# EDGAR Filing Document

**Accession Number:** 0001393311
**File Stem:** 0001193125-26-048660
**Filing Date:** 2026-2
**Character Count:** 57976
**Document Hash:** 52168358baf3a99d54d5e7cead73228a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-048660.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001193125-26-048660

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260210

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Public Storage
- **CENTRAL INDEX KEY:** 0001393311
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 953551121
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33519
- **FILM NUMBER:** 26626018

**BUSINESS ADDRESS:**
- **STREET 1:** 701 WESTERN AVENUE
- **CITY:** GLENDALE
- **STATE:** CA
- **ZIP:** 91201-2349
- **BUSINESS PHONE:** 818-244-8080

**MAIL ADDRESS:**
- **STREET 1:** 701 WESTERN AVENUE
- **CITY:** GLENDALE
- **STATE:** CA
- **ZIP:** 91201-2349

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): February 10, 2026

## Public Storage

#### (Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **001-33519** | **93-2834996** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

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| | |
|:---|:---|
| **2811 Internet Boulevard, Frisco, Texas** | **75034** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

(818) 244-8080

#### (Registrant's telephone number, including area code)

#### 701 Western Avenue, Glendale, California 91201-2349

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Class** | **Trading<br>Symbol** | **Name of Exchange<br>on Which Registered** |
| Common Shares, $0.10 par value | PSA | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value | PSAPrF | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value | PSAPrG | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value | PSAPrH | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value | PSAPrI | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value | PSAPrJ | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value | PSAPrK | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value | PSAPrL | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value | PSAPrM | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value | PSAPrN | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value | PSAPrO | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value | PSAPrP | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value | PSAPrQ | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value | PSAPrR | New York Stock Exchange |
| Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value | PSAPrS | New York Stock Exchange |
| Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company | PSA/32 | New York Stock Exchange |
| Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company | PSA/30 | New York Stock Exchange |
| Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company | PSA/34 | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

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<u>Chief Executive Officer Succession</u> 

On February 10, 2026, Joseph D. Russell, Jr. notified the Board of Trustees (the "Board") of Public Storage (the "Company") of his intention to retire from his positions as the Company's President and Chief Executive Officer ("CEO"), effective as of March 31, 2026 (the "Retirement Date"). Mr. Russell's retirement is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices.

On February 10, 2026, the Board appointed H. Thomas Boyle, the Company's current Senior Vice President, Chief Financial and Investment Officer, to succeed Mr. Russell as CEO, effective April 1, 2026.

Mr. Boyle, age 42, has served as the Company's Chief Financial Officer since January 1, 2019, and as Chief Investment Officer since January 1, 2023. Previously, Mr. Boyle was Vice President and Chief Financial Officer, Operations, from November 2016, when he joined the Company, until January 2019. Prior to joining the Company, Mr. Boyle served in various investment banking roles at Morgan Stanley. Mr. Boyle has served as a director of Shurgard Self Storage Limited and a member of Shurgard's Real Estate Investment Committee since May 2023.

Mr. Boyle will continue to participate in the Company's executive compensation program. In connection with his appointment as CEO, Mr. Boyle's annual base salary was increased to $1 million (effective as of April 1, 2026), his 2026 target annual performance-based bonus was increased to 200% of his base salary, and the aggregate target value of his 2026 annual equity award is $10 million. Additionally, in connection with his promotion, Mr. Boyle was granted an award of out-of-the-money time-based appreciation-only ("AO") units of profits interest ("LTIP Units") in the Company's operating partnership, with a grant date fair value of $10 million. Subject to certain conditions, LTIP Units may be converted on a one-for-one basis into operating partnership common units, which are in turn exchangeable by the holder for cash or, at the Company's election, on a one-for-one basis into Company common shares. The AO LTIP Unit award has a conversion price of $350 per unit and vests over eight years, with 60% of the award vesting on the sixth anniversary of the grant date and the remaining 40% vesting ratably over the following two years.

There are no family relationships between Mr. Boyle and any trustee or executive officer, and there have been no transactions between Mr. Boyle or any of his immediate family members and the Company or any of its subsidiaries that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Exchange Act at this time.

<u>Chief Financial Officer Succession</u> 

On February 10, 2026, the Board appointed Joseph D. Fisher to succeed Mr. Boyle as President, Chief Financial Officer, effective as of February 16, 2026. Mr. Fisher has been serving as a consultant for the Company since January 2026. Prior to joining the Company, Mr. Fisher, age 46, served as President, Chief Financial Officer of UDR Inc. (NYSE: UDR) from May 2022 to September 2025, and as Chief Investment Officer from January 2025 to September 2025. Prior thereto, he served as Senior Vice President, Chief Financial Officer of UDR since January 2017. Before joining UDR, Mr. Fisher served in roles of increasing responsibility at Deutsche Asset and Wealth Management, most recently as Co-Head of the Americas and Co-Lead Portfolio Manager since 2007. Mr. Fisher began his career as an asset management analyst at Principal Real Estate Investors. Mr. Fisher has served as a trustee of Federal Realty Investment Trust (NYSE: FRT) since January 2026.

Mr. Fisher will participate in the Company's executive compensation program. He will receive an initial annual base salary of $600,000, and he will be eligible to receive a 2026 annual performance-based cash incentive award with a target annual bonus potential of $1.4 million and a 2026 annual equity award with an aggregate target value of $4 million. Additionally, in connection with his appointment, Mr. Fisher was granted an out-of-the-money time-based AO LTIP Unit award with a grant date fair value of $3 million. The AO LTIP Unit award has a conversion price of $350 per unit and vests over eight years, with 60% of the award vesting on the sixth anniversary of the grant date and the remaining 40% vesting ratably over the following two years.

In connection with Mr. Fisher's appointment, the Company will enter into an indemnification agreement with Mr. Fisher similar to the indemnification agreement entered into with all other executive officers of the Company, the form of which is filed as an exhibit to the Company's Form 10-K for the year ended December 31, 2023.

There are no family relationships between Mr. Fisher and any trustee or executive officer, and there have been no transactions between Mr. Fisher or any of his immediate family members and the Company or any of its subsidiaries that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Exchange Act at this time.

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<u>Executive Officer Promotions</u> 

In connection with the other leadership matters described in this Form 8-K, the Board promoted Natalia N. Johnson to President, Chief Digital & Transformation Officer, and Chris C. Sambar to President, Chief Operating Officer, each effective February 16, 2026. Ms. Johnson has served as the Company's Senior Vice President, Chief Administrative Officer since August 2020. Mr. Sambar has served as the Company's Senior Vice President, Chief Operating Officer since October 2024 and, prior to that, held roles of increasing responsibility at AT&T Communications since 2002, most recently as President, AT&T Network from August 2022 to October 2024 and as Executive Vice President, AT&T Network from September 2019 to August 2022. Each of Ms. Johnson and Mr. Sambar will continue to participate in the Company's executive compensation program.

<u>Board of Trustees Succession</u> 

In connection with his retirement as President and CEO, Mr. Russell also advised the Board that he intends to retire from the Board effective as of March 31, 2026.

In connection with Mr. Boyle's appointment as CEO, the Board appointed Mr. Boyle to the Board, effective April 1, 2026.

On February 10, 2026, Ronald L. Havner notified the Board that he intends to step down as Chairman of the Board effective as of March 31, 2026. On February 10, 2026, the Board appointed Shankh S. Mitra, an independent trustee of the Company, to succeed Mr. Havner as the Chairman of the Board, effective as of April 1, 2026. Mr. Havner intends to continue to serve as a trustee of the Company.

On February 10, 2026, John Reyes notified the Board that he intends to retire from the Board effective as of the end of his term at the Company's 2026 Annual Meeting. Mr. Reyes's retirement is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Board approved a reduction in the size of the Board from thirteen (13) to twelve (12) members effective as of the Annual Meeting.

<u>Consulting Agreement</u> 

On February 10, 2026, the Company entered into a Retirement and Transition Agreement (the "Agreement") with Mr. Russell to support the continued transition of his duties and responsibilities to his successor and to provide other services as may be requested by the Company. Under the Agreement, which is effective as of the Retirement Date, Mr. Russell will receive monthly consulting fees equal to $400,000. The term of the Agreement will expire on March 31, 2027, unless extended by the parties. The foregoing description of Mr. Russell's Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference in this Item 5.02.

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| | |
|:---|:---|
| **Item 7.01** | **Other Events.** |

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A copy of the press release, dated February 12, 2026, announcing the leadership changes summarized above is attached hereto as Exhibit 99.1.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

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On February 10, 2026, the Board approved a change in the Company's principal office from Glendale, California, to Frisco, Texas, effective immediately.

In connection with the Board leadership matters described in Item 5.02, above, on February 10, 2026, the Company entered into agreements to sell to Mr. Mitra and Mr. Havner out-of-the-money non-qualified options ("OP Options") to purchase common units of the Company's operating partnership for an aggregate purchase price of $25 million and $5 million, respectively. The purchase price was based on the Company's determination

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of the fair value of the OP Options using a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will become exercisable upon the sixth anniversary of the settlement date, and have a 10-year term. The transactions, which are expected to settle on or before February 20, 2026, were approved by the Audit Committee and the Board in accordance with the Company's policies.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 10.1 | [Retirement and Transition Agreement by and among Public Storage and Joseph, D. Russell, Jr., dated February 10, 2026.](d793613dex101.htm) |
| 99.1 | [Press Release of Public Storage dated February 12, 2026.](d793613dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | PUBLIC STORAGE | PUBLIC STORAGE |
|  | By: | /s/ Nathaniel A. Vitan |
| Date: February 12, 2026 |  | Nathaniel A. Vitan |
|  |  | Senior Vice President, Chief Legal<br>Officer and Corporate Secretary |

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## Exhibit 10.1

**Exhibit 10.1** 

**RETIREMENT AND TRANSITION AGREEMENT** 

This RETIREMENT AND TRANSITION AGREEMENT (this "<u>Agreement</u>") is entered into as of February 10, 2026 by and between Public Storage Operating Company, a Maryland real estate investment trust (the "<u>Company</u>") and Joseph D. Russell, Jr. ("<u>Executive</u>").

WHEREAS: Executive currently serves as President and Chief Executive Officer of the Company and has notified the Company he will retire from that position effective March 31, 2026 (the "<u>Retirement Date</u>");

WHEREAS: Given Executive's knowledge of the Company and its business and the Company's desire to provide for an orderly transition of leadership of the Company, the Company wishes to obtain Executive's commitment to provide certain consulting services to the Company for a transition period on the terms and conditions set forth herein.

NOW, THEREFORE: In consideration of the mutual entry into this Agreement by the parties hereto, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged by each party hereto, the Company and Executive agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Retirement</u>: Executive agrees to continue to serve in good faith as the President and Chief Executive Officer of the Company until the Retirement Date, with the same authority, duties, and responsibilities and without changes to the Executive's terms and conditions of employment, in each case, as in effect immediately prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transition Advisory Services</u>: The Executive and the Company hereby agree that from the Retirement Date until March 31, 2027 (the "<u>Transition Period</u>"), the Executive shall provide the transition advisory services set forth on <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>General Release</u>: As consideration for the benefits provided to the Executive by this Agreement, on or before the Retirement Date the Executive shall execute a release in substantially the form set forth on <u>Exhibit B</u> hereto (the "<u>Release</u>") with respect to his period of employment by the Company and shall not revoke and shall comply with the terms of the Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Non-Solicitation and Non-Use of Confidential Information</u>. Executive agrees and covenants that during his employment term, during the Transition Period and for a period of twelve (12) months following the Transition Period, Executive will not, either on Executive's own behalf or on behalf of any other entity or person, induce, solicit, recruit, or encourage any employee of the Company or its affiliates to leave the employ of the Company or any of its affiliates or cease providing services to the Company or any of its affiliates, which means that the Executive will not: (i) disclose to any third party employer for purposes of employment solicitations the names, compensation, contacts, backgrounds, or qualifications of any employees or otherwise identify them as potential candidates for employment or to provide services, or (ii) personally or through any other person (excluding advertisements or generalized recruiting not targeted at employees of the Company or any of its affiliates) approach, recruit, interview, or otherwise solicit employees of the Company or any of its affiliates to work for Executive or any other person or employer or to terminate their employment with the Company or any of its affiliates or violate any agreement with or duty to the Company or any of its affiliates. Executive

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further understands and acknowledges that, because of Executive's experience with and relationship to the Company (including Executive's prior experience as an employee of the Company), Executive has had and will have access to and has learned and will learn about much or all of the Company's Confidential Information and trade secrets. Executive therefore agrees and covenants that Executive will not use the Confidential Information or trade secrets to directly or indirectly interrupt, disturb, or interfere with the relationships of the Company or any of its affiliates with any customer, supplier, Executive, independent contractor, or other business partner, or to compete unfairly with the Company or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. Neither this Agreement nor any rights, interests, or obligations hereunder shall be assigned by any party hereto without the prior written consent of the other party (other than, in the case of the Company, an assignment to wholly owned direct or indirect subsidiary thereof); any purported assignment by either party in violation hereof shall be null and void. Subject to the foregoing sentence, this Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment</u>. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Applicable Law</u>. This Agreement shall be governed by the laws of the State of California (regardless of the laws that might otherwise govern under applicable California conflict of laws principles) as to all matters, including but not limited to matters of validity, construction, effect, performance, and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Jurisdiction</u>. The Company and Executive agree that any dispute arising between the parties hereto under this Agreement or otherwise will be submitted to final and binding arbitration under the auspices of the American Arbitration Association in Los Angeles, California, and not to any other forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Arbitration</u>. It is hereby mutually agreed between the Company and Executive that any and all disputes, controversies, or claims arising out of or related to this Agreement or any breach or termination of this Agreement, including but not limited to the consulting services Executive provides to the Company, and any alleged violation of any federal, state, or local statute, regulation, common law, or public policy, whether sounding in contract, tort, or statute, shall be submitted to and decided by binding arbitration. Arbitration shall be governed by the Federal Arbitration Act (FAA) and administered by the American Arbitration Association (AAA) and held in Los Angeles, California before a single arbitrator, in accordance with the AAA's rules, regulations, and requirements, as well as any requirements imposed by California law. Any arbitral award determination shall be final and binding upon the parties. Judgment on the arbitrator's award may be entered in any court of competent jurisdiction.

To the fullest extent permitted by law, the Company and Executive hereby expressly waive their right to a jury trial, bench trial, and their right to bring, maintain, participate in, or receive money from, any class, collective, or representative action, whether in court, arbitration or any other proceeding, except for representative claims that cannot be waived under applicable law and that are therefore excluded from this Agreement. Each party shall only submit their own individual

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claims against the other and will not seek to represent the interests of any other person. The arbitrator shall have no jurisdiction or authority to compel any class or collective claim, or to consolidate different arbitration proceedings with or join any other party to an arbitration between the parties. The arbitrator, not any court, shall have exclusive authority to resolve any dispute relating to the enforceability or formation of this Agreement and the arbitrability of any dispute between the parties, except for any dispute relating to the enforceability or scope of the class and collective action waiver and the application of the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act, which shall be determined by a court of competent jurisdiction.

The arbitrator shall have the authority to award any remedy or relief that would have been available to the parties, in their individual capacity, had the matter been heard in court. The arbitrator has the authority to provide for the award of attorney's fees and costs to the prevailing party if such award is authorized or required by applicable law.

Nothing in this Agreement is intended to prohibit Executive from filing any administrative claim that cannot be waived, from communicating with administrative or governmental agencies, or from pursuing any claim that cannot, as a matter of law, be the subject of a prospective arbitration agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Counterparts</u>. This Agreement may be executed in the original or by telecopy in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Severability</u>. The Company and Executive agree that if any part of this Agreement is deemed illegal, invalid, or unenforceable, this declaration will not affect the legality, validity, or enforceability of the remaining parts of the Agreement, and the illegal, invalid, or unenforceable part will no longer be part of this Agreement. Further, if a court of competent jurisdiction finds any part of this Agreement unenforceable for any reason, such unenforceable provision shall be severable from this Agreement but the remainder of the Agreement shall be binding and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Entire Agreement</u>. This Agreement embodies the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior agreements and understandings between the parties with respect to the transition services contemplated hereby.

[*Signature Page Follows*]

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IN WITNESS WHEREOF: The undersigned have duly executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| PUBLIC STORAGE OPERATING COMPANY | PUBLIC STORAGE OPERATING COMPANY |
| By: | /s/ H. Thomas Boyle |
|  | H. Thomas Boyle |
|  | Senior Vice President,<br> Chief Financial and Investment Officer |
| **EXECUTIVE**<br>/s/ Joseph D. Russell, Jr. | **EXECUTIVE**<br>/s/ Joseph D. Russell, Jr. |
| Joseph D. Russell, Jr. | Joseph D. Russell, Jr. |

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**<u>Exhibit A</u>**

**Transition Advisory Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Transition Advisory Services</u>. During the Transition Period, upon the request of the Board of Trustees, the Chief Executive Officer, or any executive officer of the Company, the Executive agrees to provide the Company such advisory or consultative services with respect to matters that are within the scope of Executive's knowledge and expertise to enable the Company to continue to have the benefit of his experience and knowledge of the affairs of the Company and of his reputation, experience, and contacts in the industry. The scope of Executive's services shall include, but is not limited to, consulting on business, financial, and operational matters relating to the Company, and providing other advice and assistance that reasonably falls within Executive's knowledge and expertise. Executive agrees to perform such consulting services on behalf of the Company at all times using good business ethics and in a professional manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Availability</u>. Executive agrees to be reasonably available for performance of the services under this <u>Exhibit A</u> as reasonably requested by the Company. Executive's services for the Company are on a non-exclusive basis, and Executive may perform services for Executive's self or others provided such services can be and are performed consistent with the Agreement, including but not limited to the non-solicit terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Confidentiality</u>. Executive agrees not to use or disclose, directly or indirectly, other than in the performance of Executive's duties under this <u>Exhibit A</u>, any confidential or proprietary information of the Company or its subsidiaries or affiliates including, without limitation, trade secrets, processes, practices, proposed or potential acquisitions, joint ventures, or other transactions or any such transactions that are being or were considered by the Company, strategies, employee lists, personnel matters, financial data, operating results, plans, contractual relationships, technological innovations in any stage of development, and all other data and information of a competition-sensitive nature (collectively, "<u>Confidential Information</u>"), and all notes, records, software, drawings, handbooks, manuals, policies, contracts, memoranda, sales files, or any other documents generated or compiled by any employee or Executive of the Company reflecting such Confidential Information, that Executive acquired or acquires while an employee Executive of the Company will not be disclosed or used for Executive's own purposes or in a manner detrimental to the Company's interests. This obligation applies both during and after the term of this Agreement and applies to Confidential Information obtained by Executive in Executive's capacity as a consultant and in Executive's prior capacity as an employee of the Company. If Executive violates this provision, the Company will have the right to seek injunctive relief in addition to the other remedies. Executive agrees that all Confidential Information will remain the sole property of the Company. Executive also agrees to take all reasonable precautions to prevent any unauthorized disclosure of such Confidential Information. Pursuant to 18 USC § 1833(b), an individual may not be held liable under any criminal or civil federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual suing an

i

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entity for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 USC § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 USC § 1833(b). Further, nothing in this Agreement prohibits Executive from providing truthful testimony if compelled by law or from reporting possible violations of law to a governmental agency or self-regulatory organization, cooperating with such agency, or taking other actions protected under federal or state whistleblower law (including receiving a whistleblower award), in each case without prior notice to or authorization from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Consideration</u>. In consideration for providing the services set forth in this <u>Exhibit</u> <u>A</u>, Executive shall receive cash compensation in the form of a consulting fee of $400,000 per month. The Company shall pay Executive monthly on the last day of each month. During the Transition Period, Executive shall continue to be a "Service Provider" as defined in the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. Executive shall not be entitled to any other cash or noncash compensation or benefits as a result of Executive's consulting services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Independent Contractor</u>. During the Transition Period, Executive shall be an independent contractor, not an employee, of the Company. Executive shall be solely responsible for paying any taxes attributable to Executive's services under this <u>Exhibit A</u>. Executive will not, as a result of this <u>Exhibit A</u>, participate in benefits of employment available to employees of the Company or its affiliates, through any plan, program, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Reimbursement of Expenses</u>. During the Transition Period, the Company shall reimburse Executive for those properly documented expenditures incurred by Executive that the Company determines are reasonably necessary for the discharge of Executive's duties under this <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Termination</u>. The obligations of the parties under this <u>Exhibit A</u> shall terminate, and thus the Transition Period shall end, automatically on the occurrence of any of the following events: (a) completion of the Transition Period; (b) mutual written agreement of the parties; (c) death or disability of Executive; or (d) termination by the Company for "cause." For purposes of this <u>Exhibit A</u>, "cause" means (i) Executive's willful and continuing failure to perform the requested services hereunder following written notice and a reasonable opportunity to cure (to the extent such failure is curable as determined in the reasonable discretion of the Company), (ii) Executive's material breach of this Agreement following written notice and a reasonable opportunity to cure (to the extent such breach is curable as determined in the reasonable discretion of the Company), (iii) Executive's conviction for (or pleading *nolo contendere* to) any felony, (iv) Executive's commission of an act of fraud, theft, or dishonesty related to the business of the Company or its affiliates or the performance of Executive's duties hereunder, (v) Executive engages in an activity that competes directly with the Company during the Transition Period, (vi) Executive's acceptance of work, contracting with, or accepting an obligation from any third party that would constitute a conflict of interest with the Company, or (vii) the Executive has exercised his revocation rights with respect to the Release. Executive and the Company hereby agree that the completion of the Transition Period will be a qualifying "Retirement" under Executive's outstanding equity award agreements as of the date hereof.

ii

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Work Product</u>. Executive agrees that all copyrightable material, notes, records, drawings, designs, inventions, improvements, developments, discoveries and trade secrets conceived, discovered, developed or reduced to practice by Executive, solely or in collaboration with others, during the Transition Period that relate in any manner to the business of the Company that Executive may be directed to undertake, investigate or experiment with or that Executive may become associated with in work, investigation or experimentation in the Company's line of business in performing the services under this <u>Exhibit A</u> (collectively, "Inventions"), are the sole property of the Company. Executive also agrees to assign (or cause to be assigned) and hereby irrevocably assigns fully to the Company all Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating to all Inventions. Executive hereby irrevocably appoints Company as Executive's attorney-in-fact for the purpose of executing such documents on Executive's behalf, which appointment is coupled with an interest. Executive understands that the provisions of this Agreement requiring assignments of Inventions to the Company do not apply to any invention which qualifies fully under the provisions of California Labor Code section 2870 (or, if applicable, any similar law of any other jurisdiction), which provides: "(a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer's equipment, supplies, facilities, or trade secret information except for those inventions that either: (1) Relate at the time of conception or reduction to practice of the invention to the employer's business, or actual or demonstrably anticipated research or development of the employer; or (2) Result from any work performed by the employee for the employer. (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable." Executive will advise the Company promptly in writing of any inventions that Executive believes meets the criteria in California Labor Code Section 2870.

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## Exhibit 99.1

**Exhibit 99.1** 

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| | | |
|:---|:---|:---|
| **News Release** | For Release: | Immediately |
|  | Date: | February 12, 2026 |
| Public Storage | Contact: | Joe Fisher |
| Frisco, TX |  | joefisher@publicstorage.com |
| PublicStorage.com |  |  |

---

***Public Storage Announces PS4.0<sup>TM</sup> — A New Era of Leadership, Growth and Value Creation***

*Public Storage's Fourth Era of Leadership, PS4.0, Set to Launch* ***PS Next*** ***<sup>TM</sup>*** *Operating Platform, Value* 

*Creation Engine and Own It Culture with Strategic Alignment to Long-Term Value Creation* 

*Tom Boyle to Succeed Joe Russell as Chief Executive Officer Effective April 1, 2026* 

*Shankh Mitra to Succeed Ron Havner as non-executive Chairman of the Board Effective April 1, 2026* 

*Shankh Mitra Invested $25 million and Ron Havner Invested $5 million in 10 Year Out-of-the-Money* 

*Options Demonstrating Their Confidence in and Commitment to the New Leadership Team* 

*Joe Fisher to Join Public Storage as President, Chief Financial Officer* 

*Natalia Johnson Promoted to President, Chief Digital and Transformation Officer* 

*Chris Sambar Promoted to President, Chief Operating Officer* 

*Public Storage to Relocate Corporate Headquarters to Frisco, Texas in the Dallas Metropolitan Area* 

**FRISCO, Texas**–Public Storage (NYSE: PSA, the "Company"), the world's largest owner of self-storage facilities, today unveiled PS4.0, a generational leadership transition and strategic vision designed to accelerate long-term relative total shareholder return through elevating the customer and employee experience, expanding margins and performance of its industry leading operating platform, and capturing the portfolio growth opportunity across a highly fragmented sector.

**<u>Leadership Transitions</u>**

Public Storage announced key leadership appointments to drive the PS4.0 vision and execution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tom Boyle, the Company's current Chief Financial and Investment Officer, has been appointed to Chief
Executive Officer, effective April 1, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Joe Russell will be retiring from his roles as President and Chief Executive Officer on March 31, 2026, and
will provide consulting services to the Company through March 31, 2027, to support the transition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Joe Fisher has been appointed President, Chief Financial Officer, effective February 16, 2026. He was most
recently the President, Chief Financial and Investment Officer at UDR, an S&P 500 multifamily REIT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Natalia Johnson, the Company's current Chief Administrative Officer, is being promoted to President, Chief
Digital and Transformation Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chris Sambar is being promoted to President, Chief Operating Officer and will now also oversee our PS Advantage
third-party management platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ayash Basu has joined as Chief Revenue and Marketing Officer. He most recently served as a Managing
Director & Partner at the Boston Consulting Group

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"It has been an honor to lead Public Storage through a decade of transformation, accretive growth and shareholder returns," said Joe Russell. "Tom has been a valued partner and an exceptional leader in his dual role as CFO and CIO, helping create the foundation that has driven our improved capital allocation, superior operations, and relative shareholder returns in recent years. The Board, the senior leadership team and I are excited to see Tom and his team lead Public Storage into PS4.0, our powerful next era of growth."

"I am deeply grateful to the Board for the trust they have placed in me, and I want to sincerely thank Joe Russell for his strong leadership of Public Storage and mentorship to me and the executive team," said Tom Boyle. "Joe built a strong foundation for us to launch into PS4.0 with a focus on our people, our customers, our Brand, our industry-leading operating platform, and our ability to scale in a fragmented sector. Our single most important focus going forward will be per share earnings and cash flow growth resulting in accelerated shareholder returns. I believe the path to achieving that goal will be through superior customer experience and capital allocation."

"I am joining Public Storage from the outside because the platform and industry opportunity are extraordinary," said Joe Fisher. "Public Storage has assembled one of the most competitive, mission-driven, and high-integrity leadership groups in real estate today — a team built on a shared ownership and fiduciary mindset, operational and capital allocation excellence, and a commitment to drive shareholder value."

**<u>Board Transitions</u>**

Public Storage also announced key Board of Trustee transitions to support the PS4.0 leadership transition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shankh Mitra, current Chief Executive Officer of Welltower and Public Storage independent Trustee, has been
elected to the role of non-executive Chairman of the Board effective April 1, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ron Havner will continue to serve as a Trustee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• John Reyes will not stand for re-election at the upcoming annual meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Joe Russell will retire from the Board upon his retirement as President and CEO on March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tom Boyle will join the Board of Trustees effective April 1, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A new Investment Committee of the Board of Trustees will be chaired by Ron Spogli, founder and Chairman of
Freeman Spogli & Co.

The Board of Trustees is incredibly thankful for the many years of leadership and partnership displayed by Ron Havner, Joe Russell and John Reyes, who have a combined 99 years in service to the shareholders of Public Storage. Ron Havner stated, "We have accomplished significant industry changing objectives over the past 40 years since I first joined Public Storage. Public Storage has an unmatched brand, operating platform, and balance sheet. John Reyes has been a leader and Trustee with uncommon financial discipline, sound judgement and a deep understanding of the business. His contributions to Public Storage's success have been invaluable, and we thank him for his years of dedicated service. I especially want to thank Joe Russell for his decade of leadership resulting in leading self-storage shareholder returns over the last 1-, 3-, and 5-year periods. This transition is the culmination of several years of thoughtful succession planning at the Board level, and we're excited for Shankh, Tom and the executive team to build from here."

Shankh Mitra, who first joined the Board of Trustees in 2020, will assume the role of non-executive Chairman of the Board on April 1, 2026. He currently serves as the Chief Executive Officer of Welltower (NYSE: WELL), where he has driven a vision, strategy, and team that have materially outperformed the REIT industry and broader equity indices. Shankh Mitra stated, "I am humbled and deeply grateful for the trust the Board has placed in me. That trust carries profound responsibility — to our shareholders, our

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customers, our teammates, and the communities we serve. I am delighted by the opportunity to mentor Tom and the team in matters of capital allocation, culture and incentive design going forward. We are building an exceptional team that is energized and will show up to win each day. In addition to the team, we have designed a new incentive system for Public Storage driven by relative and absolute shareholder returns. I am thankful for Ron's mentorship through my entire business career and look forward to working with him as a Trustee on the Board. We are thankful for Joe's leadership, and we strongly believe Tom is the right leader to take the Company into its next phase of growth, PS4.0, and deliver outsized relative shareholder returns."

Turning from leadership to the broader market landscape, Mr. Mitra shared his perspective on how the Company can best position itself to create long-term value. "My indirect observations suggest there is too much focus on near-term fundamentals and their inflection points," Mr. Mitra continued, "However, often during the periods of unremarkable growth, great capital allocation opportunities are found. Tom and team will focus on those opportunities, be it external growth, technological advancements or talent upgrades to build the Company for the long term."

Shankh Mitra has purchased $25 million and Ron Havner has purchased $5 million of 10-year options with a $350 per share strike price and a 6-year lock-out demonstrating their long-term commitment to and confidence in what PS4.0 will deliver to shareholders.

**<u>PS4.0: A Leadership Transition and Strategic Acceleration</u>**

Public Storage announced today its vision and strategy for the future, known as "PS4.0", to reflect the fourth generation of leadership since its founding in 1972 by founder and industry visionary, B. Wayne Hughes. This leadership transition into PS4.0 arrives at a uniquely advantageous moment for the self-storage sector:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer adoption of self-storage continues to grow and is paired with less competitive new supply

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The industry remains fragmented with significant external growth opportunities ahead

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The consumer has strongly adopted digital customer experiences and is now embracing AI-led change in customer interaction at a rapidly growing pace

These components create an opportunity for Public Storage to advance into a new era supported by three core pillars:

**<u>1) PS Next Operating Platform – Win the Customer and Drive Organic Growth</u>**

Customer expectations have fundamentally changed. Today's customers expect fast, seamless, and quality experiences. To meet and exceed these expectations, Public Storage is launching **PS Next**, the Company's next-generation operating platform. **PS Next** combines the industry's leading owned-property portfolio with the only scaled omnichannel digital-first platform, advanced data science, and exceptional in-store property managers and customer care agents, which together deliver exactly what customers need, when they need it.

As President and Chief Operating Officer, Chris Sambar leads the in-store customer experience and asset management execution, including in-store operations and security, integration of new assets, and PS Advantage<sup>TM</sup>, the Company's third-party management platform – ensuring an easy, convenient, and quality customer experience, operational excellence, and scale across the portfolio.

As President, Chief Digital and Transformation Officer, Natalia Johnson drives the industry-leading digital platform and virtual customer engagement, AI and technology, data science that drives optimized decisioning platforms, human capital, and enterprise transformation – powering growth, efficiency, and organizational performance.

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In addition, our executive team has taken another bold step forward with the addition of Ayash Basu, our Chief Revenue and Marketing Officer. Ayash comes to Public Storage with deep experience in energizing brands through clarity, creativity, and customer obsession, and a proven track record of delivering revenue growth and strong customer loyalty with data-driven excellence. Ayash will lead **PS Next** into our next-level pricing and marketing environment.

Over the past 3 years, Public Storage has outperformed the self-storage sector by 2.7% in NOI growth with an industry-leading 78.4% direct operating margin. At the launch of PS4.0, these three leaders will work together to deliver 1) elevated and consistent customer experience supported by our iconic orange Public Storage<sup>®</sup> brand, 2) data science and AI-enabled digital marketing and revenue management, and 3) a transformative **PS Next** operating model. The execution of these initiatives targets compounding operational outperformance building on our recent performance track record.

**<u>2) Value Creation Engine – Capture the External Growth Opportunity</u>**

The self-storage industry is entering its next phase of evolution with expectations for increased transaction activity. That activity will be driven by generational estate planning transactions for many of the industry's operating platforms founders and accelerated by increased participation and trading by institutional capital participants. Public Storage will allocate its capital aggressively and intelligently to capture these opportunities relying on data and increasingly AI-driven underwriting and site selection leveraging the industry's largest data sets. The platform is built to invest across four primary value creators: acquisitions, developments, expansions and lending.

The Company has deployed over $12 billion of capital over the past 5 years with stores placed onto our operating platform generating more cashflow and higher returns given our industry leading revenue and margin enhancement capabilities. The PS4.0 objective is to accelerate the addition of new assets to solidify our portfolio and reinforce scale-driven operating competitive advantages for **PS Next**.

Paul Spittle, our SVP of Acquisitions, has been elevated to lead our best-in-class acquisitions team, which has acquired $10 billion through accretive private transactions over the past 5 years. Paul is tripling his deal sourcing teams, reducing transaction timelines and infusing our processes with AI- and data-driven insights.

Alongside acquisitions is our unique development and expansions platform which delivers our strongest returns while allowing us to place new stores where demand and customer growth is emerging.

As President and Chief Financial Officer, Joe Fisher will finance these acquisition, development, expansion and lending activities with our fortress balance sheet and retained cashflow engine which are a distinct competitive advantage for compounding growth. In addition, Joe will oversee investment underwriting, our growing lending business and tenant reinsurance.

**<u>3) Own It Culture – A High-Performance Leadership and Talent Platform Built to Win</u>**

At the core of PS4.0 is a significant step forward in culture – one defined by accountability, collaboration, and long-term value creation. As Public Storage advances its strategy, aligned and empowered leaders will drive success. Alongside Chief Executive Officer Tom Boyle, the Company's Presidents and senior leadership team – proven operators and strategic leaders accountable for enterprise-wide results – will drive PS4.0 execution forward.

We have designed a new incentive program for the executive officers beginning in 2026 that is driven by relative and absolute shareholder returns. This significant incentive redesign will be cascaded through the Company to align our teams toward our primary objective of shareholder outperformance. This represents an important cultural shift spurring urgency and execution obsession.

In addition to the incentive program, the people strategy will infuse new capabilities and talent complementing our strong teams and raise the bar for performance with clear accountability. To support our people strategy, Gwen Montgomery has joined as Chief Human Resources Officer, most recently from Gates Corporation.

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In addition, Public Storage will relocate its corporate headquarters to North Dallas (Frisco), Texas, benefiting from the depth of talent and innovation in that market, while maintaining a long-term presence in Glendale, California. Together, this leadership and talent platform positions Public Storage to execute PS4.0 and deliver sustained growth and long-term shareholder value.

**<u>Conclusion</u>**

In closing, Tom Boyle commented, "The opportunity ahead for Public Storage has never been stronger. This Company has a proven ability to outperform through cycles, deliver industry-leading margins driven by digital and AI advancement, and scale accretively in a fragmented landscape. The target is clear: enhanced customer experience, winning employee culture, accelerated value creation and compounding shareholder outperformance. I am energized by the leadership and platform that we are building within Public Storage to lead our industry's next era."

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**<u>About Public Storage</u>**

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2025, we: (i) owned and/or operated 3,533 self-storage facilities located in 40 states with approximately 258 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 332 self-storage facilities located in seven Western European countries with approximately 18 million net rentable square feet operated under the Shurgard<sup>®</sup> brand. Our headquarters are located in Frisco, Texas.

**<u>Forward-Looking Statements</u>**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to PS4.0, PS Next, our goals, strategies, initiatives, vision, expectations, and outlook associated with PS4.0, PS Next, and our leadership transitions, including as related to customer acquisitions and experience, the optimization, growth, and efficiency of our platforms, facility acquisitions and developments, shareholder returns and Company operating performance, 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 our ability to successfully execute our leadership succession and strategies with respect to PS4.0 and PS Next and 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 in our other filings with the SEC. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. All of our forward-looking statements, including those in this press release, 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 press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.