Public Storage : Notice of 2024 Annual Meeting of Shareholders and Proxy Statement

701 Western Avenue Glendale, California 91201

March 25, 2024

Dear Fellow Shareholders:

Our Company had another successful year in 2023, achieving record performance and making significant progress on our organic and external growth strategies. We achieved record revenues of $4.5 billion and record net operating income of $3.4 billion. We increased our portfolio by 13.9 million square feet through acquisitions, development, and redevelopment (with an estimated market value of $3.1 billion at stabilization), including our successful acquisition and integration of Simply Self Storage-our largest private acquisition to date. We also achieved the highest direct operating margin and revenue per available square foot among public self-storage real estate investment trusts.

Operationally, we continued to enhance the customer experience and transform our operating model, becoming the first public self-storage company to offer digital property access at 100% of our locations. We made significant progress on our sustainability efforts, and in 2023 we were pleased to be recognized as the U.S. self-storage leader on the GRESB benchmark. We also advanced employee growth and development and are proud again to have been named a Great Place to Work®.

We are pleased to invite you to attend our 2024 Annual Meeting of Shareholders (the Annual Meeting) on Tuesday, May 7, 2024, in New York, NY. 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 2024 ANNUAL MEETING OF SHAREHOLDERS

March 25, 2024

To our shareholders:

On behalf of the Board of Trustees, I invite you to attend the 2024 Annual Meeting of Shareholders (the Annual Meeting) of Public Storage at 11:00 a.m. Eastern Time on Tuesday, May 7, 2024, at the Millennium Downtown New York, 55 Church Street, New York, New York 10007.

Items of Business

• 1. To elect eleven 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, 2024; and

• 4. 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 5, 2024.

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, 2024: This Proxy Statement and our 2023 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

2023 HIGHLIGHTS ........................................................................................................................................ 2

2023 Business Highlights ..................................................................................................... 2

2023 Compensation Highlights ............................................................................................. 3

Corporate Responsibility and Sustainability ......................................................................... 4

PROPOSAL 1: ELECTION OF TRUSTEES ................................................................................................. 10

Executive Summary ....................................................................................................................... 11

Board Composition Highlights .............................................................................................. 12

Board Evaluations and Nominations .................................................................................... 13

Board Qualifications ............................................................................................................. 13

Board Refreshment and Succession Strategy ..................................................................... 14

Board Focus on Diversity ..................................................................................................... 15

Nominee Qualifications ......................................................................................................... 16

Trustee Nominees Skills Summary ...................................................................................... 17

Trustee Nominee Biographies .............................................................................................. 18

Vote Required and Recommendation ........................................................................................... 23

CORPORATE GOVERNANCE .................................................................................................................... 24

Board Engagement and Oversight ....................................................................................... 24

Governance Structure .......................................................................................................... 24

Board Leadership Structure .................................................................................................. 24

Board Committees ................................................................................................................ 25

Proxy Access ........................................................................................................................ 28

Board's Role in Risk Oversight ............................................................................................ 28

Cybersecurity ........................................................................................................................ 30

Political and Charitable Contributions .................................................................................. 30

Board Orientation and Education ......................................................................................... 30

Trustee Independence .......................................................................................................... 31

Communications with the Board ........................................................................................... 31

Trustee Attendance .............................................................................................................. 31

Changes In Trustee Responsibilities and Commitments ...................................................... 32

Trustee and Executive Officer Stock Ownership Guidelines ................................................ 32

Compensation of Trustees .................................................................................................. 33

2023 Trustee Compensation ................................................................................................ 36

PROPOSAL 2: ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION .................................... 37

Executive Summary ....................................................................................................................... 38

Vote Required and Recommendation ........................................................................................... 38

Our Named Executive Officers ...................................................................................................... 39

Public Storage | 2024 Proxy Statement | i

Table of Contents

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Public Storage | 2024 Proxy Statement | iii

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Public Storage published this content on 25 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2024 20:31:04 UTC.