Public Storage (PSA) Proxy Filing summary

Executive summary

• Achieved record revenues of $4.7 billion and net operating income of $3.4 billion in 2024, with the highest operating margin and revenue per available square foot among self-storage REITs.

• Expanded portfolio by 3.2 million square feet through acquisitions, development, and redevelopment at a cost of $610.9 million.

• Enhanced digital transformation, with 75% of new customer rentals completed digitally, and recognized as a U.S. self-storage leader in sustainability benchmarks.

• Maintained a growth-oriented balance sheet and continued to invest in technology, customer experience, and employee engagement.

Voting matters and shareholder proposals

• Election of twelve trustees to the Board.

• Advisory vote to approve executive compensation (Say-on-Pay).

• Ratification of Ernst & Young LLP as independent registered public accounting firm for 2025.

• Approval of amendment and restatement of the 2021 Equity and Performance-Based Incentive Compensation Plan.

Board of directors and corporate governance

• Board comprises 12 nominees, 83% of whom are independent, with diverse backgrounds in real estate, finance, governance, and technology.

• Board refreshment strategy has resulted in an average tenure of 8.7 years, with ongoing focus on diversity and succession planning.

• Three standing committees: Audit, Compensation and Human Capital (CHC), and Nominating, Governance, and Sustainability (NGS), all fully independent.

• Lead Independent Trustee role maintained for enhanced governance; robust stock ownership and clawback policies in place.