Public Storage (PSA) Issues Statement in Response to Letter from Elliott

December 14, 2020 4:16 PM

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:

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.

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