Public Storage Releases 2024 Sustainability Report

Rhea-AI Summary

Public Storage (NYSE: PSA) has released its 2024 Sustainability Report, highlighting key achievements and future goals. The company aims to reduce scope 1 and scope 2 greenhouse gas emissions by 45% by 2032, compared to 2022 levels. It plans to more than double its solar-powered properties to 1,300 by 2025 and expand community solar programs to over 160 properties, targeting low and moderate-income households. Public Storage has been recognized as a 'Leader in the Light' by Nareit for its exceptional sustainability practices and has earned a Great Place to Work Certification™ for the second consecutive year. The company also continues to engage in community giving programs and leadership development initiatives. CEO Joe Russell emphasized the role of their 6,200 team members in driving innovation and sustainability. The full report is available on the company's website.

GLENDALE, Calif.--(BUSINESS WIRE)-- Public Storage (NYSE:PSA) announced today the release of its 2024 Sustainability Report. The report highlights the Company's dedication to sustainability, detailing the integral role of its engaged and diverse team, innovative and sustainable operations, and financial fortitude in fostering long-term resilience, growth, and value creation.

Public Storage’s recent sustainability highlights include:

• Setting a new, ambitious 45% reduction target for scope 1 and scope 2 greenhouse gas emissions by 2032 based on a 2022 baseline;
• More than doubling our properties with solar power generation, with plans to reach 1,300 properties by 2025;
• Continuing partnerships to deploy community solar to over 160 properties, with many providing affordable renewable energy to low and moderate-income households within our local communities;
• Being named a Nareit “Leader in the Light,” an award honoring companies that demonstrate outstanding sustainability practices;
• Earning a second consecutive prestigious Great Place to Work Certification™, an award based entirely on what current employees say about their experience working at Public Storage;
• Completing the second year of Community Connects, our employee-driven community giving program, with grants to employee-selected non-profits;
• Graduating our first participants in Preparing the Path, our leadership accelerator program;
• Leading the U.S. self-storage REIT peer group across most primary sustainability benchmarks.

“Our 6,200 team members leverage their unique backgrounds to drive innovation, create value, and solidify our position as a global leader in sustainable self-storage operations,” said Joe Russell, Chief Executive Officer. “We are pleased to share our progress, commitments, and outlook in the 2024 Sustainability Report.”

The report is available in the Sustainability section of Public Storage’s website.

About Public Storage

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. At March 31, 2024, we had: (i) interests in 3,045 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR), which owned 279 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California.

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Ryan Burke

(818) 244-8080, Ext. 1141

Source: Public Storage

FAQ

What are the key highlights of Public Storage's 2024 Sustainability Report?

Public Storage aims for a 45% reduction in scope 1 and scope 2 greenhouse gas emissions by 2032, plans to double solar-powered properties to 1,300 by 2025, and expand community solar to over 160 properties.

How many properties does Public Storage plan to have with solar power by 2025?

Public Storage plans to increase its solar-powered properties to 1,300 by 2025.

What awards has Public Storage received for its sustainability practices?

Public Storage has been named a Nareit 'Leader in the Light' and has earned a Great Place to Work Certification™ for the second consecutive year.

What are Public Storage's greenhouse gas emission reduction targets?

Public Storage aims to reduce scope 1 and scope 2 greenhouse gas emissions by 45% by 2032, using 2022 as the baseline.

What community programs are mentioned in Public Storage's 2024 Sustainability Report?

The report mentions the expansion of community solar to over 160 properties and the Community Connects employee-driven community giving program.

Who is the CEO of Public Storage as mentioned in the 2024 Sustainability Report?

The CEO of Public Storage is Joe Russell.

Where can I find Public Storage's 2024 Sustainability Report?

The 2024 Sustainability Report is available in the Sustainability section of Public Storage’s website.