New Storage Facility Reopens Near Apple HQ

<p>Public Storage&comma; a publicly-traded owner&comma; acquirer&comma; developer&comma; and operator of self-storage properties&comma; announced the reopening of a facility adjacent to Apple&comma; Inc&period; offices in Cupertino&period;<&sol;p>&NewLine;<p>The Public Storage at 20565 Valley Green Drive&comma; Cupertino location now features two five-level state-of-the-art buildings that include app-enabled digital property access and account management&comma; eRental capability&comma; and smart security cameras&period;<&sol;p>&NewLine;<p>Public Storage enhanced an existing&comma; forty year old facility from 51&comma;000 square feet to 195&comma;000 square feet and built it with sustainability in mind—including energy-efficient solar panels&comma; motion-sensor LED lighting&comma; and sustainable landscaping improvements&period; The site previously housed 585 first generation storage units and has been expanded to 2&comma;593 climate controlled units&period; The facility is also being certified to LEED Silver® standards&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We are pleased to reopen our Cupertino facility and provide customers with a broad array of storage options&comma;” said Joe Russell&comma; Public Storage Chief Executive Officer&period; &OpenCurlyDoubleQuote;This Cupertino location reflects one of Public Storage’s unique competitive advantages&semi; specifically the ability to redevelop and expand properties driven by our experienced development team&period; This development exemplifies how we are enhancing our 200 million square foot portfolio across the country through acquisition&comma; development&comma; and redevelopment&period;”<&sol;p>&NewLine;<p>The Company’s current total development pipeline of approximately &dollar;1 billion includes over &dollar;500 million in redevelopment opportunities with 20 projects totaling 3 million square feet of new space&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We thank the City of Cupertino for its support in enhancing this tremendous location&comma;” said Andres Friedman&comma; Public Storage Senior Vice President of Development&period; &OpenCurlyDoubleQuote;For nearly five years&comma; numerous team members across Public Storage&comma; the City of Cupertino&comma; and vendors have been closely aligned in the redesign&comma; approval&comma; construction&comma; and completion of this landmark storage facility&period;”<&sol;p>&NewLine;