Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 41

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 41
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 FFO per share are non-GAAP measures. Refer to pages 29-31, 45, and F-34 of our Annual Report on Form 10-K filed on February 24, 2025 for information regarding NOI, including a reconciliation to GAAP net income. Refer to Appendix A for information regarding Core FFO per share, including a reconciliation to GAAP diluted earnings per share.

#### 40| Public Storage | 2025 Proxy Statement
Proposal 2: Approve Executive Compensation

The Company strengthened its leadership position among self-storage REITs through continued income generation and margin out-performance, reflecting our tangible competitive advantages and unique operating model transformation. Below are various 2024 performance highlights for Public Storage as compared to the self-storage REITs (Extra Space Storage Inc. (NYSE: EXR), CubeSmart (NYSE: CUBE), and National Storage Affiliates (NYSE: NSA)):

* Same-store metrics per Company disclosures.

Notwithstanding a soft acquisitions market, we continued to enhance our portfolio through strategic acquisitions, development, and redevelopment of self-storage properties. In 2024, we added 3.2 million square feet to our portfolio at a cost of $610.9 million. Since 2019, we have grown our portfolio by 37%, adding 59.0 million square feet.

We also maintained our focus on organic growth, technology and the digital customer experience, transforming our operating model, and the success of our colleagues:

| Organic Growth Powered by Innovation                                                                                                                                                                                                                                                                                                                                |
| •Achieved leading same store performance through a stabilizing environment, including:                                                                                                                                                                                                                                                                              
 •92.4% average occupancy                                                                                                                                                                                                                                                                                                                                            
 •$22.61 average rent per occupied square foot                                                                                                                                                                                                                                                                                                                       
 •Implemented customer driven demand staffing at 100% of locations                                                                                                                                                                                                                                                                                                   
 •Completed Property of Tomorrow, a comprehensive upgrade and rebranding program that improves the customer experience                                                                                                                                                                                                                                               
 •Online, contactless eRental® lease accounted for approximately 75% of move-ins versus 30%, on average, for the online leases of our self-storage REIT peers                                                                                                                                                                                                        
 •Maintained the largest self-service kiosk platform in the industry, with almost 350 kiosks in place at year end                                                                                                                                                                                                                                                    
 •Our Public Storage App, which provides customers with convenient phone-based digital gate access, bill payment, and account management capabilities, has been downloaded nearly 6 million times and received a 4.6 out of 5.0 rating in the