Public Storage

United States

Securities and Exchange Commission

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant To Section 14(a) of

the Securities Exchange Act of 1934

PUBLIC STORAGE

(Name of Registrant as Specified in Its Charter)

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 at https://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

To elect eleven Trustees to our Board of Trustees;

To vote on an advisory resolution to approve the compensation of our named executive officers (Say-on-Pay);

To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 2024; and

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 at https://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.

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