Public Storage (PSA) Proxy filing summary

Executive summary

• Achieved record revenues of $4.8 billion and net operating income of $3.5 billion in 2025, with a 78.2% direct operating margin, the highest among self-storage REITs.

• Expanded portfolio by 8.2 million square feet in 2025 and 67 million square feet since 2019, reflecting a 31% increase.

• 75% of new customer rentals completed digitally, demonstrating strong technology adoption.

• Leadership transition announced: CEO Joseph D. Russell, Jr. to retire March 31, 2026; H. Thomas Boyle to become CEO April 1, 2026; Shankh S. Mitra to become Board Chair.

• Annual Meeting scheduled for May 6, 2026, with proxy materials primarily delivered electronically.

Voting matters and shareholder proposals

• Shareholders to vote on: election of twelve trustees, advisory approval of executive compensation (Say-on-Pay), and ratification of Ernst & Young LLP as independent auditor for 2026.

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

• Board reduced from thirteen to twelve trustees, with ongoing refreshment and succession planning.

• 83% of trustee nominees are independent; board diversity includes gender, racial, age, and tenure diversity.

• Four standing committees: Audit, Compensation and Human Capital (CHC), Nominating, Governance, and Sustainability (NGS), and Investment.

• Proxy access allows shareholders (owning ≥3% for ≥3 years) to nominate up to 20% of board seats.