Public Storage Announces PS4.0™ — A New Era of Leadership, Growth and Value Creation

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• Our single most important focus going forward will be per share earnings and cash flow growth resulting in accelerated shareholder returns

  80% confidence

• The Company has deployed over $12 billion of capital over the past 5 years with stores generating more cashflow and higher returns

  80% confidence

• Tom and team will focus on capital allocation opportunities including external growth, technological advancements or talent upgrades to build the Company for the long term

  80% confidence

• The opportunity ahead for Public Storage has never been stronger

  80% confidence

• The acquisitions team has acquired $10 billion through accretive private transactions over the past 5 years

  80% confidence

• The target is clear: enhanced customer experience, winning employee culture, accelerated value creation and compounding shareholder outperformance

  80% confidence

• During periods of unremarkable growth, great capital allocation opportunities are found

  80% confidence

• Public Storage has outperformed the self-storage sector by 2.7% in NOI growth over the past 3 years with an industry-leading 78.4% direct operating margin

  80% confidence

• There is too much focus on near-term fundamentals and their inflection points in the market

  80% confidence

• Public Storage achieved leading self-storage shareholder returns over the last 1-, 3-, and 5-year periods under Joe Russell's leadership

  80% confidence

• The path to achieving per share earnings and cash flow growth will be through superior customer experience and capital allocation

  80% confidence

• It has been an honor to lead Public Storage through a decade of transformation, accretive growth and shareholder returns

  80% confidence

• 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 improved capital allocation, superior operations, and relative shareholder returns

  80% confidence

• Public Storage has assembled one of the most competitive, mission-driven, and high-integrity leadership groups in real estate today

  80% confidence

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