大众仓储 2025年度报告

2 0 2 5AN N U A LRE P O R T CHAIRMAN’S LETTER To the Shareholders of Public Storage: Public Storage was built on a handful of simple ideas, pursued without deviation for nearly fivedecades. We own real estate that is difficult to replicate, we keep our balance sheet strong enough tosleep soundly through any cycle, and we treat every dollar of capital as though it were our own,because, in the most important sense, it is. None of that changes. What does change is leadership, and I want to describe that transition with the candor it deserves. Shankh Mitra will assume the role of Chairman. Shankh has served on our Board since 2021, and Ihave had ample opportunity to observe how he thinks for over 15 years. He is a genuine investor,not in the fashionable sense of the word, but in the way that matters: he evaluates businesses on theirlong-term economics, not their near-term optics. He is fond of quoting Charlie Munger’sobservation that you become what you think about, and I believe Shankh spends an uncommonamount of time thinking about how to compound value for owners over very long periods. Thatdisposition is exactly right for a company where a decision made today about land, leverage, orleadership will still be felt twenty years hence. Tom Boyle will serve as Chief Executive Officer. Tom joined us nine years ago as the designatedsuccessor to our longtime Chief Financial Officer, and he has spent those years learning every cornerof this business. He is methodical, honest about what he doesn’t know, and genuinely conservativewith capital, a combination that is rarer than it should be. I expect him to lead the company withthe same steady hand that has served our shareholders well for decades. Tom is supported by a strong team. Natalia Johnson, President and Chief Digital andTransformation Officer, oversees the organizational infrastructure that makes everything possible,human resources, technology, call center, and innovative data science and transformation efforts.Chris Sambar, President and Chief Operating Officer, runs the operations that our customersexperience every day. Joe Fisher, the new President and Chief Financial Officer, brings deep fluencyin capital markets and finance. Taken together, this group gives me considerable confidence in thecompany’s future. I want to say a word about two people whose contributions deserve more than a footnote. Joe Russelljoined PS Business Parks in 2002 as President and eventually became its Chief ExecutiveOfficer. The story of that company is told most simply in two numbers: it began trading at roughly$17 per share in 1998 and was sold in 2022 for $187 per share. Results like that are not a matter ofluck or timing; they come from making sound acquisitions, staying focused when others drift, andallocating capital with the patience of an owner rather than the urgency of a manager. In 2019, Joebecame President and Chief Executive Officer of Public Storage, and his tenure here has beenequally productive. He expanded our presence in Florida, the Washington–Baltimore corridor, andTexas, and he pushed our operating capabilities decisively into the digital age. I count workingalongside Joe among the genuine privileges of my career. John Reyesserved as our Chief Financial Officer from 1996 through 2018 and will retire from theBoard this year. Look carefully at any significant decision this company has made over the past threeand a half decades, and you will find John’s fingerprints on it. He brought the kind of financialdiscipline and quiet good judgment that rarely makes headlines but consistently makes the differencebetween a good company and a great one. I will miss him. It has been an honor to chair the Public Storage Board of Trustees. One of a trustee’s mostconsequential responsibilities is ensuring that the right people are in charge before they are needed,planning for succession not as a formality but as a genuine act of stewardship. Our board did thatwork carefully and well. I am particularly grateful to Ron Spogli, Dick Poladian, and Kristy Pipes,who invested countless hours in interviews, deliberations, and planning to make this transition asseamless as it has been. We will continue to measure ourselves the way owners do: by growth in cash flow per share, byreturns on invested capital, and by performance measured over years rather than quarters. We willresist unnecessary complexity, avoid leverage that would make us uncomfortable in a downturn, andreport our results, good and bad, with the directness that shareholders deserve. Public Storage has navigated many economic cycles over its history, and it has done so because it wasalways managed with the long term in view. That orientation is unchanged. Sincerely, Ronald HavnerChairman, Public StorageFebruary 27, 2026 CHIEF EXECUTIVE OFFICER’S LETTER Fellow Stakeholders, I write to you as we embark on another exciting era at Public Storage. This marks my final letter asPresident & CEO of Public Storage, an