporate transformation costs 4,238 1,013 6,932 1,802 Executive severance and CEO transition costs 5,095 — 7,662 — Other Non-Core Adjustments: Foreign currency exchange (gain) loss (17,187) 146,070 (58,860) 214,765 Unrealized (gain) loss on private equity investments (3,779) 915 (3,305) 1,788 Unrealized (gain) loss on interest rate derivatives 606 — 5,857 — Other items 1,176 112 1,376 225 Core FFO allocable to common shares $ 736,071 $ 752,349 (2.2) % $ 1,478,310 $ 1,476,946 0.1 % Reconciliation of Diluted Earnings per Share to FFO per Share and Core FFO per Share: Diluted earnings per share $ 2.55 $ 1.76 44.9 % $ 5.26 $ 3.79 38.8 % Eliminate amounts per share excluded from FFO: Real estate-related depreciation and amortization 1.66 1.68 3.33 3.34 28 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Percentage Change 2026 2025 Percentage Change (Amounts in thousands, except per share data) Impairment (recovery) write-down of real estate investments — — — 0.02 FFO per share $ 4.21 $ 3.44 22.4 % $ 8.59 $ 7.15 20.1 % Eliminate amounts per share excluded from Core FFO: Adjustments to G&A Expense: Transaction and integration costs 0.03 — 0.03 — Legal reserves and recoveries (0.01) — (0.01) — Corporate transformation costs 0.02 0.01 0.04 0.01 Executive severance and CEO transition costs 0.03 — 0.04 — Other Non-Core Adjustments: Foreign currency exchange (gain) loss (0.10) 0.82 (0.33) 1.21 Unrealized (gain) loss on private equity investments (0.02) 0.01 (0.02) 0.01 Unrealized (gain) loss on interest rate derivatives — — 0.03 — Other items 0.01 — 0.01 0.01 Core FFO per share $ 4.17 $ 4.28 (2.6) % $ 8.38 $ 8.39 (0.1) % Diluted weighted average common shares 176,512 175,921 176,455 175,932 29 Analysis of Net Income — Self-Storage Operations Our self-storage operations are analyzed in four groups: (i) 2,755 facilities that we have owned and operated on a stabilized basis since January 1, 2024 (the “Same Store Facilities”), (ii) 306 facilities we acquired since January 1, 2024 or that were acquired prior to 2024 that remain unstabilized since January 1, 2024 (the “Acquired Facilities”), (iii) 120 facilities that have been developed or expanded since January 1, 2021 including those developed or expanded earlier that remain unstabilized since January 1, 2024, or properties that will commence expansion by December 31, 2026 (the “Developed and Expanded Facilities”), and (iv) 15 other facilities, which are otherwise not stabilized with respect to occupancies or rental rates since January 1, 2024 (the “Other Non-Same Store Facilities”). The Acquired Facilities, 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 June 30, 2026 consolidated financial statements “Segment Information,” for a reconciliation of the amounts in the tables below to our total net income. 30 Self-Storage Operations Summary Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Percentage Change (a) 2026 2025 Percentage Change (a) (Dollar amounts and square footage in thousands) Revenues (b): Same Store Facilities $ 1,006,549 $ 1,012,439 (0.6) % $ 2,007,382 $ 2,013,460 (0.3) % Acquired Facilities 78,871 57,561 37.0 % 153,875 112,966 36.2 % Developed and Expanded Facilities 51,314 44,382 15.6 % 100,197 86,811 15.4 % Other Non-Same Store Facilities 3,213 4,276 (24.9) % 6,618 8,419 (21.4) % Total revenues 1,139,947 1,118,658 1.9 % 2,268,072 2,221,656 2.1 % Cost of operations (b): Same Store Facilities 260,176 249,106 4.4 % 521,609 513,430 1.6 % Acquired Facilities 27,966 19,797 41.3 % 53,754 40,330 33.3 % Developed and Expanded Facilities 18,536 14,303 29.6 % 35,638 29,074 22.6 % Other Non-Same Store Facilities 1,142 1,511 (24.4) % 2,498 3,037 (17.7) % Total cost of operations 307,820 284,717 8.1 % 613,499 585,871 4.7 % Net operating income (c): Same Store Facilities 746,373 763,333 (2.2) % 1,485,773 1,500,030 (1.0) % Acquired Facilities 50,905 37,764 34.8 % 100,121 72,636 37.8 % Developed and Expanded Facilities 32,778 30,079 9.0 % 64,559 57,737 11.8 % Other Non-Same Store Facilities 2,071 2,765 (25.1) % 4,120 5,382 (23.4) % Total net operating income 832,127 833,941 (0.2) % 1,654,573 1,635,785 1.1 % Depreciation and amortization expense: Same Store Facilities 208,154 217,282 (4.2) % 418,754 436,950 (4.2) % Acquired Facilities 56,577 43,640 29.6 % 113,899 86,848 31.1 % Developed and Expanded Facilities 20,193 19,442 3.9 % 40,166 36,461 10.2 % Other Non-Same Store Facilities 2,833 2,852 (0.7) % 5,661 5,672 (0.2) % Total depreciation and amortization 287,757 283,216 1.6 % 578,480 565,931 2.2 % Net income (loss): Same Store Facilities 538,219 546,051 (1.4) % 1,067,019 1,063,080 0.4 % Acquired Facilities (5,672) (5,876) (3.5) % (13,778) (14,212) (3.1) % Developed and Expanded Facilities 12,585 10,637 18.3 % 24,393 21,276 14.7 % Other Non-Same Store Facilities (762) (87) 775.9 % (1,541) (290) 431.4 % Total net income $ 544,370 $ 550,725 (1.2) % $ 1,076,093 $ 1,069,854 0.6 % Number of facilities at period end: Same Store Facilities 2,755 2,755 — % Acquired Facilities 306 221 38.5 % Developed and Expanded Facilities 120 110 9.1 % Other Non-Same Store Facilities 15 17 (11.8) % Total number of facilities at period end 3,196 3,103 3.0 % 31 Self-Storage Operations (continued) Summary Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Percentage Change (a) 2026 2025 Percentage Change (a) (Dollar amounts and square footage in thousands) Net rentable square footage at period end: Same Store Facilities 192,126 192,126 — % Acquired Facilities 24,491 18,459 32.7 % Developed and Expanded Facilities 13,822 12,273 12.6 % Other Non-Same Store Facilities 998 1,205 (17.2) % Total net rentable square footage at period end 231,437 224,063 3.3 % Square foot occupancy at period end: Same Store Facilities 92.4 % 91.9 % 0.5 % Acquired Facilities 87.0 % 86.1 % 0.9 % Developed and Expanded Facilities 80.6 % 78.8 % 1.8 % Other Non-Same Store Facilities 86.8 % 75.9 % 10.9 % Total square foot occupancy 91.1 % 90.6 % 0.5 % Annual contract rent per occupied square foot at period end (d): Same Store Facilities $ 22.09 $ 22.25 (0.7) % Acquired Facilities 14.95 15.02 (0.5) % Developed and Expanded Facilities 18.66 18.51 0.8 % Other Non-Same Store Facilities 16.01 18.56 (13.7) % Total annual contract rent per occupied square foot at period end $ 21.16 $ 21.49 (1.5) % (a)Represents the absolute nominal change with respect to square foot occupancy, and the percentage 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)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 June 30, 2026 consolidated financial statements for a reconciliation of NOI to our total net income for all periods presented. (d)Annual contract rent: Represents the agreed upon monthly rate that is paid by our customers 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. 32 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, 2024. Our Same Store Facilities increased from 2,565 facilities at December 31, 2025 to 2,755 at June 30, 2026. The composition of our Same Store Facilities allows us more effectively to evaluate the ongoing performance of our self-storage portfolio in 2024, 2025, and 2026 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 2,755 facilities (192.1 million net rentable square feet) that represent approximately 83% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at June 30, 2026. 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. 33 Selected Operating Data for the Same Store Facilities (2,755 facilities) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change (e) 2026 2025 Change (e) (Dollar amounts in thousands, except for per square foot data) Revenues (a): Rental income $ 972,740 $ 978,048 (0.5)% $ 1,939,453 $ 1,943,573 (0.2)% Late charges and administrative fees 33,809 34,391 (1.7)% 67,929 69,887 (2.8)% Total revenues 1,006,549 1,012,439 (0.6)% 2,007,382 2,013,460 (0.3)% Direct cost of operations (a): Property taxes 111,362 105,186 5.9% 217,485 212,411 2.4% On-site property manager payroll 33,713 34,325 (1.8)% 68,075 68,907 (1.2)% Repairs and maintenance 20,824 20,172 3.2% 43,431 44,182 (1.7)% Utilities 11,888 11,506 3.3% 27,344 27,469 (0.5)% Marketing 22,029 20,732 6.3% 44,625 44,382 0.5% Other direct property costs 27,855 26,437 5.4% 55,999 53,946 3.8% Total direct cost of operations 227,671 218,358 4.3% 456,959 451,297 1.3% Direct net operating income (b) 778,878 794,081 (1.9)% 1,550,423 1,562,163 (0.8)% Indirect cost of operations (a) (32,505) (30,748) 5.7% (64,650) (62,133) 4.1% Net operating income 746,373 763,333 (2.2)% 1,485,773 1,500,030 (1.0)% Depreciation and amortization expense (208,154) (217,282) (4.2)% (418,754) (436,950) (4.2)% Net income $ 538,219 $ 546,051 (1.4)% $ 1,067,019 $ 1,063,080 0.4% Gross margin (before indirect costs, depreciation and amortization expense) 77.4% 78.4% (1.0)% 77.2% 77.6% (0.4)% Gross margin (before depreciation and amortization expense) 74.2% 75.4% (1.2)% 74.0% 74.5% (0.5)% Weighted average for the period: Square foot occupancy 92.5% 92.3% 0.2% 92.0% 91.7% 0.3% Realized annual rental income per (c): Occupied square foot $ 21.89 $ 22.06 (0.8)% $ 21.94 $ 22.06 (0.5)% Available square foot $ 20.24 $ 20.36 (0.6)% $ 20.18 $ 20.23 (0.2)% At June 30: Square foot occupancy 92.4% 91.9% 0.5% Annual contract rent per occupied square foot (d) $ 22.09 $ 22.25 (0.7)% 34 (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 customers 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 customers to replace customers that vacate. We evaluate the market place and over time increase rents for our existing customers. As a result, the number of long-term customers we have in our facilities is an important factor in our revenue growth. Revenues generated by our Same Store Facilities decreased 0.6% and 0.3% for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025. Revenues for the three months ended June 30, 2026 decreased primarily due to a 0.8% decrease in realized annual rent per occupied square foot and a 1.7% decrease in Late Charges and Administrative Fees, partially offset by a 0.2% increase in average occupancy as compared to the same period in 2025. The 0.3% decrease in revenues for the six months ended June 30, 2026 was due primarily to a 0.5% decrease in realized annual rent per occupied square foot and a 2.8% decrease in Late Charges and Administrative Fees, partially offset by a 0.3% increase in average occupancy, as compared to the same period in 2025. The 0.8% and 0.5% decrease in realized annual rent per occupied square foot for the three and six months ended June 30, 2026, as compared to the same periods in 2025, was due to lower average rates per square foot charged to new customers moving in as compared to customers moving out. The weighted average square foot occupancy for our Same Store Facilities was 92.5% and 92.0% for the three and six months ended June 30, 2026, respectively, representing an increase of 0.2% and 0.3%, respectively, due primarily to an increase in move-in volume net of move-out volumes, as compared to the same periods in 2025. Move-in average annual contract rent per square foot increased for the three months ended June 30, 2026, as compared to the same period in 2025. Move-out activities from our customers decreased for the three and six months ended June 30, 2026 as compared to the same periods in 2025. Move-out average annual contract rent per square foot decreased for the three and six months ended June 30, 2026, as compared to the same periods in 2025. 35 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 customers moving in and moving out and churn during the three and six months ended June 30, 2026 and 2025. 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. Churn is defined as units moved out during the period, divided by starting occupied units at the beginning of the period. The table also includes promotional discounts, which vary based upon the move-in contractual rates, move-in volume, and percentage of customers moving in who receive the discount. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change (Amounts in thousands, except for per square foot amounts) Customers moving in during the period: Average annual contract rent per square foot $ 13.49 $ 13.28 1.6% $ 12.79 $ 12.82 (0.2)% Square footage 33,307 35,117 (5.2)% 64,988 69,252 (6.2)% Contract rents gained from move-ins $ 112,328 $ 116,588 (3.7)% $ 415,598 $ 443,905 (6.4)% Promotional discounts given $ 17,705 $ 15,251 16.1% $ 32,523 $ 32,457 0.2% Customers moving out during the period: Average annual contract rent per square foot $ 19.34 $ 20.04 (3.5)% $ 19.42 $ 20.02 (3.0)% Square footage 31,009 33,598 (7.7)% 61,010 65,843 (7.3)% Contract rents lost from move-outs $ 149,929 $ 168,326 (10.9)% $ 592,407 $ 659,088 (10.1)% Same Store Churn 18.2 % 19.6 % (1.4)% 36.1 % 38.9 % (2.8)% We expect industry-wide demand from new customers in 2026 to be similar to 2025, across a diverse set of markets, subject to potential adverse effects from evolving political and macroeconomic uncertainty, including changes in trade policy and new tariffs, pricing restrictions and microeconomic uncertainty. As a result, we expect Same Store Facilities revenues in 2026 to be modestly below those earned in 2025. Late Charges and Administrative Fees Late charges and administrative fees decreased 1.7% and 2.8% for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, 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) increased 4.4% and 1.6% for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025. The year over-year increase for both periods was due primarily to increased property tax expense, marketing expense, other direct property costs and indirect costs of operations. Property tax expense increased 5.9% and 2.4% for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, as a result of higher assessed values. We expect property tax expense to grow in 2026 due primarily to higher assessed values. 36 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 increased by 6.3% and 0.5% for the three and six months ended June 30, 2026 as compared to the same periods in 2025. The increase in marketing expense is due to utilizing a higher volume of online paid search programs to attract new tenants. Other direct property costs include administrative expenses specific to each self-storage facility, such as property loss, insurance, telephone and data communication lines, business license costs, bank charges related to processing the facilities’ cash receipts, tenant mailings, credit card fees, eviction costs, and the cost of operating each property’s rental office. These costs increased 5.4% and 3.8% for the three and six months ended June 30, 2026, respectively as compared to the same periods in 2025, primarily due to increased property loss and restoration expenses related to fire and flooding events, insurance expenses and an increase in credit card fees as a result of a long-term trend of more customers paying with credit cards rather than cash, checks, or other methods of payment with lower transaction costs. Indirect Cost of Operations represents costs related to our supervisory payroll, centralized management costs, and share-based compensation. Indirect Cost of Operations increased 5.7% and 4.1% for the three and six months ended June 30, 2026, respectively as compared to the same periods in 2025, primarily related to changes in 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. Acquired Facilities The Acquired Facilities represent 132 facilities that we acquired in 2026, 2025, and 2024, and 174 facilities that we acquired before 2024 that have not fully stabilized. 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 the acquisition costs with respect to the Acquired Facilities: As of June 30, 2026 Costs to acquire (in thousands): Acquisitions before 2024 $ 3,083,399 2024 Acquisitions 267,473 2025 Acquisitions 945,586 2026 Acquisitions 243,230 $ 4,539,688 We have been active in acquiring facilities in recent years. Our acquired facilities includes a total of 306 facilities with 24.5 million net rentable square feet for a total cost of $4.5 billion. During the three and six months ended June 30, 2026, these facilities contributed net operating income of $50.9 million and $100.1 million, 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 six months ended June 30, 2026, we acquired 23 self-storage facilities across nine states with 1.7 million net rentable square feet for $243.2 million. Subsequent to June 30, 2026, we acquired or were under contract to acquire 21 self-storage facilities across six states with 1.5 million net rentable square feet for $211.7 million. Our total acquisitions planned or completed through June 30, 2026, amount to $454.9 million. Additionally, we recently announced our pending acquisition of PS Canada and closed our acquisition of NSA. Refer to Note 3 for further details. 37 Developed and Expanded Facilities The Developed and Expanded Facilities include 111 facilities that were developed on new sites or expanded to increase their net rentable square footage that are not fully stabilized and 9 expansion projects that are currently in process at June 30, 2026. The following table summarizes the development costs with respect to the Developed and Expanded Facilities: As of June 30, 2026 Costs to develop (in thousands): Developed and Expanded before 2024 $ 1,007,794 Developed and Expanded in 2024 325,295 Developed and Expanded in 2025 390,326 Developed and Expanded in 2026 57,316 $ 1,780,731 Our Developed and Expanded Facilities includes a total of 120 self-storage facilities with 13.8 million net rentable square feet. For development and expansions completed by June 30, 2026, we incurred a total cost of $1.8 billion. During the three and six months ended June 30, 2026, Developed and Expanded Facilities contributed net operating income of $32.8 million and $64.6 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 customer 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. We expect to add a total of 1.2 million net rentable square feet of storage space by expanding existing self-storage facilities for an aggregate development cost of approximately $208.2 million. At June 30, 2026, we had 31 additional facilities in development, which we expect will have a total of 2.8 million net rentable square feet of storage space and have an aggregate development cost of approximately $483.5 million. We expect these facilities to open over the next 18 to 24 months. As of June 30, 2026, we have ongoing development and expansion projects that we estimate will have an aggregate development cost of approximately $691.7 million. Other Non-Same Store Facilities The “Other Non-Same Store Facilities” represent facilities damaged in casualty events such as hurricanes, floods, and fires. The Other Non-Same Store Facilities have an aggregate of 1.0 million net rentable square feet at June 30, 2026. As of June 30, 2026 and 2025, the average occupancy for these facilities totaled 86.8% and 75.9%, respectively, and the annual contract rent per occupied square foot totaled $16.01 and $18.56 as of June 30, 2026 and 2025, respectively. 38 Depreciation and amortization expense Depreciation and amortization expense for Self-Storage Operations increased $4.5 million and $12.5 million for the three and six months ended June 30, 2026, as compared to the same period in 2025, primarily due to acquired facilities and newly developed and expanded facilities. Ancillary Operations Ancillary revenues and expenses include amounts associated with the reinsurance of policies against losses to goods stored by customers 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 June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change (Amounts in thousands) Revenues: Tenant reinsurance premiums $ 68,912 $ 61,644 $ 7,268 $ 135,415 $ 121,375 $ 14,040 Merchandise 6,899 6,417 482 13,161 12,810 351 Third party property management 17,123 14,375 2,748 33,974 28,437 5,537 Total revenues 92,934 82,436 10,498 182,550 162,622 19,928 Cost of operations: Tenant reinsurance 15,002 15,074 (72) 28,564 27,436 1,128 Merchandise 4,617 4,556 61 9,070 8,728 342 Third party property management 16,667 13,659 3,008 32,916 27,818 5,098 Total cost of operations 36,286 33,289 2,997 70,550 63,982 6,568 Net operating income (loss): Tenant reinsurance 53,910 46,570 7,340 106,851 93,939 12,912 Merchandise 2,282 1,861 421 4,091 4,082 9 Third party property management 456 716 (260) 1,058 619 439 Total net operating income $ 56,648 $ 49,147 $ 7,501 $ 112,000 $ 98,640 $ 13,360 Tenant reinsurance operations: Tenant reinsurance premium revenue increased $7.3 million or 11.8%, and $14.0 million or 11.6% for the three and six months ended June 30, 2026, respectively, over the same periods in 2025, as a result of an increase in our customer 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 customers base at our same store facilities. Tenant reinsurance premium revenue generated from customers at our Same Store Facilities were $53.2 million and $105.0 million for the three and six months ended June 30, 2026, respectively, representing a 6.9% and 6.5% increase, respectively, over the same periods in 2025. Cost of operations primarily includes claims paid as well as claims adjustment expenses. Claims expenses vary based upon the number of insured customers and the volume of events that drive covered losses, such as burglary, as well as catastrophic weather events affecting multiple properties such as hurricanes and floods. Tenant reinsurance cost of operations decreased $0.1 million and increased $1.1 million for the three and six months ended June 30, 2026, respectively, as compared the same periods in 2025, primarily due to increased claim volumes and expenses related to flooding and burglary as well as increased access fees we paid to the third-party owners of properties we manage driven by the significant growth of our third-party property management program. We expect tenant reinsurance operations to grow as we roll out insurance policies with increased coverage and higher premiums in 2026, and as we continue to increase the customers base at our newly acquired and developed facilities. 39 Third-party property management: At June 30, 2026, in our third-party property management program, we managed 388 facilities (28.0 million net rentable square feet) for unrelated third parties, and were under contract to manage 75 additional facilities (6.2 million net rentable square feet) including 68 facilities that are currently under construction. During the six months ended June 30, 2026, we added 40 facilities to the program and had 14 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 (loss) 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 six months ended June 30, 2026, we recognized earnings from our equity method investment in Shurgard of $4.9 million and $11.8 million, respectively, as compared to losses of $2.2 million and earnings of $1.4 million for the same periods in 2025. Included in our equity earnings from Shurgard were $10.9 million and $22.2 million of our share of depreciation and amortization expense for the three and six months ended June 30, 2026, respectively, as compared to $17.7 million and $31.0 million for the same periods in 2025. Real estate acquisition and development expense: For the three and six months ended June 30, 2026, we incurred a total of $5.2 million and $7.6 million, respectively, of internal and external expenses related to our acquisition and development of real estate facilities, as compared to $2.5 million and $10.0 million for the same periods in 2025. These amounts are net of $3.0 million and $6.0 million for the three and six months ended June 30, 2026, respectively, in development costs that were capitalized to newly developed and redeveloped self-storage facilities, as compared to $3.4 million and $6.8 million for the same periods in 2025. The year-over-year change of real estate acquisition and development expense was primarily due to the recognition of a $3.8 million impairment write-down of certain land development parcels that were marketed for sale during the six months ended June 30, 2025, as compared to a $0.2 million impairment recovery for the same period in 2026. General and administrative expense: For the three and six months ended June 30, 2026, general and administrative expense increased $18.6 million and $23.8 million, respectively, as compared to the same periods in 2025. The year-over-year increase was primarily related to (i) a $7.6 million increase in executive severance and CEO transition costs, (ii) a $5.1 million increase in corporate transformation costs, (iii) a $4.7 million increase in transaction and integration costs, and (iv) a $3.4 million increase in executive labor 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 expanding our geographic footprint with a stronger corporate presence in offshore locations and relocation of our principal office from California to Texas. 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 annual cost savings of approximately $3 to $5 million, although the amount and timing of such savings are subject to change depending on a variety of factors. 40 Interest and other income (expense): The following table sets forth our interest and other income (expense): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change (Amounts in thousands) Interest earned on cash balances $ 5,852 $ 7,163 $ (1,311) $ 10,281 $ 15,070 $ (4,789) Commercial operations 1,876 2,339 (463) 4,464 5,354 (890) Interest earned on notes receivable, net 2,800 959 1,841 5,681 1,243 4,438 Unrealized gain (loss) on private equity investments 3,779 (915) 4,694 3,305 (1,788) 5,093 Unrealized gain (loss) on interest rate derivatives (606) — (606) (5,857) — (5,857) Other 3,176 3,243 (67) 6,781 6,144 637 Total $ 16,877 $ 12,789 $ 4,088 $ 24,655 $ 26,023 $ (1,368) Interest earned on cash balances decreased $1.3 million and $4.8 million during the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, due primarily to lower average cash balances and lower interest rates earned in 2025. As described in Note 8, during the three and six months ended June 30, 2026, we incurred $0.6 million and $5.9 million in unrealized losses, respectively, on swaps that did not qualify for hedge accounting. The swaps were subsequently modified and designated as cash flow hedges in the second quarter. Interest expense: For the three and six months ended June 30, 2026, we incurred $86.1 million and $167.2 million, respectively, of interest on our outstanding notes payable, as compared to $73.1 million and $146.7 million for the same periods in 2025. In determining interest expense, these amounts were offset by capitalized interest of $1.3 million and $2.4 million during the three and six months ended June 30, 2026, respectively, associated with our development activities, as compared to $1.5 million and $3.1 million for the same periods in 2025. The increase of interest expense for the three and six months ended June 30, 2026 as compared to the same periods in 2025 is due to the issuance of U.S. Dollar and Euro denominated unsecured notes in 2025 and 2026. At June 30, 2026, we had $10.3 billion of notes payable outstanding, with a weighted average interest rate of approximately 3.3%. Foreign currency exchange gain (loss): For the three and six months ended June 30, 2026, we recorded foreign currency gains of $17.2 million and $58.9 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 $146.1 million and $214.8 million, for the three and six months ended June 30, 2025, respectively. 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 (provision) benefit: 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 six months ended June 30, 2026, we recorded income tax expense totaling $2.7 million and $4.3 million, respectively, related to income taxes incurred in certain state and local jurisdictions in which we operate, as compared to $3.2 million and $4.7 million for the same periods in 2025. 41 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 $566 million in 2025 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 to be favorable or at least consistent with those attained in the prior year. Capital needs in excess of retained cash flow are met with: (i) medium and long-term debt, (ii) preferred equity, (iii) limited partnership interests, (iv) our commercial paper program and credit facility and (v) common equity, including our ATM program. 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. 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 $3.0 billion. As of June 30, 2026, there were no borrowings outstanding on the revolving line of credit. We do have approximately $19.3 million of outstanding letters of credit, which limits our borrowing capacity to $3.0 billion as of July 29, 2026. Our line of credit matures on June 25, 2030. Pursuant to our ATM program, 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 in December 2024, 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. During the six months ended June 30, 2026, we entered into forward sales agreements under our ATM program for a total of 425,278 common shares representing expected net proceeds of $137.4 million. 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) $259.9 million of cash as of June 30, 2026, (ii) unsettled forward sales agreements under our ATM program representing expected net proceeds of $258.2 million, and (iii) approximately $600 million of expected retained operating cash flow over the next twelve months based on 2025 operating results which are expected to continue or improve in 2026. Additionally, we had $3.0 billion of revolving line of credit, $500 million of deferred draw term loan, and $1.0 billion of commercial paper note available borrowing capacity at June 30, 2026. 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. 42 As described below, as of June 30, 2026, our current committed cash requirements consist of (i) $211.7 million in property acquisitions currently under contract, (ii) $431.6 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 $44.3 million under the lending program expected to close in the next twelve months, (iv) approximately $1.4 billion in scheduled principal repayments on our unsecured notes in the next twelve months, and (v) $44.6 million in unfunded capital commitments related to our private equity investments. We plan to refinance these unsecured notes as they come due through either cash generated from operations, the issuance of additional debt, settlement of our forward sale ATM contracts or borrowings under the Company's credit facility. For our proposed acquisition of PS Canada, if consummated, and NSA we plan to fund this transaction through the issuance of Shares, OP Units and debt. 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 shares, 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 June 30, 2026, the principal outstanding on our debt totaled approximately $10.3 billion, consisting of $8.2 billion of U.S. Dollar denominated unsecured notes payable, $2.0 billion of Euro-denominated unsecured notes payable and $1.5 million of mortgage notes payable. Approximate principal maturities and interest payments are as follows: Principal Interest Total (Amounts in Thousands) Remainder of 2026 $ 650,070 $ 214,031 $ 864,101 2027 1,200,146 281,280 1,481,426 2028 1,200,129 244,502 1,444,631 2029 1,000,088 206,489 1,206,577 2030 1,274,544 174,797 1,449,341 Thereafter 4,926,255 1,462,754 6,389,009 $ 10,251,232 $ 2,583,853 $ 12,835,085 We have $650.0 million and $700.0 million of our U.S. Dollar denominated unsecured notes that mature on November 9, 2026 and April 16, 2027, respectively. We plan to repay these notes as they come due through either cash generated from operations or the issuance of additional debt, such as borrowings under our credit facility. Capital Expenditure Requirements: Capital expenditures include capital expenditures to maintain real estate facilities, such as general maintenance, major repairs, or replacements to elements of our facilities to keep our facilities in good operating condition and maintain their visual appeal, as well as capital expenditures for property enhancements and energy-efficient upgrades. 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. 43 We spent $87 million on capital expenditures to maintain real estate facilities in the six months ended June 30, 2026, and expect to spend approximately $182 million for the full year 2026. In addition to maintenance, we spent approximately $19 million during the six months ended June 30, 2026 on property enhancements, such as acquisition rebrandings and commercial conversions. Lastly, we spent $29 million on energy efficient upgrades through the installation of solar panels, heat pumps, and LED lights in the six months ended June 30, 2026, and expect to spend approximately $60 million for the full year 2026. We believe the capital spent to install solar panels, heat pumps, 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. The annual distribution requirement with respect to our preferred shares outstanding at June 30, 2026 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 June 30, 2026, we acquired or were under contract to acquire 21 self-storage facilities across six states with 1.5 million net rentable square feet for $211.7 million. For our proposed acquisition of PS Canada, if consummated, we plan to fund the transaction through the issuance of OP Units and debt. As of June 30, 2026, we had development and expansion projects at a total cost of approximately $691.7 million. Costs incurred through June 30, 2026 were $260.1 million, with the remaining cost to complete of $431.6 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. Financing and Capital Commitments: We offer loan financing, primarily through bridge loans, to third-party self-storage owners for operating properties that we manage. As of June 30, 2026, we had unfunded loan commitments of $44.3 million expected to close in the next twelve months, subject to the satisfaction of certain conditions. Additionally, we have unfunded capital commitments related to our private equity investments totaling $44.6 million at June 30, 2026, which may be called at any time during the prescribed time periods. 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. 44