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Public Storage Announces Management Changes

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GLENDALE, Calif.–(BUSINESS WIRE)–Joe Russell, President and Chief Executive Officer of Public Storage
(NYSE:PSA), announced today two senior management changes.

Nathaniel A. Vitan has been promoted to Senior Vice President, Chief
Legal Officer and Corporate Secretary effective April 20, 2019. Nathan
joined the Company in June 2016 as Vice President and Chief
Counsel–Litigation and Operations. Prior to joining Public Storage, he
was Assistant General Counsel for Altria Client Services, Inc. and
served as a Trial Practice and Appellate Litigation Attorney at Latham &
Watkins LLP.

Nathan succeeds Lily Y. Hughes who tendered her resignation to pursue a
Chief Legal Officer position at another public company with strong
consideration given to being geographically closer to her family. Lily
is committed to working in partnership with the team through May 31,
2019, in order to ensure an orderly transition.

“Lily has been an outstanding partner, and we are grateful for her
integrity and leadership and the many contributions she brought to
Public Storage,” said Mr. Russell. “The Public Storage team is keenly
focused on succession planning across the Company, and we are excited to
welcome Nathan to his new role. His multi-faceted experience, proven
abilities and impeccable character make him well-suited for the
position. The Company and its shareholders will benefit from his
continued leadership going forward.”

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT
that primarily acquires, develops, owns and operates self-storage
facilities. The Company’s headquarters are located in Glendale,
California. At December 31, 2018, we had interests in 2,429 self-storage
facilities located in 38 states with approximately 162 million net
rentable square feet in the United States, and we owned a 35.2% common
equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR),
which owned 232 self-storage facilities located in seven Western
European nations with approximately 13 million net rentable square feet
operated under the “Shurgard” brand. We also own a 42% common equity
interest in PS Business Parks, Inc. (NYSE:PSB), which owned and operated
approximately 28 million rentable square feet of commercial space at
December 31, 2018.

Additional information about Public Storage is available on the
Internet. The Company’s website is PublicStorage.com.

Contacts

Ryan Burke
(818) 244-8080, Ext. 1141

leverton

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