The company acquired 127 self-storage facilities through the Simply Acquisition for $2.2 billion in cash, which are geographically diversified across 18 states.

The company spent approximately $160 million on the Property of Tomorrow program in 2023 and expects to spend approximately $150 million in 2024 to rebrand properties and enhance energy efficiency.

The company plans to increase development activity when they identify attractive risk adjusted return profiles with yields above those of acquisitions. They incurred a total cost of $1.6 billion for development and expansions completed by December 31, 2023.

The company has implemented initiatives such as enhancements in operational processes and investments in technology to reduce payroll hours, and investments in solar power and LED lights to lower utility usage.

The company's centralized reporting and information network allows for quick changes to pricing and promotions, and drives marketing spending based on market conditions.

The company has invested in technologies to enhance the customer experience, including a website that sources 81% of move-ins, a customer care center, and an eRental process used by 60% of customers.

The company is subject to risks from the direct and indirect impacts of climate change, including severe weather events, increased costs, and reduced demand for self-storage.

The company is subject to increases in property taxes, repair and maintenance costs, payroll, utility costs, and insurance premiums, which could negatively impact profitability.

The company faces significant competition from other self-storage operators, property developers, and other storage alternatives, which could negatively impact occupancy levels, rental rates, and operating expenses.

The company believes it owns approximately 9% of the self-storage square footage in the U.S., while the four largest owners collectively own approximately 20%, with the remaining 80% owned by regional and local operators.

The company believes its Public Storage® brand awareness and innovative improvements to the customer experience provide a competitive advantage in acquiring and retaining customers.

The company believes that the economies of scale inherent in the business result in its being able to operate self-storage facilities at a materially higher level of cash flow per square foot than other operators without its scale.

The company's size and scope of operations have enabled it to achieve high operating margins and a low level of administrative costs relative to revenues through the centralization of many functions.

The company believes technology enables revenue optimization and cost efficiencies and has invested in additional technologies to operate and compete more effectively.

The company has implemented various initiatives to manage the adverse impacts of inflation, such as enhancements in operational processes and investments in technology to reduce payroll hours.

The company has invested in additional technologies that have enabled it to operate and compete more effectively by providing customers with an enhanced digital experience.

The company's website is a key source of customers, and it seeks to update the structure, layout, and content of its website regularly to enhance its placement in search results.

The company's centralized reporting and information network allows for quick changes to pricing and promotions, and drives marketing spending based on market conditions.

The company regularly updates and enhances its strategies to increase the net cash flow of its existing self-storage facilities through maximizing revenues and controlling operating costs.

The level of growth in the company's asset base in any period is dependent upon the cost and availability of capital, as well as the relative attractiveness of available investment alternatives.

The Board has authorized management to repurchase up to 35 million common shares, but the company has no current plans to repurchase shares, with future levels dependent upon available capital, investment alternatives, and the trading price of the shares.

The company is committed to a long-term environmental stewardship program that reduces emissions of hazardous materials into the environment and the remediation of identified existing environmental concerns.

The company's management Environmental, Social, and Governance Steering Committee guides its commitment to sustainability and has primary responsibility for climate-related activities.

The company's human capital management strategy focuses on attracting, developing, and retaining the highest quality talent by committing to providing a diverse and welcoming working environment.

The company experiences minor seasonal fluctuations in the demand for self-storage space, with demand and rental rates generally higher in the summer months than in the winter months.

Industry-wide demand from new customers for storage space at the beginning of 2024 is below the level at the beginning of 2023, which the company will mitigate by increasing marketing expense and lowering rental rates to new customers.

The company is subject to various laws, ordinances, and regulations, including various federal, state, and local regulations that apply generally to the ownership of real property and the operation of self-storage facilities.