Public Storage (NYSE: PSA) today issued the following statement in response to a letter from Elliott Associates, L.P. and Elliott International, L.P. (together, “Elliott”):

The Public Storage Board of Trustees and management team are committed to serving the best interests of the Company and its shareholders, and will continue to take decisive action to drive sustainable value creation.

Public Storage is the world’s largest owner, operator, and developer of self-storage properties, with a $46 billion total market capitalization. This success has come through executing strategies that promote the long-term resilience of its properties and of the Company, as well as enhancing shareholder value, resulting in the generation of 20-year Compounded Annual Growth Rates (CAGR) of: 7% for core funds from operations (FFO) per share1, 12% for dividends per share and 16% for total shareholder return (vs. 7% for the S&P 500). Since the beginning of 2019, Public Storage has undertaken important growth initiatives and has significantly refreshed its Board of Trustees, including:

• Expanding its portfolio by approximately 13.9 million net rentable square feet, or 9%, through $1.9 billion of acquisitions, development, and redevelopment, including properties currently under contract and the approximately $500 million recent acquisition of the Beyond Storage Portfolio
• Delivering $471 million of properties from the Company’s development platform, the only one of its kind among public competitors, with a current pipeline of $563 million additional activity planned (in addition to the $1.3 billion previously delivered in 2013-2018)
• Executing a $500 million, five-year “Property of Tomorrow” investment program to improve customer satisfaction and enhance its existing portfolio
• Adding additional scale by growing its third-party property management business to a total of 113 properties
• Investing in its proprietary in-house technology platforms that drive operational capability, streamlining workflows and driving labor efficiencies, while enhancing customer and employee experiences
• Raising over $3 billion of debt and preferred capital to fund growth and lower in-place capital costs
• Driving revenue through both occupancy and rent optimization, resulting in leading revenue per available foot
• Aggregation of 33 million square foot non-same store portfolio, which provides significant embedded revenue growth as properties stabilize
• Adding five new independent Trustees in the past 18 months, who bring deep operational, technology, real estate investing, and corporate governance expertise, as well as proven track records as public company leaders and board members, and announcing the retirement of three longer-tenured Trustees, effective December 31, 2020, following which the average tenure of the Board will be approximately 6 years
• Year-to-date total shareholder returns of +6% compared to MSCI US REIT Index of -10%
• Last twelve months total shareholder returns of +9% compared to MSCI US REIT Index of -8%

In addition to Public Storage’s growth initiatives, the Company will drive performance through: (i) team and culture; (ii) brand, scale and superior operating platform; (iii) development leadership; and (iv) a balance sheet built upon financial strength, discipline, and flexibility to fund growth. The unique interplay among these drivers strengthens the Company’s business as it innovates across every component of the platform. Public Storage looks forward to discussing its strategy in more detail at its upcoming Investor Day, which will be held on May 3, 2021.

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels: SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE: PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.

Additional information about Public Storage is available on the Company’s website at www.PublicStorage.com.