RVBA-PSA

Public Storage — full event log

Every event we have on file across every reporting year. The Data-by-year tab summarises the top 10 per year; this page shows them all.

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2022· 19 events

Primary: Building envelope efficiency upgradesData confidence — high

High-efficiency HVAC, internal temperature band controls, high-reflectivity 'cool' roofs, and thermal mass design. All redevelopment properties include efficiency upgrades (ongoing since 2013). Property of Tomorrow program (~$600M) funds visual/physical branding upgrades with environmental benefits.

sustainability_report p.21

BREEAM green building certification program launchedData confidence — high

Partnered with BRE Group to develop a BREEAM green building certification program for existing US self-storage facilities. 60 BREEAM + 9 LEED certified (69 total), becoming nation's leading owner of green-certified self-storage. Goal to double by end of 2024.

sustainability_report p.24

Aligned sustainability goals with UN SDG frameworkData confidence — high

Set goals and targets to promote action and accountability across the ESG spectrum in accordance with the UN Sustainable Development Goals framework.

sustainability_report p.10

Primary: On-site solar generationData confidence — high

Roof-mounted solar at 206 properties generating 11.5M kWh in 2022 (vs 6.0M kWh in 2021, +91%). Commitment to expand to 1,000+ properties by 2025 with 423 additional under contract. Solar offsets individual property electric utility costs and generates income via leased rooftop space.

sustainability_report p.23

Dependent: Supplier sustainability engagementData confidence — high

Added sustainable behavior clause to supplier and vendor contracts (Completed). Sent questionnaires to suppliers and vendors on owner and service provider diversity. Engaged corporate and property-level poster vendor that utilizes eco-friendly materials.

sustainability_report p.11

12% emissions reduction target by 2025 (vs 2022 baseline)affects scope 1 co2eData confidence — high

Set short-term targets: 12% electricity use reduction and 12% emissions reduction by year-end 2025 (like-for-like vs. 2022 base). Note: working on long-term reduction pathways including scope 3.

sustainability_report p.10

Data coverage expanded to entire portfolioData confidence — high

Achieved expanding data coverage beyond like-for-like properties to the entire ~2,900 property portfolio. Total portfolio data disclosed for first time alongside like-for-like.

sustainability_report p.22

SEC climate disclosure readiness analysisData confidence — high

Engaged third-party advisor for SEC climate disclosure readiness; data, tracking, and disclosure enhancements well underway following readiness analysis.

sustainability_report p.51

No carbon removals program disclosedData confidence — med

The IEMA GHG Management Hierarchy framework is used (Eliminate, Reduce, Substitute, Compensate). Public Storage prioritizes elimination and reduction over offsets/compensation. No durable carbon removals (DAC, BECCS, biochar) program is disclosed; the firm is instead investing through Energy Impact Partners in deep decarbonization R&D including zero-carbon cement and steel.

sustainability_report p.21

Primary: Digital/paperless operations and hybrid workData confidence — high

Digital operating model with hybrid work and virtual call center, paper-less operations, plastic-less operations, sustainable supplies. Digital Property Management at 400+ properties (growing) enhances environmental impact control. Reduces emissions through elimination per IEMA hierarchy step 1.

sustainability_report p.21

Solar capability to >1,000 properties by 2025affects renewable energy kwhData confidence — high

Expand solar generation and storage capacity to over 1,000 properties by 2025. Currently 206 with solar installed and 423 additional under contract.

sustainability_report p.10

Launched Community Connects giving programData confidence — high

Launched Public Storage Community Connects, a community giving program with employee donation matching, initially focused on children and cancer treatment beneficiaries.

sustainability_report p.38

Independent assurance by ISOS GroupData confidence — high

Engaged ISOS Group for moderate-level type 2 assurance over environmental data (energy, GHG, water, waste) per AA1000AS v3. EVORA Global also reviewed data.

sustainability_report p.70

Primary: LED lighting conversion across all propertiesData confidence — high

Exterior LED lighting completed at all properties. Interior LED lighting in progress with nearly 2,500 properties completed; will complete remaining properties by end of 2023. Sensored on-demand lighting deployed. Primary driver (along with solar) of the 29% like-for-like carbon emissions intensity reduction over four years.

sustainability_report p.10

Dependent: Embodied carbon reduction in construction (Scope 3 cat 2)Data confidence — high

Sourcing environmentally friendly building materials available today, and allocating capital and additional resources towards deep decarbonization, including the development of low-carbon (zero carbon) cement and steel in conjunction with Energy Impact Partners. Eventual materials substitution depends on production methods still being developed.

sustainability_report p.41

5% energy reduction target for 2022affects total energy consumption kwhData confidence — high

Set goal of 5% reduction in energy consumption in 2022 on a like-for-like basis. 2021 goal of 5% reduction was achieved.

sustainability_report p.10

3% water reduction target for 2022affects water withdrawal m3Data confidence — high

Goal of 3% water consumption reduction in 2022. 2021 goal of 3% reduction was not achieved.

sustainability_report p.10

5% carbon emission reduction target for 2022affects scope 1 co2eData confidence — high

Goal to reduce carbon emissions 5% in 2022 like-for-like. 27% reduction achieved over past three years.

sustainability_report p.10

Solar program scaling to 1,000+ properties by 2025Data confidence — high

Bolstered internal renewable energy team in 2022. Roof-mounted solar installations at 206 properties (up from 71 in 2021), with 423 additional properties under contract for installation. Pursuing community solar (55 properties under contract in Maryland and Illinois) and analyzing battery storage and microgrids. Goal: solar on 1,000+ properties by 2025. Solar generated 11.5M kWh in 2022 (3.6% of total energy use).

sustainability_report p.23

2021· 15 events

Solar expansion goal to 1,000+ propertiesaffects renewable energy kwhData confidence — high

Expand solar power generation and storage capacity to over 1,000 properties. Currently 71 properties with solar; 337 under contract.

sustainability_report p.11

Primary: LED lighting conversion (interior + exterior)Data confidence — high

Completed exterior LED lighting at all properties. Interior LED conversion in progress with nearly 1,500 properties completed. Sensored 'on-demand' lighting combined with LED is the primary driver of the 18% three-year energy intensity reduction and 27% three-year carbon emission reduction.

sustainability_report p.10

Dependent: Embodied carbon reduction in development supply chainData confidence — high

Partnered with Energy Impact Partners to allocate capital toward deep decarbonization including development of zero carbon steel and cement. Seeking environmentally friendly building materials to reduce embodied carbon in property development and redevelopment.

sustainability_report p.26

Adopted Measurabl PCRX for physical climate risk assessmentData confidence — high

In 2021, began using Measurabl's Physical Climate Risk Exposure (PCRX) system to identify climate risks across portfolio at the individual property level.

sustainability_report p.16

Third-party assurance by ISOS GroupData confidence — high

Engaged ISOS Group to provide moderate (limited) assurance over environmental performance data (energy, GHG, water, waste).

sustainability_report p.67

On-site rooftop solar expansion to 1,000+ propertiesData confidence — high

Public Storage operates roof-mounted solar installations at 71 properties generating 6,003,249 kWh in 2021 (202% increase YoY, ~2.1% of energy use). 337 additional properties are under contract for solar installation with plans to reach over 1,000 properties in the next few years. Exploring Community Solar at stores in Connecticut, New Jersey, and Maryland.

sustainability_report p.30

Primary: Low-water landscaping conversionData confidence — high

Converted 234 properties to low-water use landscaping in 2021. Drought tolerant and native landscaping, efficient plumbing, water run-off controls and storm water retention drove a 13% three-year reduction in water intensity.

sustainability_report p.32

Implemented Measurabl PCRX for physical climate riskData confidence — high

Began using Measurabl's Physical Climate Risk Exposure (PCRX) system to identify climate risks at individual property level.

sustainability_report p.36

Aligned sustainability strategy with UN SDGsData confidence — high

Sustainability goals referenced against UN Sustainable Development Goals framework including SDGs 3, 6, 7, 8, 9, 11, 13, 16.

sustainability_report p.10

Primary: Property of Tomorrow efficiency upgrade programData confidence — high

Multi-year, $600M+ Property of Tomorrow program upgrades older properties with efficient HVAC, LED lighting, high-reflectivity 'cool' roofs, and other energy efficiency measures. Enhanced 318 properties in 2021. All redevelopment properties include efficiency upgrades (ongoing since 2013).

sustainability_report p.30

Primary: Centralized access control and digital platformData confidence — high

Completed remote access systems (entrance gate, doors, elevators) at all properties. Proprietary operating platform enables centralized workflows, monitoring and control of systems, and paperless processes across the company.

sustainability_report p.10

2021 CO2 emission reduction target: 5% like-for-likeaffects scope 1 co2eData confidence — high

Set short-term goal to reduce CO2 emissions by 5% in 2021 (like-for-like). Also energy consumption 5% reduction and water consumption 3% reduction targets.

sustainability_report p.10

Aligned goals with UN SDGsData confidence — high

Goals organized in accordance with the UN Sustainable Development Goals framework (SDGs 3, 6, 7, 8, 9, 11, 13, 16).

sustainability_report p.10

Evaluating net-zero by mid-century targetData confidence — med

In 2021, analyzing feasibility of medium- and long-term targets aligned with Paris Agreement, including becoming a net-zero emitter by mid-century.

sustainability_report p.16

Net zero pathway evaluation underwayData confidence — high

Working towards understanding net zero pathways, including consideration of science-based targets, engaged expert consultant.

sustainability_report p.37

2020· 9 events

Primary: LED lighting conversion across portfolioData confidence — high

All exterior property lighting converted to LED as of 2019. Interior LED conversion in progress with over 600 properties completed through 2020. Motion-sensored 'on demand' control allows lighting only when employees/customers are navigating zones. In 2020, completed LED conversion at 306 additional properties.

sustainability_report p.15

Solar power expansion to 1,000+ propertiesData confidence — high

Public Storage is committed to solar power generation, storage, and use. As of 2020, the company had 27 operating solar locations with contracts in place to add solar to an additional 395 properties, targeting expansion to over 1,000 properties. Public Storage also pre-subscribed to Florida Power & Light's SolarTogether community solar program (largest in U.S.) and committed to utilizing energy from SolarTogether at nearly 170 properties beginning in 2021.

sustainability_report p.15

Primary: Low-water irrigation and landscapingData confidence — high

Low-water irrigation system conversion completed at 91 properties in 2020. Initiatives include drought-tolerant and native landscaping, efficient plumbing systems, water run-off controls, storm water retention, and one restroom per property on average. Resulted in 13.8% like-for-like water consumption reduction in 2020 vs 2019.

sustainability_report p.13

Fifth LEED-certified property (Arnold, MD)Data confidence — high

1434 Ritchie Hwy., Arnold, MD received LEED V4 BD+C Certified on 1/21/2020. Five LEED-certified properties total, with five more pending.

sustainability_report p.14

Primary: Property of Tomorrow & redevelopment upgradesData confidence — high

Property of Tomorrow program (started 2018) upgrades older properties with efficiency improvements; ~300 properties upgraded through 2020, targeting completion by 2025 at total cost exceeding $600 million. Since 2013, ~$600 million allocated to redevelopment that includes resilience measures. Upgrades include HVAC (30,000+ units), lighting, plumbing, irrigation, landscaping, solar power, elevators (2,400+), and building envelope.

sustainability_report p.14

Dependent: Green building / LEED-aligned new constructionData confidence — high

Aligning new properties with LEED standards. Five properties have received LEED certifications (Silver to Gold) and an additional five are on track. All redevelopment properties include efficiency upgrades since 2013. Refining green building implementation strategy to strengthen environmental leadership in self-storage.

sustainability_report p.14

Primary: Centralized access & environmental controlsData confidence — high

Completed installation of centralized access system (entrance gates, doors, elevators) at all properties in 2020 — the only self-storage REIT with portfolio-wide centralized access control. System enables remote monitoring and identification/remedy of inefficiencies (e.g., doors left open) that would otherwise cause negative environmental impacts such as greater HVAC use.

sustainability_report p.15

Established PS Cares Emergency Fund (>$10 million)Data confidence — high

Initiated >$10 million fund to support employees and families through COVID-19 with incentive pay, childcare assistance, extended PTO, COVID-19 testing coverage and mental wellness support.

sustainability_report p.9

Formalized Board sustainability oversight via NGS CommitteeData confidence — high

NGS Committee adopted charter changes to provide enhanced oversight of sustainability efforts. Sustainability Committee reports directly to NGS Committee.

sustainability_report p.9