On April 7, 2021, Land & Buildings Investment Management LLC announced that it has sent an open letter notifying Public Storage shareholders it intends to vote against the Company’s proposal to eliminate cumulative voting at the 2021 annual meeting of shareholders. In the letter, Land & Buildings stated that in the Company proxy the Company is asking shareholders to approve the elimination of cumulative voting, a major setback for shareholder rights. Land & Buildings expressed its view that the Board is taking advantage of the corporate machinery to benefit the insiders at the expense of shareholders. Land & Buildings stated that at the Company, which has a history of poor governance cumulative voting is an appropriate protection for shareholders. Land & Buildings added that cumulative voting provides investors with a legitimate mechanism to hold the Board and management accountable to all shareholders. Land & Buildings also stated that the takeover protections afforded by MUTA, a long history of poor corporate governance, and the outsized influence of insiders suggests cumulative voting at the Company is not a luxury, but a necessity. Land & Buildings added that it would be voting against the proposal at the annual meeting and encourage other shareholders to consider whether to join in order to preserve this important right at the Company.