2022 Highlights

Our Environmental Practices

Leading the Self-Storage Sector in Environmental Stewardship

Public Storage considers potential environmental impacts—both positive and negative—negative environmental impacts in our decision-making across the business.

We are pleased to present the following highlights from our environmental stewardship efforts in 2022:

Further Reductions to Our Low Environmental Impact

For 50 years, we have built and operated our properties to stand the test of time.decision-making. We design our properties to have low obsolescence and high structural resilience, retaining functional and physical usefulness over many decades. This contrasts with other real estate types that require frequent reinvestment (i.e., capital expenditures) to stay current with consumer preference, remain competitive with newer construction, offset heavier wear-and-tear by users, and maintain structural operating efficiency.

Our property portfolioWe also has an inherently light environmental footprint, with carbon, water, and waste intensities that are on average 82% lower than other property types, including multifamily, office, industrial, and retail. Through our environmentally friendly capital initiatives, we have also achieved higher environmental efficiencies at our properties than our self-storage peers, emitting 27% less carbon per square foot and using 13% less water per square foot (on a same-store basis) than other public self-storage REITs.

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2022 Highlights

All data for the year 2021.

Moreover, we have achieved significant reductions in our same-store carbon emission, water, and waste intensities as a result of our ambitious initiatives, including a 27% reduction in our Scope 1 and Scope 2 greenhouse gas emissions (on a like-for-like basis) since 2018:

Responsibly Addressing Climate Change

We support global efforts to mitigate the impact of climate change. Over the past several years, we have taken proactive measures to improve our understanding and management of risks and opportunities related to climate change.

We will continueare pleased to utilize our unique competitive advantages in furtheringpresent the following highlights from our environmental stewardship efforts and addressing the effects of climate change. Our commitment includes:in 2023:

Our Social Commitments to Our Stakeholders

Our commitment to our stakeholders—including employees, customers, communities, investors, and suppliers—underpins our long-term successes. We actively engage with stakeholders and incorporate their views into our decision-making. In a world that is increasingly interconnected with faster information dissemination, rapid innovation, quicker decisions, and rising risk, stakeholder focus is a critical strategy element for Public Storage.

Diversity and Inclusion

Diversity Statement: We are united under one common goal—committed to creating an inclusive and diversea workplace where all employees feel valued, included, and excited to be part of a best-in-class team. With nearly 5,900 team members from all different races, backgrounds, and life experiences, we celebrate inclusion and value the diversity each person brings to Public Storage. We believe our commitment tothat values diversity and inclusion, makes us a stronger companywhere every employee feels appreciated, respected, and instills a sensepart of pride across our teams and the customers we serve.

Our long-held belief in hiring the best has resulted in a diverse and inclusive workforce.team. Public Storage hires based on skills, personality, and experience without regard to age, gender, race, ethnicity, religion, sexual orientation, or other protected characteristic. We are proud to have a diverse and inclusive workforce that reflects the diversity of the customers we serve.

In addition, we disclose our annual Consolidated EEO-1 report, which reflects the race, ethnicity, and gender composition of our workforce on the Investor Relations section of our website at publicstorage.com. We also maintain policies regarding diversity, equal opportunity, pay-for-performance, discrimination, harassment, and labor (e.g., child forced, and compulsory)forced).

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2022 HighlightsTraining and Development

Our commitment to fostering an environment where everyone feels valued and included extends not just throughout Public Storage but across the real estate industry. As one of the largest REITs—and the largest self-storage REIT—we are committed to leading the industry’s diversity and inclusion efforts. In this regard, in 2022, we made a founding donor contribution to the Nareit Dividends Through Diversity, Equity & Inclusion Giving Campaign. This initiative is directed at taking actionable and sustainable measures that support the recruitment, inclusion, development, and advancement of women, black professionals, other people of color, ethnically diverse individuals, and members of other under-represented groups in REITs and the publicly traded real estate industry. This follows our CEO’s signing of the CEO Action for Diversity and Inclusion pledge in 2021.

Development, Recognition, and Advancement

Our people power the Public Storage^®Storage® brand. We empower all of our employees through our robust learning and development programs, which provideequip them with the skills, tools, and knowledge so they not onlyto help them grow as individuals but also contributeand professionally in their careers. We strive to the value of the organization through strong engagement.

Most ofconnect every employee to Public Storage’s mission, values, objectives, and strategy, and to ensure people feel engaged, supported, and inspired by their work and our new hires join us as Property Managers without any experiencecompany culture. We invest in the self-storage industry. Our hands-on new hire training program matches new hires with a Key Training Professional and provides close coaching and development from a District Manager. This equips our new teammates with the skills and confidence they need to manage a property within their first two weeks.

We have multiple career pathways for our property teams, and many choose to grow their entire career with us while learning new skills and taking on additional responsibility. Some choose to focus on developing people, many build their career around ensuring our customers receive exceptional service, and others pursue multi-unit property management. For those who enjoy the challenges that come with managing multi-unit portfolios and people, we offer our District Manager-in-Training program, which is a formal advancement program that equips participants with the skills they need to become successful District Managers at the Company.

Our experienced Learning and Development team leads our efforts to keep our employees informed, engaged, and motivated through relevant and timely training and development across all levels of the Company through multiple learning platforms and channels to ensure our employees grow “behind the orange doors.” We also have customized leadership programs and Company-wide communications. Givena leadership accelerator program focused on underrepresented groups, including women and diverse employees, each intended to enhance the geographically dispersed natureskills of our workforce, we ensure employees have access to the toolsfuture leaders.

Employee Well-Being and resources to be successful and develop critical skills that are relevant to a variety of careers.

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2022 Highlights

Employee Health and Well-Being

Public Storage is committed to the total well-being of all our employees and provides resources to help them achieve their goals and support them in times of need. We provide comprehensive health plans,plan benefits to our employees and their dependents, including tools and resources designed to empower our employees to explore their options and to evaluate what they need to achieve a healthy and balanced lifestyle. We have also developed programs that promote taking steps towards a healthy lifestyle through encouragement and team support.

Employee Engagement

Employee engagement is fundamental to our understanding of the effectiveness of our human capital management strategies. We conduct various surveys that measureassess commitment, motivation, and engagement, as well as soliciting broader employee feedback, which we use to help us improve.

Our employee engagement efforts have also led to recognition outside of Public Storage. We are proud to be named a Great Place to Work^® and included onWork®, as rated by our employees, for the Forbes and Statista “America’s Best Large Employers” award list.second year in a row. We have also been recognized by Comparably, Inc. as a “Choice Employer” with an “A+” Culture Score based on employee responses across 18 culture metrics, among other recognitions.

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2022 Highlights

Human Rights

A core value at Public Storage is treating individuals with dignity and respect inside our organization and throughout our supply chain. Respect for human rights is fundamental to our success and the communities where we operate. Employees are united by values that demonstrate our insistence on “doing the right thing.” Our commitment to human rights embodies and reflects these values as they influence everything we do and serve as the guiding principles that drive Public Storage every day.

Our Human Rights Policy is available on our website at publicstorage.com.

We are pleased to highlight the following additional commitments to our stakeholders:

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2022 Highlights

Connecting with Our Communities

As the largest U.S. self-storage REIT, with operations in 40 states and every major metropolitan area, we have long been committed to giving back to the communities in which we operate. Our commitment to our communities is evident across our environmental initiatives to reduce energy, water, and waste intensities, our focus on diversity and inclusion, with an employee base that reflects the diversity of the communities we serve, and our guiding principle of “doing the right thing.” Many of our employees are active in our communities, including through volunteering their time and making charitable donations to organizations meaningful to them.

In 2022, we enhanced our commitment to our communities and our employees through the introduction of Public Storage Community Connects^™. Public Storage Community Connects allows our employees to have a voice in selecting non-profit organizations throughout the communities we serve to which we make charitable contributions. For 2022, our employees helped select three non-profits across the country to receive our support in providing pediatric oncology, pediatric medicine, and other childcare and family services and support.

Responsible Governance Practices

Public Storage’s commitment to the highest ethical standards is the foundation of aan effective governance structure that provides oversight and accountability, promotes fairness and compliance, and proactively manages risk. GovernanceGood governance is critical to our operational, financial, and reputational resilience.

Our Board oversees senior management to ensure the long-term interests of the Company and our stakeholders are best served. Our trustees take a proactive, focused approach to their oversight responsibilities. Our corporate governance is structured to foster principled actions, informed and effective decision making, and appropriate monitoring of performance, risk, and compliance. Trustee decisions are governed by the Corporate Governance Guidelines and Trustees’ Code of Ethics, in addition to individual committee charters.

Key aspects of our governance include:

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2022 Highlights

Code of Conduct

Employees, executive management, and trustees must adhere and annually attest to our Code of Conduct, which includes policies and standards around personal, professional, and marketplace integrity; anonymous reporting of concerns; and protecting Company assets, records, and information.assets. The Code of Conduct also covers the Foreign Corrupt Practices Act, antitrust and competition laws, anti-boycott laws, export control laws, insider trading laws, and equal opportunity, diversity, and anti-harassment standards. Executive management and trustees must also adhere to additional Codes of Ethics and Corporate Governance Guidelines.

Ongoing Board Refreshment

Our Board has demonstrated a commitment to board refreshment. Over one-third of our trustees, all independent, have served for less than threefour years.

As further described below under “Proposal 1: Election of Trustees,” beginning on page 15, our Board intends to decrease in size from fourteen to thirteen members effective at the Annual Meeting. The Board reached this determination, including the composition of the slate of nominees, by balancing a desire for a smaller, more efficient Board against a range of factors, including its commitment to refreshment, as well as the mix of skills, qualifications, and other attributes of the nominees.

Our Commitment

We are committed to a forward-looking andan integrated approach to sustainability across our organization. We strive to further reduce the Company’s environmental footprint while bolstering our resilience in the face of environmental, economic, political, data security, reputational, and other risks. We willseek to continually strengthen our unique competitive advantages in order to manage risk, create and act upon opportunity, and generate sustained long-term value for our stakeholders. Please refer to our Sustainability Report available on our website at publicstorage.com for additional information regarding our sustainability program, efforts, and commitment to our stakeholders.

Proposal 1: ElectionThe NGS Committee also considers each Board candidate’s competing commitments and responsibilities, including service on other corporate boards, with a view to confirming that such other commitments and responsibilities will not adversely impact the ability of TrusteesBoard candidates to satisfy the significant commitments required of our trustees.

BOARD REFRESHMENT AND SUCCESSION STRATEGY

Our Board and the NGS Committee understand the importance of Board refreshment. We aim to strike a balance between the knowledge and perspective that comescome from longer-term service on the Board with the new experience, ideas, and energy that can come from adding new trustees. We regularly consider whether the range of our Board’s tenureBoard appropriately encompassesincludes trustees who have valuable historic institutional knowledge of Public Storage and the competitive environment, complemented byas well as newer trustees with varied backgrounds, perspectives, and skills. As a result of our ongoing Board refreshment efforts, the average tenure of the thirteeneleven trustees submitted for re-election at the Annual Meeting is 6.78.4 years.

The NGS Committee takes a strategic approach to refreshment and succession planning. The NGS Committee’s approach includes considering the Company’s business strategy, regularly refining its list of the skills necessary for effective Company oversight over the short- and long-term, regularly assessing how the current Board meets these targeted skills, and identifying skills and backgrounds that should be bolstered by adding new trustees.

These ongoing strategic assessments are supported and informed by the rigorous annual evaluation process performed under the direction of the NGS Committee Chair and the Chairman of the Board at the Board, Board committee, and individual trustee levels.

We also consider any meaningful changes in the job responsibilities or business associations of a trusteeour trustees. As discussed more fully below under “Corporate Governance—Changes in the event of any such change. OurTrustee Responsibilities and Commitments” on page 32, our Corporate Governance Guidelines and Trustees’ Code of Ethics permit the NGS Committee to request that a trustee resign if such a change impairs the trustee’s effectiveness. The NGS Committee also takes into account anticipated trustee retirements as it considers its long-term Board composition goals. In addition, as part of our shareholder engagement dialogue, we have in the past discussed with our investors the composition and performance of our Board, and we will continue to do so upon request or as otherwise appropriate.

As noted above, our 2022 Board evaluation process confirmed the Board’s belief that the number of trustees should be reduced in order to facilitate a more efficiently-efficient and effectively-functioning Board.effective oversight and decision-making. Accordingly, beginning in late 2022 and continuing into earlythe Board reduced its size to thirteen trustees effective at the 2023 annual meeting of shareholders. Following the Board’s 2023 annual evaluation process, the NGS Committee, led by the NGS Committee Chair,in consultation with the Chairman of the Board, andfurther considered the Lead Independent Trustee, considered how best to reduce theappropriate size of the Board. The NGS Committee weighed the core trustee attributes, diversity qualities, andconsiderations, additional professional skills, experience, and knowledge, and the competing professional commitments of each of our existing trustees against the Board’s and Company’s perceived needs, the desired size of the Board, and other feedback identified through the 2022 BoardBoard’s annual evaluation process.processes.

After deliberation, the NGS Committee recommended to the Board, and the Board agreed, that the nominee slate should include the eleven nominees submitted for election at the Annual Meeting and that the size of the Board should be reduced in size to thirteen trusteeseleven effective at the Annual Meeting, as reflected in the slate of nominees submitted for election.meeting. Assuming the election of this year’s proposed trustee nominees, we believe we will have a good balance between tenured trustees with significant experience with the Company and newer trustees, with fresh perspectives. Theand that the proposed slate of nominees constituteswill constitute a strong, independent Board that will be well-positioned to navigate the current challenging business environment, and accelerate the Company’s growth, and support the accomplishment of key corporate objectives for the benefit of all of our stakeholders.

BOARD FOCUS ON DIVERSITY

Board succession and ensuring an appropriate diversity of views and experience are key focus areas for the NGS Committee and the Board. Our Board, including the nominees submitted for election at the Annual Meeting, reflects diverse perspectiveperspectives and a complementary mix of skills, experience, and

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Proposal 1: Election of Trustees

backgrounds that we believe are paramount to our ability to represent the interests of all stakeholders. Our Board recognizes the importance of diversity and supports management’s efforts to enhance all aspects of diversity throughout the Company.

Our trustee nominees, 85%82% of whom are independent, have a broad range of experience in varying fields, including real estate, finance, financial reporting, banking, international affairs, governance, marketing, retail, operations, legal, and cybersecurity/technology. A majority of our trustees hold or have held directorships at other U.S. public companies. FiveTwo of our trustee nominees, in addition to our Chairman and our CEO, have served as CEOs, and all have demonstrated superb leadership and analytical skills gained from deep experience in management, finance, and corporate governance.

FourThree of our trustee nominees are women (including, as of the date of the Annual Meeting, our Lead Independent Trustee and our Audit Committee chair), and four are racially diverse or self-identify as being from an underrepresented community. The Board acknowledges that the reduction of its size to eleven trustees will impact its gender diversity but expects that through its regular and ongoing refreshment efforts, its gender diversity will return to previous normalized levels.

Additionally, our Chairman and our CEO have provided meaningful in-person opportunities for the Board to interact with key members of management beyond our executive officers on a quarterly basis. Half of our current executive officers are diverse (including our Chief Administrative Officer (gender and racial) and Chief Legal Officer)Officer (racial)). Similarly, 52% of our nearly 5,900 employees are people of color and 67% of our employees are female.