Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 2

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 2
---
EY) as our Independent Registered Public Accounting Firm for the Year Ending December 31, 2025 | FOR                  | Majority of votes cast |             83 |
| 4        | Approve Amendment and Restatement of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan                   | FOR                  | Majority of votes cast |             87 |

#### Public Storage | 2025 Proxy Statement |1

#### 2024 Highlights
2024 Highlights

2024 BUSINESS HIGHLIGHTS

Under the leadership of our President and Chief Executive Officer (CEO) Joseph D. Russell, Jr., and the senior management team, we executed our corporate strategies through a year of industry-wide stabilization and again achieved record performance in 2024. During 2024, we focused on continuing to enhance our industry-leading omni-channel digital operating model. We also leveraged our proprietary data and analytics capabilities to further optimize our revenue management, asset management, and field operations to out-perform our public self-storage peers. Although the acquisitions market was quiet for much of the year, our growth-oriented balance sheet allowed us to execute on a number of acquisitions opportunistically, and our best-in-class development program delivered 1.5 million square feet while maintaining a robust pipeline of projects. These efforts position us well to unlock additional opportunities for growth and value creation in 2025 and beyond.

Record Financial Results, Multiyear Growth, and Superior Operating Performance

| $4.7billion     |     | $3.4billion                    |
| Record Revenues |     | Record Net Operating Income(1) |

| $20.89                                |     | 78.5%                                 |
| Highest RevPAF                        
 (Same Store among self-storage REITs) |     | Highest Direct Operating Margin       
 (Same Store among self-storage REITs) |

| 37%                                                                                                                      | Increase in portfolio     
 square footage since 2019 |
| 3.2 million square feet added in 2024 through acquisitions, development, and redevelopment (at a cost of $610.9 million) |                           |

| $16.67                           |     | 75%                                                    |
| Core FFO per Share(1)            
 Highest Among Self-Storage REITs |     | Digital Customer Rentals                               
 Compared to 30% on average for self-storage REIT peers |

Net operating income (NOI) and Core FFO per share are non-GAAP measures. Refer to pages 29-31, 45