PSALL - LRT Capital - Public Storage: A Resilient Business With Low Macro-Economic Sensitivity

• Public Storage owns approximately 9% of all self-storage square footage in the United States.
• Nearly 10% of all households in the United States rent self-storage units.
• The third-party management business is growing rapidly with 93 facilities under management, and contracts to manage an additional 59 facilities at year end 2021.
• In 2020, the self-storage market was valued at $48 billion, and is expected to grow to $64.7 billion by 2026 - a compounded annual growth rate (CAGR) of 5.45%.

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