Public Storage announced On February 10, 2026, Joseph D. Russell, Jr. notified the Board of Trustees (the ?Board?) of Public Storage (the ?Company?) of his intention to retire from his positions as the Company?s President and Chief Executive Officer (?CEO?), effective as of March 31, 2026 (the ?Retirement Date?). Mr. Russell?s retirement is not the result of any disagreement with the Company on any matter relating to the Company?s operations, policies, or practices. Mr. Boyle, age 42, has served as the Company?s Chief Financial Officer since January 1, 2019, and as Chief Investment Officer since January 1, 2023.

Previously, Mr. Boyle was Vice President and Chief Financial Officer, Operations, from November 2016, when he joined the Company, until January 2019. Prior to joining the Company, Mr. Boyle served in various investment banking roles at Morgan Stanley. Mr. Boyle has served as a director of Shurgard Self Storage Limited and a member of Shurgard?s Real Estate Investment Committee since May 2023.

On February 10, 2026, the Board appointed Joseph D. Fisher to succeed Mr. Boyle as President, Chief Financial Officer, effective as of February 16, 2026. Mr. Fisher has been serving as a consultant for the Company since January 2026. Prior to joining the Company, Mr. Fisher, age 46, served as President, Chief Financial Officer of UDR Inc. from May 2022 to September 2025, and as Chief Investment Officer from January 2025 to September 2025.

Prior thereto, he served as Senior Vice President, Chief Financial Officer of UDR since January 2017. Before joining UDR, Mr. Fisher served in roles of increasing responsibility at Deutsche Asset and Wealth Management, most recently as Co-Head of the Americas and Co-Lead Portfolio Manager since 2007. Mr. Fisher began his career as an asset management analyst at Principal Real Estate Investors.

Mr. Fisher has served as a trustee of Federal Realty Investment Trust since January 2026. In connection with the other leadership matters described in this Form 8-K,the Board promoted Natalia N. Johnson to President, Chief Digital & Transformation Officer, and Chris C. Sambar to President, Chief Operating Officer, each effective February 16, 2026. Ms. Johnson has served as the Company?s Senior Vice President, Chief Administrative Officer since August 2020.

Mr. Sambar has served as the Company?s Senior Vice President, Chief Operating Officer since October 2024 and, prior to that, held roles of increasing responsibility at AT&T Communications since 2002, most recently as President, AT&T Network from August 2022 to October 2024 and as Executive Vice President, AT&T Network from September 2019 to August 2022. Each of Ms. Johnson and Mr. Sambar will continue to participate in the Company?s executive compensation program. In connection with his retirement as President and CEO, Mr. Russell also advised the Board that he intends to retire from the Board effective as of March 31, 2026.

In connection with Mr. Boyle?s appointment as CEO, the Board appointed Mr. Boyle to the Board, effective April 1, 2026. On February 10, 2026, Ronald L. Havner notified the Board that he intends to step down as Chairman of the Board effective as of March 31, 2026. On February 10, 2026, the Board appointed Shankh S. Mitra, an independent trustee of the Company, to succeed Mr. Havner as the Chairman of the Board, effective as of April 1, 2026.

Mr. Havner intends to continue to serve as a trustee of the Company. On February 10, 2026, John Reyes notified the Board that he intends to retire from the Board effective as of the end of his term at the Company?s 2026 Annual Meeting. Mr. Reyes?s retirement is not the result of any disagreement with the Company on any matter relating to the Company?s operations, policies or practices.

The Board approved a reduction in the size of the Board from thirteen (13) to twelve (12) members effective as of the Annual Meeting.