On February 21, 2023, Public Storage announced the appointment of David Lee, the Company's Chief Operating Officer, as an executive officer of the Company to serve as its principal operating officer, effective immediately. Mr. Lee, age 47, has served as the Company's Chief Operating Officer since November 1, 2021. Prior to joining Public Storage, Mr. Lee held various roles of increasing responsibility at The UPS Store since 2002, most recently as Senior Vice President of Operations, leading operational and team engagement strategy across more than 5,200 retail locations in the U.S. and Canada.

There are no family relationships between Mr. Lee and any trustee or executive officer, and, except for compensation paid to Mr. Lee for his service as an employee of the Company to date, there have been no transactions between Mr. Lee or any of his immediate family members and the Company or any of its subsidiaries.