Public Storage : Notice of 2025 Annual Meeting of Shareholders and Proxy Statement
PSA
PROXYSTATEMENT
2025
701 Western Avenue Glendale, California 91201
March 28, 2025
Dear Fellow Shareholders:
In 2024, our Company had another successful year. We achieved record performance once again while navigating a period of significant industry-wide operational stabilization. We realized record revenues of $4.7 billion and record net operating income of $3.4 billion. We also achieved the highest direct operating margin and revenue per available square foot among public self-storage real estate investment trusts.
Although the acquisitions market was quiet for much of the year, we continued to make progress on our organic and external growth strategies. Our best-in-class development program delivered 1.5 million square feet, with an additional 4.0 million square feet in our pipeline. For 2024, we increased our portfolio by 3.2 million square feet through acquisitions, development, and redevelopment (at a cost of $610.9 million).
Operationally, we continued to enhance the customer experience and transform our operating model. We are the first public self-storage company to offer digital property access at 100% of our locations, and 75% of our new customer rentals in 2024 were digital compared to 30% on average for our public self-storage peers. In 2024, we were pleased to again be recognized as the U.S. self-storage leader on the GRESB benchmark and to have been named a Great Place to Work®.
We are pleased to invite you to attend our 2025 Annual Meeting of Shareholders (the Annual Meeting) on Wednesday, May 7, 2025, in Dallas, Texas. We hope that you will attend the meeting in person. We encourage you to designate the proxies named on the proxy card to vote your shares even if you are planning to come. This will ensure that your common shares are represented at the meeting.
We furnish our proxy materials to shareholders primarily over the Internet. We believe this process expedites shareholders' receipt of the materials, lowers the costs of the Annual Meeting, and conserves natural resources. The Notice of Meeting, Proxy Statement, and Annual Report on Form 10-K are available free of charge athttps://materials.proxyvote.com/default.aspx?ticker=74460D.
Thank you for your continued interest in Public Storage.
Sincerely,
Joseph D. Russell, Jr.
President and
Chief Executive Officer
NOTICE OF 2025 ANNUAL MEETING OF SHAREHOLDERS
March 28, 2025
To our shareholders:
On behalf of the Board of Trustees, I invite you to attend the 2025 Annual Meeting of Shareholders (the Annual Meeting) of Public Storage at 8:00 a.m. Central Time on Wednesday, May 7, 2025, at the Rosewood Mansion on Turtle Creek, 2821 Turtle Creek Boulevard, Dallas, Texas 75219.
Items of Business
1. To elect twelve Trustees to our Board of Trustees;
2. To vote on an advisory resolution to approve the compensation of our named executive officers (Say-on-Pay);
3. To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 2025;
4. To approve the amendment and restatement of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan; and
5. To transact such other business as may properly come before the Annual Meeting and any postponements or adjournments thereof.
Record Date
Close of business on March 3, 2025.
Proxy Materials
The Notice of Meeting, Proxy Statement, and Annual Report on Form 10-K are available free of charge athttps://materials.proxyvote.com/default.aspx?ticker=74460D.
Sincerely,
Nathaniel A. Vitan Senior Vice President,
Chief Legal Officer and Corporate Secretary
Important Notice Regarding Availability of Proxy Materials for the Shareholder Meeting to be Held on May 7, 2025: This Proxy Statement and our 2024 Annual Report on Form 10-K are available at the Investor Relations section of our website, publicstorage.com.
Table of Contents
Page
PROXY STATEMENT SUMMARY ................................................................................................................... 1
2024 HIGHLIGHTS ........................................................................................................................................... 2
2024 Business Highlights ........................................................................................................ 2
2024 Compensation Highlights ............................................................................................... 3
Corporate Responsibility and Sustainability ............................................................................ 4
PROPOSAL 1: ELECTION OF TRUSTEES .................................................................................................... 10
Executive Summary ........................................................................................................................... 11
Board Evaluations and Nominations ....................................................................................... 11
Board Qualifications ................................................................................................................ 12
Board Refreshment and Succession Strategy ........................................................................ 12
Board Diversity ........................................................................................................................ 13
Nominee Qualifications ............................................................................................................ 14
Trustee Nominees Skills and Background Summary .............................................................. 15
Trustee Nominee Biographies ................................................................................................. 16
Vote Required and Recommendation .............................................................................................. 22
CORPORATE GOVERNANCE ........................................................................................................................ 23
Board Engagement and Oversight .......................................................................................... 23
Governance Structure ............................................................................................................. 23
Board Leadership Structure .................................................................................................... 23
Board Committees ................................................................................................................... 24
Proxy Access ........................................................................................................................... 27
Board's Role in Risk Oversight ................................................................................................ 27
Cybersecurity ........................................................................................................................... 29
CEO and Senior Management Succession Planning .............................................................. 29
Political and Charitable Contributions ..................................................................................... 29
Board Access to Employees ................................................................................................... 30
Board Orientation and Education ............................................................................................ 30
Trustee Independence ............................................................................................................ 30
Communications with the Board .............................................................................................. 31
Trustee Attendance ................................................................................................................. 31
Changes In Trustee Responsibilities and Commitments ......................................................... 31
Trustee and Executive Officer Security Ownership Guidelines ............................................... 32
Compensation of Trustees ...................................................................................................... 33
2024 Trustee Compensation ................................................................................................... 35
PROPOSAL 2: ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION ...................................... 37
Executive Summary ........................................................................................................................... 38
Vote Required and Recommendation .............................................................................................. 38
Our Named Executive Officers ......................................................................................................... 39
Compensation Discussion and Analysis (CD&A) ........................................................................... 40
Overview of Compensation Philosophy and Practices ............................................................ 40
Our 2024 NEO Compensation Program .................................................................................. 48
Cash Compensation ................................................................................................................ 49
At-Risk Equity Compensation .................................................................................................. 53
2024 Earned Incentive Compensation .................................................................................... 56
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Table of Contents
Page
Stock Option Grant Policies .....................................................................................................
59
2025 Compensation Outlook and Enhancements ...................................................................
60
Tax Deductibility of Executive Compensation-Section 162(m) .............................................
63
Compensation and Human Capital Committee Report ..................................................................
64
Executive Compensation Tables ......................................................................................................
65
Potential Payments Upon Termination or Change in Control .......................................................
70
Pay Ratio Disclosure .........................................................................................................................
73
Pay Versus Performance Tables ......................................................................................................
74
SHARE OWNERSHIP OF TRUSTEES AND MANAGEMENT ........................................................................
78
ADDITIONAL INFORMATION ABOUT TRUSTEES, EXECUTIVE OFFICERS, AND MANAGEMENT .........
80
PROPOSAL 3: RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ............
83
Executive Summary .........................................................................................................................
84
Fees Billed to the Company by EY for 2024 and 2023 ..................................................................
84
Audit Committee Report ..................................................................................................................
85
Vote Required and Recommendation ............................................................................................
86
PROPOSAL 4: APPROVAL OF AMENDMENT AND RESTATEMENT OF 2021 PLAN ...............................
87
Executive Summary .........................................................................................................................
88
Background of the Proposal ...........................................................................................................
88
Description of the A&R 2021 Plan ..................................................................................................
91
Vote Required and Recommendation ............................................................................................
98
GENERAL INFORMATION ABOUT THE MEETING ......................................................................................
99
Purpose of Proxy Solicitation ..........................................................................................
99
Important Notice Regarding Delivery of Security Holder Documents .............................
99
Availability of Proxy Statement and Annual Report .........................................................
99
Date, Time, and Place of the Annual Meeting .................................................................
99
Who Can Vote .................................................................................................................
100
Quorum for the Annual Meeting ......................................................................................
100
How Votes are Counted ..................................................................................................
100
Trustee Nominees Who Do Not Receive a Majority of the Votes Cast ...........................
100
How Proxies Will Be Voted .............................................................................................
100
How to Cast a Vote .........................................................................................................
101
How to Vote as a Participant in the Company's 401(k) Plan ...........................................
101
Changing Your Vote ........................................................................................................
102
Cost of this Proxy Solicitation ..........................................................................................
102
Contacting Our Transfer Agent .......................................................................................
102
Consideration of Candidates for Trustee ........................................................................
102
Deadlines for Receipt of Shareholder Proposals ............................................................
103
Householding ..................................................................................................................
104
Your Vote is Important ....................................................................................................
104
APPENDIX A - NON-GAAP MEASURES .......................................................................................................
A-1
Core FFO per Share .......................................................................................................
A-2
APPENDIX B - AMENDED AND RESTATED PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-
BASED INCENTIVE COMPENSATION PLAN ................................................................................................
B-1
ii | Public Storage | 2025 Proxy Statement
PROXY STATEMENT SUMMARY
This summary highlights information you will find in this proxy statement and does not contain all the information that you should consider. You should read the entire proxy statement carefully before voting.
2025 ANNUAL MEETING INFORMATION
Date and Time
Location
Record Date
Proxy Mail Date
Wednesday,
The Rosewood Mansion
March 3, 2025
On or about
May 7, 2025 at
on Turtle Creek
March 28, 2025
8:00 a.m. Central Time
2821 Turtle Creek Boulevard
Dallas, Texas 75219
Public Storage shareholders as of the record date are entitled to vote on the matters presented at the meeting. Each common share, par value $0.10 per share (common share), of the Company is entitled to one vote for each trustee nominee and one vote on each of the other matters presented.
AGENDA AND VOTING RECOMMENDATIONS
Non-binding vote
2
Advisory Vote to Approve Compensation of Named Executive Officers (NEOs)
FOR
37
3
Ratify Appointment of Ernst & Young LLP (EY) as our Independent Registered Public Accounting Firm for the Year Ending December 31, 2025
FOR
Majority of votes cast
83
4
Approve Amendment and Restatement of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan
FOR
Majority of votes cast
87
Public Storage | 2025 Proxy Statement | 1
2024 Highlights
2024 HIGHLIGHTS
2024 BUSINESS HIGHLIGHTS
Under the leadership of our President and Chief Executive Officer (CEO) Joseph D. Russell, Jr., and the senior management team, we executed our corporate strategies through a year of industry-wide stabilization and again achieved record performance in 2024. During 2024, we focused on continuing to enhance our industry-leading omni-channel digital operating model. We also leveraged our proprietary data and analytics capabilities to further optimize our revenue management, asset management, and field operations to out-perform our public self-storage peers. Although the acquisitions market was quiet for much of the year, our growth-oriented balance sheet allowed us to execute on a number of acquisitions opportunistically, and our best-in-class development program delivered 1.5 million square feet while maintaining a robust pipeline of projects. These efforts position us well to unlock additional opportunities for growth and value creation in 2025 and beyond.
Record Financial Results, Multiyear Growth, and Superior Operating Performance
$4.7billion
$3.4billion
Record Revenues
Record Net Operating Income(1)
$20.89
78.5%
Highest RevPAF
Highest Direct Operating Margin
(Same Store among self-storage REITs)
(Same Store among self-storage REITs)
37%
Increase in portfolio square footage since 2019
3.2 million square feet added in 2024 through acquisitions, development, and redevelopment (at a cost of $610.9 million)
$16.67
75%
Core FFO per Share(1)
Digital Customer Rentals
Highest Among Self-Storage REITs
Compared to 30% on average for self-
storage REIT peers
(1)
Net operating income (NOI) and Core FFO per share are non-GAAP measures. Refer to pages 29-31, 45, and F-34 of our 2024 Annual Report on Form 10-K filed on February 24, 2025, for information regarding NOI, including a reconciliation to GAAP net income. Refer to Appendix A for information regarding Core FFO per share, including a reconciliation to GAAP diluted earnings per share.
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Disclaimer
Public Storage published this content on March 28, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on March 28, 2025 at 20:47 UTC.