Public Storage (PSA) Proxy filing summary

Voting matters and shareholder proposals

• Two major proxy advisory firms issued recommendations on trustee nominees; one supported all, the other withheld support for Mr. Mitra due to attendance metrics.

• Shareholders are urged to vote for all trustee nominees, including Mr. Mitra, with detailed context provided on his attendance and engagement.

Board of directors and corporate governance

• Mr. Mitra attended over 75% of Board meetings since 2021 and 100% of meetings in 2026.

• Absences in 2025 were due to unavoidable pre-existing commitments, with Mr. Mitra remaining engaged through material review and trustee communication.

• The Board unanimously elected Mr. Mitra as Chairman, citing his leadership, industry expertise, and strategic vision.

• Board meeting scheduling practices have been updated to reduce future conflicts, including increased advance notice and minimized rescheduling.

Executive compensation and say-on-pay

• In February 2026, Mr. Mitra purchased non-qualified options for $25 million, with a strike price at a 20% premium and a six-year vesting period, demonstrating long-term commitment.