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NEW YORK, Dec. 14, 2020 /PRNewswire/ — Elliott Associates, L.P. and Elliott Worldwide, L.P. (collectively, “Elliott”), which collectively have made a considerable funding within the widespread inventory and financial equivalents of Public Storage (the “Firm” or “PSA”), in the present day introduced in a letter that it privately nominated six trustee candidates to the PSA Board final week.

The PSA Progress Alternative

Elliott has been engaged in a non-public dialogue with Public Storage for greater than a month, in accordance with the letter, which Elliott stated was made public in response to incomplete disclosures relating to its involvement and in an effort to facilitate a broader dialogue relating to one of the best path ahead for PSA. The letter makes the case that Public Storage has considerably underperformed its self-storage REIT friends during the last decade, regardless of having quite a few structural benefits.

Elliott attributes this underperformance to a failure by PSA to speculate aggressively and to lagging same-store gross sales development, each of which have been exacerbated by substandard company governance and investor communication. The letter means that one of the best path ahead for PSA is elevated funding in its shops, its staff and its buyer expertise, mixed with governance and investor-communication enhancements to make sure the correct oversight and transparency relating to the numerous value-creation alternative that exists.

Within the letter, Elliott outlined a set of proposals for Public Storage, together with the next concrete steps:

  • Refresh the Board with impartial trustees who will add invaluable expertise in related industries whereas bringing a various set of expertise and views to the Board. The letter famous the Firm announcement yesterday of sure restricted steps to refresh its Board — steps that validate a few of the issues Elliott has raised privately relating to the present Board’s lengthy tenure and lack of independence. Nevertheless, the letter asserts that these steps fall wanting the change wanted at PSA, which wants to return in session with shareholders to have credibility with buyers. In any other case, even steps in the appropriate course will appear to be entrenchment and reinforce the notion that the Board is immune to self-evaluation and course correction.
  • Kind a New Board Committee to judge PSA’s efficiency and plan, focusing particularly on natural development technique, capital allocation and stability sheet optimization. The letter notes that Elliott has labored with many firms on steps to create these sorts of committees to judge, design and implement value-creative modifications.
  • Restore Investor Credibility, beginning with an investor day, to disclose the committee’s work and lay out a plan for the way forward for the Firm. In line with the letter, an Investor Day would supply a pure alternative to publish a strong investor presentation and articulate a method for sustainable worth creation.

The letter concluded by expressing a choice for continued constructive dialogue with the Firm towards a complete plan to ship the value-creation alternative that’s attainable at Public Storage in the present day.

The letter and trustee bios will be discovered of their entirety at PSAGrowth.com.

The complete textual content of the letter follows:

December 14, 2020

The Board of Trustees
Public Storage
701 Western Avenue
Glendale, CA 91201
Attn: Chairman Ronald L. Havner, Jr.
Attn: Lead Impartial Trustee Gary E. Pruitt

Pricey Members of the Board:

We’re writing to you on behalf of Elliott Associates, L.P. and Elliott Worldwide, L.P. (collectively, “Elliott” or “we”), which collectively have made a considerable funding within the widespread inventory and financial equivalents of Public Storage (the “Firm” or “PSA”). Our funding within the Firm makes us certainly one of your largest buyers and displays our perception that Public Storage has a singular alternative in the present day to create important long-term worth for all of its stakeholders.

We wish to begin by thanking you for taking the time to debate our views on PSA’s enterprise throughout these previous few weeks. We respect your consideration, and we hope to proceed this constructive dialog with the Firm. We additionally wish to reiterate our admiration for Public Storage and the achievements of B. Wayne Hughes and his successors, whose entrepreneurship paved the best way for what’s in the present day a $40 billion {industry}. Inside that {industry}, PSA’s first-mover benefit has given it a moat of irreplaceable belongings that continues to supply the Firm with a significant aggressive benefit, giving rise to the chance we see for PSA in the present day.

We’re writing to you publicly in the present day as a result of latest information stories, in addition to the Firm’s personal determination to reveal our dialogue in a press launch, have left present and potential PSA stakeholders with incomplete data relating to our involvement. We due to this fact thought it finest to share a few of our analysis, our views and our proposals relating to PSA and start a broader dialog about one of the best path ahead for the Firm.

Public Storage has — and has had for fairly a while — one of the best belongings and platform within the {industry}. But, regardless of that essential benefit, its complete shareholder return has dramatically underperformed its friends during the last decade. By way of our time- and resource-intensive diligence course of, we’ve got concluded that Public Storage’s underperformance derives from two primary points: (i) a failure to speculate extra aggressively in its robust asset base and (ii) lagging gross sales development. Substandard company governance and a lackluster investor relations program have compounded these issues, deepening the underperformance. By underinvesting in new shops, current shops, store-level staff, innovation and prospects, the Firm has did not capitalize on the appreciable first-mover benefit, leaving its shareholders to pay the value of that chance value.

Luckily, all the Firm’s points are fixable. Actually, we have been happy to see the Firm announce yesterday that it’s taking sure restricted steps to refresh its Board — steps that validate a few of the issues we’ve got raised privately relating to the present Board’s lengthy tenure and lack of independence. Nevertheless, these steps fall wanting the change wanted at PSA. We imagine that solely by present process a full, trustworthy and complete evaluation of the Firm’s technique after which by taking decisive motion to jump-start efficiency can Public Storage reclaim its rightful place because the chief of the self-storage {industry}.

We have now proposed a multi-step plan to set Public Storage on a path to development and superior efficiency — (i) kind a very impartial Board, (ii) empower the Board to evaluation the Firm’s technique and improve its long-term development plan, and (iii) rebuild the Firm’s credibility with buyers. As buyers, we’ve got labored with firms on comparable plans with profitable outcomes, and we imagine we’re uniquely positioned to work with PSA to regain credibility with buyers and create substantial shareholder worth. As well as, we’ve got put ahead a slate of outstanding nominees, who’ve the expertise, expertise and views to assist PSA higher serve all of its stakeholders. Given the standard of PSA’s belongings — and of our nominees — we belief {that a} sturdy and well-designed course of will yield a profitable end result.

Elliott’s Funding in Public Storage

Based in 1977, Elliott is among the oldest funds of its variety underneath steady administration and in the present day manages roughly $41 billion of capital for each institutional and particular person buyers. We’re a multi-strategy agency, and investing in private and non-private actual property across the globe is certainly one of our largest and most profitable efforts.

Elliott’s funding method is distinguished by our in depth due diligence, and our efforts on Public Storage have adopted this similar method. Chosen examples of our substantial diligence efforts on PSA embody:

  • Engagement with a number one administration consulting agency to finish an in depth survey of two,215 self-storage prospects over 4 weeks inspecting the client decision-making path and expertise, in addition to an evaluation on the standard of areas, historic development, margin profile and on-line presence at Public Storage and its public friends;
  • Conversations with dozens of exterior specialists from all elements of the {industry} worth chain (e.g., CEOs, Presidents, Regional Managers, District Managers);
  • A survey of 125 Public Storage and 125 competing Additional House areas throughout the nation;
  • An intensive shareholder survey, talking with buyers in each Public Storage and its self-storage friends;
  • An evaluation of testimonials from main on-line evaluation platforms; and
  • Our personal hands-on diligence, together with renting storage models at each Public Storage and its peer firms in main markets.

This work has knowledgeable our views on a number of areas PSA can enhance, and we imagine that the present administration crew — together with a refreshed, impartial Board of Trustees — can kind a plan to deal with PSA’s underperformance.

Public Storage’s Lengthy-Time period Underperformance

Public Storage has considerably underperformed its self-storage REIT friends during the last decade regardless of having each structural benefit attainable: the best model consciousness, one of the best (and most) areas, first-mover benefit, regional density and essentially the most pricing information. The chart beneath demonstrates the present cumulative complete shareholder return (TSR) of Public Storage versus its friends as of December 11, 2020:

See “Complete Shareholder Return Evaluation.”

This staggering returns hole was not the results of a single drop, however relatively constant underperformance, yr after yr, together with being the worst (8) or second worst performer (2) of the group in 10 out of the final 12 years:

See “Annual Complete Shareholder Return Rating of Self-Storage Firms.”

Shareholders count on this underperformance to proceed — a bunch of shareholders we surveyed by way of an impartial agency ranked Public Storage final amongst shut friends on each qualitative metric, together with basic retailer expertise, projected same-store development, company governance, investor communication, administration high quality and execution, digital expertise and, critically, pricing optimization.

How Public Storage Obtained Right here

The underperformance illustrated above can’t be attributed to any structural drawback relative to PSA’s friends — e.g., an absence of scale to compete or an absence of institutional information to determine areas of development. As an alternative, our diligence factors to 2 primary drivers for Public Storage’s underperformance: (i) a failure to speculate extra aggressively in its robust asset base and (ii) lagging gross sales development.

Failure to Make investments Extra Aggressively

PSA’s failure to take advantage of its structural and strategic benefits and make investments extra aggressively has been the first driver of its underperformance during the last decade. For a number of many years following its inception, Public Storage did make investments closely in increasing its retailer base, such that by 2010, it owned greater than 5 instances as many self-storage services in the USA as its largest competitor. Regardless of this commanding footprint, nonetheless, Public Storage solely owned 5% of the {industry}’s sq. footage; 90% was nonetheless owned by regional and native competitors, leaving a big alternative for additional enlargement.

Throughout this time, Public Storage’s market place additionally drove operational success, as regional scale translated into higher pricing and occupancy visibility and fixed-cost leverage in advertising and marketing and G&A. Consequently, PSA had the best return on capital amongst publicly traded friends, and that return was considerably increased than its value of capital. With a pristine stability sheet, entry to capital, excessive incremental returns on capital, an operational edge on competitors and a extremely fragmented {industry} of unsophisticated competitors to accumulate or out-develop, Public Storage was primed to dominate the subsequent decade. Sadly, the Firm failed to take action.

Ceded Relative Market Share

As an alternative, Public Storage ceded many of those benefits to more and more subtle friends. After the storage {industry} demonstrated its resilience to financial turmoil and demand began to outpace stagnant provide within the early 2010s, buyers have been drawn to the enticing returns on capital and steady monetary efficiency storage companies have been producing, bringing in giant quantities of recent capital and better ranges of economic and operational sophistication. Regardless of all of this exercise, the general public REITs’ incremental returns on capital remained excessive, with Public Storage on the high of the heap.

See “Public Storage Relative Market Share Over Time.”

Public Storage took some steps to speculate over this era, growing its owned retailer base by 456 shops from 2010 to Q3’20 (a 22% enhance) and producing excessive returns. Nevertheless, Additional House elevated its owned shops by 640 shops over the identical interval — a 217% enhance — and CubeSmart and Sovran (now Life Storage) elevated their owned retailer counts by 45% and 81%, respectively. On the similar time, friends aggressively entered the third-party administration enterprise, an asset-lite method to constructing efficient scale by way of elevated entry to information, location density and acquisition pipelines. Taking these extra shops under consideration, the friends elevated their retailer counts by a median of 150%, and Public Storage watched as its efficient market share relative to its closest competitor decreased from 2.5x to 1.4x.

Inadequate Capital Deployment

In our expertise, three major causes an organization would forgo aggressive deployment of capital into its enterprise are (i) lack of entry to capital, (ii) low returns on incremental capital funding, or (iii) few alternatives to deploy capital. Over the previous decade, none of those causes have utilized to Public Storage.

With Public Storage’s superior information, scale, fixed-cost leverage, model identify, regional density and entry to high-return growth alternatives, it ought to have been the popular purchaser of any vendor. Nevertheless, an excessively conservative underwriting mannequin and an excessively conservative method to leverage hamstrung its development. PSA’s obsessive deal with an investment-grade credit standing has left it underlevered in comparison with its friends, but it nonetheless pays extra for its capital by issuing perpetual most popular fairness as a substitute of accessing the debt markets.

With a view to take market share the best way they did, Public Storage’s friends raised and deployed important quantities of capital whereas PSA held again, with low leverage yielding decrease fairness returns. Between 2011 and Q3 2020, for instance, Additional House elevated its internet debt by greater than 300% and its share rely by nearly 40%, whereas Public Storage elevated internet debt by 73% and its share rely by solely 2%. Consequently, Additional House’s invested capital elevated by greater than 250% whereas Public Storage’s elevated by solely 48%. On condition that Public Storage had an investment-grade credit standing, billions of {dollars} of capital obtainable and one of the best return on capital of its friends, the Firm’s conservative method to capital deployment stands in stark distinction to the strategic actions of its friends — and their complete shareholder returns present the outcome:

See “Invested Capital Progress vs. TSR Over the Final Decade.”

The Firm nonetheless has an industry-leading platform and a base of properties that may yield high-return growth, so growing funding to a degree commensurate with its relative scale ought to drive accelerated development.

Third-Get together Administration

Owned shops don’t inform the entire story: Buyer model consciousness and market information are pushed by managed shops in addition to owned shops. Between 2010 and in the present day, PSA’s self-storage friends have been capable of shortly develop their “efficient” retailer base by specializing in third-party administration. Public Storage, against this, solely just lately entered the third-party administration house in 2018. PSA’s self-storage friends have been constructing acquisition pipelines and exploiting invaluable information from the third-party administration house for greater than a decade earlier than PSA entered this enterprise.

The direct monetary influence of third-party managed shops is decrease than that of owned shops, however the minimal upfront capital and incremental “efficient scale” by way of regional market share made third-party administration a sexy endeavor for PSA’s friends in 2010. The higher information offered by these third-party administration alternatives additionally permits for higher decision-making: Bigger retailer bases drive higher model consciousness, and the acquisition pipeline permits for extra capital to be deployed to create worth. We’re pleased to see that the Firm has determined to enter the enterprise, however we query why this Board took so lengthy to see it carried out and why the tempo of managed retailer development is so tepid in comparison with its rivals.

Lagging Similar-Retailer Gross sales Progress

The secondary driver of Public Storage’s underperformance has traditionally (and extra importantly going ahead) been lagging same-store gross sales development. The self-storage {industry} has a low value of capital, so small, constant variations in natural development can drive important valuation discrepancies.

See “Mature Similar-Retailer Progress (2010-2019).”

Poor Retailer Expertise

Our analysis, surveys and private expertise have proven that the client expertise at any given Public Storage location considerably lags friends. We imagine it is a direct results of its conservative method to prices, together with under-incentivizing retail staff and skimping on retailer expertise. In our view, focused spending will increase all through the shop base will drive stronger income development and place Public Storage to thrive and compete.

Public Storage was rated final on “Common Retailer Expertise” in an investor survey, and our proprietary buyer survey confirmed that prospects fee Public Storage decrease on “Cleanest” and “Pleasant Employees” in comparison with Additional House. Our side-by-side retailer go to survey confirmed Additional House shops outperforming instantly competing Public Storage areas on each qualitative measure of retailer expertise we surveyed. Critically, Public Storage has underinvested in its staff who’re set as much as fail with an absence of correct incentives, coaching or profession development alternatives. Buyers and {industry} contributors imagine that staff on the bottom can drive improved retailer efficiency by way of elevated gross sales conversion, upselling, worth discrimination and decreasing churn. By investing in its staff, Public Storage can enhance its prospects’ expertise and enhance its development trajectory to match and in the end exceed its friends.

Pricing/Occupancy Optimization Algorithm Focuses Too A lot On Occupancy

Self-storage is a balancing act of worth and occupancy — managing the interaction of road charges, promotions, worth will increase and churn. There is no such thing as a doubt that Public Storage and its REIT rivals all perceive this interplay and have robust pricing algorithms in place. Nevertheless, we’ve got obtained constant suggestions that Public Storage’s algorithm is very delicate to modifications in occupancy, that means its deal with industry-leading occupancy could be holding it again from maximizing income. Present and potential buyers we’ve got spoken with rated Public Storage final among the many giant self-storage REITs on pricing analytics and optimization, and {industry} contributors persistently famous this dynamic. We’re assured {that a} evaluation by administration and a contemporary set of impartial trustees may deal with this challenge, both by adjusting the algorithm or by proving to buyers and {industry} contributors that the prevailing algorithm is perfect.

An Alternative for PSA Progress

We have now been inspired by sure steps that administration has taken: It has elevated capital deployment (though nonetheless not proportional to its scale); launched the “Property of Tomorrow” marketing campaign; raised some unsecured debt; and employed a head of Investor Relations. Extra just lately, simply yesterday and following our non-public outreach, the Firm introduced the alternative of three Trustees in a nod to our clearly legitimate issues about Trustee tenure and independence. However these incremental modifications aren’t sufficient. Extra bold change is required for buyers to believe that in the present day’s Firm has embraced a brand new course for shareholders, staff and prospects alike.

Company Governance and Investor Relations

We don’t imagine that the present Board of Trustees can lead Public Storage towards long-term success, even with the modifications introduced yesterday. Previous to these modifications taking impact, PSA’s Board has a 12-year common tenure and lacks a ample variety of impartial trustees, making it one of many least impartial Boards within the S&P 500. Three members have been on the Board for greater than 20 years, and 5 members are on boards of associated firms (together with essentially the most just lately added trustee). Governance and ESG suppliers have given poor scores to Public Storage’s governance construction, and quite a few shareholders have expressed their issues concerning the Board’s lack of independence of their proxy voting disclosures. Proper now, the Firm’s Board doesn’t embody a single trustee with self-storage {industry} expertise exterior of the PSA bubble, and the Chairman is the previous CEO who presided over profound underperformance together with the remainder of the Board.

Public Storage wants contemporary views and management. Adapting to a altering atmosphere — which is an apt description for the self-storage {industry} during the last decade — requires new concepts, impartial considering and an progressive mindset. This Board presided over the Firm whereas it trailed friends and ceded market share; the shareholders we surveyed are proper to be skeptical that it needs to be trusted to judge the subsequent stage. That’s the reason, whereas the brand new Trustees characterize a step in the appropriate course, actual change wants to return in session with shareholders to have credibility with buyers. In any other case, even steps in the appropriate course will appear to be entrenchment and reinforce the notion that the Board is immune to self-evaluation and course correction.

This lack of credibility with buyers is underscored by the truth that Public Storage doesn’t presently publish an investor presentation on its web site or present shareholders with significant steering. PSA’s ready remarks on quarterly earnings calls have averaged 22 seconds during the last 5 years. The Firm is each the most important REIT to not give steering and one of many largest firms with none sort of investor presentation. Buyers we surveyed rated PSA final amongst shut friends in “Investor Communication,” with one investor even describing it as “antagonistic.” Public Storage’s shareholders interactions clearly want enchancment, and as buyers with deep expertise in serving to firms talk their tales, we’re uniquely positioned to assist.

Our Proposal

We’re asking for substantial Board refreshment. As beforehand talked about, by any goal measure, Public Storage’s present Board doesn’t meet the requirements of fine company governance, and its makes an attempt at self-help merely lack credibility. We have now privately nominated six distinctive and well-qualified Trustees. They’ll add invaluable expertise in related industries, and their various expertise and views will put the Board in a greater place to serve all of its stakeholders. (Please see the Appendix to this letter for his or her full backgrounds.)

We’re additionally asking the Firm to kind a brand new Board committee to judge its efficiency and plan. We imagine it’s crucial that the Board kind a committee of impartial trustees, each outdated and new, with a selected mandate to supply suggestions on i) the Firm’s natural development technique, together with buyer expertise, new potential income streams and pricing / occupancy optimization, ii) capital allocation, together with growth, redevelopment and acquisitions, dividend and capital return coverage, and minority pursuits in public equities and iii) stability sheet optimization.

Whereas we’re assured within the case for change, we acknowledge that change is often finest led from inside an organization. We have now labored with many firms previously to assist them set up these sorts of committees to judge, design and implement value-creative modifications. We aren’t prescribing or demanding particular modifications – so long as the evaluation course of is impartial and sturdy, we’re assured the committee will arrive at one of the best solutions, whether or not or not they align with our personal findings.

We’re asking for the Firm to revive its relationship with Shareholders, beginning with an Investor Day within the first half of 2021. The Investor Day will likely be a chance for the Firm to disclose the Board’s conclusions of the committee’s work and chart a brand new path ahead the place shareholders are valued stakeholders. Additional, given the Firm’s historic disappointing investor communications, an Investor Day would supply a chance to publish a strong investor presentation and make a transparent and compelling case to buyers that they need to personal Public Storage’s inventory.

Working Collectively

Elliott and different buyers need Public Storage to spend money on its future by taking steps to create appreciable worth by way of development. We sit up for partaking with different shareholders relating to our concepts, and we’re dedicated to a clear course of to maintain all key stakeholders absolutely knowledgeable — which is one motive that we’re publicly sharing this letter and our nominees.

We thank the Board for contemplating our ideas and sit up for persevering with our discussions to unlock Public Storage’s full potential. We hope to work constructively with you on the modifications wanted at PSA — the modifications all PSA stakeholders deserve.

Greatest Regards,

Johannes Weber
Portfolio Supervisor

Jeremy Grant
Affiliate Portfolio Supervisor

Appendix – Nominees

Benjamin C. Duster, IV, age 60, has served because the Chief Government Officer of Cormorant IV Company, LLC (“Cormorant“), a finance operations and strategic advisory/interim administration agency, since founding Cormorant in August 2014. By way of his service at Cormorant, from August 2016 to March 2018, Mr. Duster served because the Chief Government Officer of CenterLight Well being System, Inc., a non-public diversified well being companies, managed care and assisted dwelling group. Mr. Duster has served on the boards of administrators of Alaska Communications Techniques Teams, Inc. (NASDAQ: ALSK), a broadband telecom and managed data companies firm, since June 2020, Weatherford Worldwide PLC (OTCMKTS: WFTLF), a world oil subject companies firm, since June 2020, and Cardone Industries, Inc., a non-public auto elements aftermarket producer, since February 2020. 

Beforehand, Mr. Duster served on the boards of administrators of Multi-Fineline Electronics, Inc. (previously NASDAQ: MFLX), a supplier  of versatile printed circuit and part meeting options, from October 2012 to March 2015, Refrain Aviation Inc. (OTCMKTS: CHRRF), an organization that engages within the airline enterprise, from March 2010 to August 2014, Ormet Main Aluminum Company, a producer of alumina and first aluminum, from November 2007 to January 2014, Accuride Company (previously NYSE: ACW), a diversified producer and provider of economic automobile parts, from February 2010 to April 2013, WBL Company Restricted, a multinational conglomerate working within the expertise, automotive, property, and engineering & distribution sectors, from April 2010 to Might 2013, Netia, S.A (WSE: NET), a telecoms firm that gives fixed-line telecommunication companies, from August 2009 to November 2013, Catalyst Paper Company (previously TSX:CTL.TO), a pulp and paper firm, from December 2006 to February 2012, the place he served as Chairman of the Board, RCN Company (previously NASDAQ: RCNI), a telecommunications firm that gives bundled video, high-speed information and voice companies, from December 2004 to August 2010, and Algoma Metal Inc. (previously TSX:AGA, most just lately Essar Metal Algoma Inc.), an built-in major metal producer, from February 2002 to June 2007, the place he served as Chairman of the Board. 

Mr. Duster holds a Juris Doctorate from Harvard Regulation Faculty, Masters of Enterprise Administration from Harvard Enterprise Faculty, and Bachelor of Arts in Economics from Yale College.

Craig Macnab, age 64, has served on the boards of administrators of VICI Properties Inc. (NYSE: VICI), an actual property funding belief specializing in on line casino properties, since October 2017, American Tower Company (NYSE: AMT), an actual property funding belief and an proprietor and operator of wi-fi and broadcast communications infrastructure, since December 2014, and Cadillac Fairview Company Restricted, a non-public firm that invests in, owns, and manages business actual property, since January 2011, the place he serves as a trustee. 

Beforehand, Mr. Macnab served as Chief Government Officer of Nationwide Retail Properties, Inc. (NYSE: NNN) (“Nationwide Retail Properties“), an actual property funding belief that acquires, owns, invests in and develops properties which are leased primarily to retail tenants, from February 2004 till his retirement in April 2017. From April 2000 to March 2003, Mr. Macnab served as Chief Government Officer and President of JDN Realty Company (previously NYSE: JDN), an actual property firm specializing within the growth and asset administration of retail purchasing facilities. Previous to that, Mr. Macnab served as President of Tandem Capital Companions LLC, a non-public funding firm that he based that offered development capital, primarily mezzanine debt, to small public firms, from 1997 to 1999. Earlier in his profession, Mr. Macnab was as an funding banker at Lazard Ltd (NYSE: LAZ) (f/okay/a Lazard Freres & Firm), a monetary advisory and asset administration agency, served as Co-Head of the Merger and Acquisition Division at J.C. Bradford & Firm, a non-public funding banking and brokerage agency, and was Common Companion at MacNeil Advisors LP, a non-public fairness agency.  Beforehand, Mr. Macnab served on the boards of administrators of Forest Metropolis Realty Belief, Inc. (NYSE: FCE.A), an actual property firm, from June 2017 to December 2018, Nationwide Retail Properties, from February 2008 to April 2017, the place he served as Chairman of the Board, DDR Company (previously NYSE: DDR), an actual property funding belief, from March 2003 to Might 2015, Eclipsys Company (previously NASDAQ: ECLP), an organization that offered hospitals and different healthcare organizations with varied digital order and file protecting applied sciences, from Might 2008 to September 2010, when Eclipsys Company merged with Allscripts-Misys Healthcare Options, Inc. (n/okay/a Allscripts Healthcare Options, Inc.) (NASDAQ: MDRX), JDN Realty Company, from 2000 to 2003, and Per Se Applied sciences, Inc. (previously NASDAQ: PSTI), a healthcare firm, from 2002 to 2007.

Mr. Macnab holds a Grasp of Enterprise Administration from Drexel College and Bachelor of Commerce from the College of the Witwatersrand. 

Adam S. Metz, age 59, has served as a non-executive director of Hammerson PLC (LON: HMSO), a property growth and funding firm, since July 2019. Beforehand, Mr. Metz served as Managing Director and Head of Worldwide Actual Property at The Carlyle Group Inc. (NASDAQ: CG), a non-public fairness, various asset administration and monetary companies firm, from September 2013 to April 2018. From March 2011 to August 2013, Mr. Metz served as a Senior Advisor on the devoted actual property fairness funding platform of worldwide various asset administration agency TPG Capital. From October 2008 to December 2010, Mr. Metz served as Chief Government Officer at Common Progress Properties, Inc. (previously NYSE: GGP) (“Common Progress Properties“), a shopping center operator. From 2003 to 2008, Mr. Metz served as Co-Founding Companion at Polaris Capital LLC, a non-public funding administration firm. From 2000 to 2002, Mr. Metz served as Government Vice President and Chief Funding Officer at Rodamco North America N.V., a closed-end actual property fund. From 1993 to 2000, Mr. Metz served as Chief Monetary Officer after which as President at City Buying Facilities, Inc. (previously NYSE: URB), an actual property funding belief. From 1987 to 1993, Mr. Metz served as Vice President at JMB Realty Corp., an actual property funding firm. From 1983 to 1987, Mr. Metz served as a company lending officer after which as Vice President at First Nationwide Financial institution of Chicago (previously NYSE: FNB), a retail and business financial institution. Mr. Metz has served on the board of administrators of Morgan Stanley Direct Lending Fund, a public externally managed specialty finance firm targeted on lending to center market firms, since October 2019, in reference to which he additionally serves on the board of administrators of SL Funding Corp., a sidecar funding automobile of the Morgan Stanley Direct Lending Fund, since September 2020.

Beforehand, Mr. Metz served on the boards of administrators of Forest Metropolis Realty Belief, Inc. (previously NYSE: FCE.A), an actual property firm, from April 2018 to January 2019, Parkway Properties Inc. (previously NYSE: PKY), an actual property funding agency, from June 2012 to November 2016, Common Progress Properties, from 2005 to 2010, Howard Hughes Company (NYSE: HHC), an actual property growth and administration firm, throughout 2010 following its spin off from Common Progress Properties, AMLI Residential Properties Belief (previously NYSE: AML), a belief specializing in administration, acquisition, growth, and co-investment of multifamily residence communities, from 2003 to 2004, Aliansce Sonae Buying Facilities SA (BVMF: ALSO3), a Brazilian shopping center firm, Bally Complete Health Holding Company (previously NYSE: BLLY), a health membership chain, from 2005 to 2006, and Chiasso Acquisition LLC, a house furnishing retailer from 2006 to 2008.

Mr. Metz holds a Masters of Administration from the Kellogg Faculty of Administration at Northwestern College, and Bachelor of Arts in Historical past from Cornell College.

Michelle Millstone-Shroff, age 45, has served as an impartial advisor to varied companies since November 2018, and has served as a Senior Advisor to McKinsey & Firm, a administration consulting agency, since April 2019. From April 2015 to July 2018, Ms. Millstone-Shroff served because the Chief Buyer Expertise Officer of Mattress Tub & Past Inc. (NASDAQ: BBBY) (“Mattress Tub“), a sequence of home merchandise retail shops, and because the President & Chief Working Officer of buybuy BABY (“BABY“), a $1+ billion subsidiary of Mattress Tub and the nation’s main retailer of things for infants and toddlers, and likewise served because the Chief Working Officer of BABY from March 2007 till July 2018.  Ms. Millstone-Shroff has served on the boards of administrators of Neiman Marcus Group Inc. (NYSE: NMG.A), a sequence of luxurious department shops, since September 2020, Nanit, a non-public expertise startup that develops sensible child monitor units, since December 2019, and Get together Metropolis Holdco Inc. (NYSE: PRTY), a vertically-integrated chain of get together shops, since February 2019. 

Ms. Millstone-Shroff holds a Masters of Enterprise Administration from Harvard Enterprise Faculty, a Bachelor of Science in Strategic Administration from The Wharton Faculty at College of Pennsylvania, and a Bachelor of Arts in Psychology from College of Pennsylvania.

Mahbod Nia, age 44, has been a non-public investor since October 2019. Beforehand, Mr. Nia was Chief Government Officer and President of NorthStar Realty Europe Corp. (“NRE“) (previously NYSE: NRE), a publicly traded European targeted business REIT, from June 2015 to September 2019 when it was offered to AXA Funding Managers – Actual Belongings, and Managing Director and member of the European Steering Committee at Colony Capital, Inc. (NYSE: CLNY, previously Colony NorthStar, Inc.), a world REIT, from January 2017 to September 2019. Previous to that, Mr. Nia served as Managing Director and Head of European Investments of NorthStar Asset Administration Group Inc. (previously NYSE: NSAM), a world asset administration firm, from July 2014 to January 2017, and acted for PanCap Funding Companions, a European actual property funding and advisory agency, from 2010 to 2014. From 2007 to 2009, Mr. Nia was Senior Government Director within the Actual Property Banking Group at Goldman Sachs (NYSE: GS), a multinational funding financial institution and monetary companies firm. From 2004 to 2007, Mr. Nia was a Senior Affiliate within the Actual Property Finance division at Citigroup Inc. (NYSE: C), a multi-national funding financial institution and monetary companies firm, previous to which he served within the funding banking division of Salomon Brothers (London) starting in 2000. Mr. Nia serves on the board of administrators of Mack-Cali Realty Corp. (NYSE: CLI), a publicly traded REIT targeted on workplace and multi-family belongings in New Jersey, since June 2020.

Beforehand, Mr. Nia served as a member of NRE’s board of administrators, from January 2018 to September 2019. Mr. Nia obtained a bachelor’s diploma in Economics for Enterprise from the College of Westminster and grasp’s diploma in Economics & Finance from the College of Warwick.

Rebecca L. Owen, age 58, has served as chair of the board of administrators of Battery Reef, LLC, a business actual property funding and administration firm, since she based the corporate in January 2019.  Beforehand, Ms. Owen served in varied roles at Clark Enterprises, Inc. (“Clark Enterprises“), a non-public funding agency, and its affiliated firms, together with as Senior Vice President of Clark Enterprises, from April 1995 to January 2019, Chief Authorized Officer of Clark Enterprises, from April 1995 to December 2017, and President of CEI Realty, Inc., the actual property funding arm of Clark Enterprises, from January 2008 to January 2019.  Previous to her work with Clark Enterprises and its associates, Ms. Owen practiced as a Industrial Actual Property and Company lawyer at regulation corporations Sheehey, Furlong & Behm, from 1994 to 1995, and Pillsbury Winthrop Shaw Pittman LLP (f/okay/a Shaw Pittman Potts and Trowbridge), from 1987 to 1994.  Ms. Owen has served on the board of administrators of Carr Properties, a non-public actual property funding belief, since 2013, and on the Actual Property Funding Advisory Committee of ASB Capital Administration, LLC, an institutional actual property funding agency, since January 2017. 

Beforehand, Ms. Owen served on the boards of administrators of WillScot Cell Mini Holdings Corp. (NASDAQ: WSC), a specialty rental companies supplier in progressive modular house and transportable storage options, from April 2019 to July 2020, Jernigan Capital, Inc. (NYSE: JCAP), a mortgage and fairness actual property funding belief, from December 2018 till it was bought by NextPoint and delisted on November 6, 2020, and Columbia Fairness Belief, Inc. (previously NYSE: COE), an actual property funding belief, from 2005 to 2007.  Ms. Owen has additionally served on the boards of administrators of the Boys and Women Membership of Larger Washington, since 2006, and Horizons Nationwide Scholar Enrichment Program Inc., since January 2017. Ms. Owen obtained a Juris Doctorate from College of Chicago Regulation Faculty and Bachelor of Arts in Economics from Hamilton School.

About Elliott

Elliott Administration Company manages roughly $41 billion of belongings. Its flagship fund, Elliott Associates, L.P., was based in 1977, making it one of many oldest funds underneath steady administration. The Elliott funds’ buyers embody pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, excessive internet value people and households, and staff of the agency.


Elliott Associates, L.P. (“Elliott Associates“) and Elliott Worldwide, L.P. (“Elliott Worldwide“), along with the opposite contributors named herein (collectively, “Elliott“), intend to file a preliminary proxy assertion and an accompanying WHITE proxy card with the Securities and Trade Fee (“SEC“) for use to solicit votes for the election of its slate of highly-qualified nominees as trustees of Public Storage, a Maryland actual property funding belief (the “Firm“), on the Firm’s 2021 annual assembly of shareholders.


The contributors within the proxy solicitation are anticipated to be Elliott Associates, Elliott Worldwide, Manchester Securities Corp. (“Manchester“), Elliott Funding Administration L.P., (“EIM“), Elliott Funding Administration GP LLC (“EIM GP“), Paul E. Singer (“Singer“), Benjamin C. Duster, IV, Craig Macnab, Adam S. Metz, Michelle Millstone-Shroff, Mahbod Nia and Rebecca L. Owen.

As of the date hereof, Elliott Associates beneficially owns 653,500 widespread shares, par worth $0.10 per share (the “Frequent Shares“), of the Firm (itself and thru Manchester), together with 651,450 Frequent Shares underlying sure By-product Agreements (as outlined beneath). As of the date hereof, Elliott Worldwide beneficially owns 1,524,834 Frequent Shares, together with 1,520,050 Frequent Shares underlying sure By-product Agreements.  As of the date hereof, Manchester, an entirely owned subsidiary of Elliott Associates, beneficially owns 1,000 Frequent Shares.  EIM, performing because the funding supervisor to every of Elliott Associates and Elliott Worldwide, could also be deemed the helpful proprietor of the two,178,334 Frequent Shares beneficially owned within the combination by Elliott Associates (itself and thru Manchester) and Elliott Worldwide. EIM GP, as the only basic associate of EIM, could also be deemed the helpful proprietor of the two,178,334 Frequent Shares beneficially owned within the combination by Elliott Associates (itself and thru Manchester) and Elliott Worldwide. Singer, as the only managing member of EIM GP, could also be deemed the helpful proprietor of the two,178,334 Frequent Shares beneficially owned within the combination by Elliott Associates (itself and thru Manchester) and Elliott Worldwide. As of the date hereof, Mr. Macnab beneficially owns 450 Frequent Shares by way of a belief of which Mr. Macnab serves as trustee. As of the date hereof, Mr. Metz beneficially owns 875 Frequent Shares.  As of the date hereof, none of Messrs. Duster or Nia or Mmes. Millstone-Shroff or Owen beneficially owns any Frequent Shares.

As of the date hereof, Elliott Associates and Elliott Worldwide have entered into notional principal quantity by-product agreements (the “By-product Agreements“) within the type of swap agreements with respect to 651,450 and 1,520,050 Frequent Shares, respectively, which can be bodily settled inside 60 days from the date hereof. Previous to the date upon which the By-product Agreements are bodily settled, such By-product Agreements don’t present Elliott Associates or Elliott Worldwide with the facility to vote or direct the voting or eliminate or direct the disposition of or in any other case train any rights in respect of the Frequent Shares which are referenced within the By-product Agreements.

Media Contact:
Stephen Spruiell
Elliott Administration Company
(212) 478-2017
[email protected]


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SOURCE Elliott Administration Corp

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