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Ki Corporation and Public Storage Update Offer to Acquire Abacus Storage King

Abacus Storage King and the Consortium agree to proceed with due diligence

GLENDALE, Calif.--(BUSINESS WIRE)-- Ki Corporation and Public Storage (NYSE:PSA) (together, the 鈥淐onsortium鈥�) announced today a revised non-binding indicative offer (NBIO) to acquire Abacus Storage King (ASX:ASK) for cash consideration of A$1.65 per stapled security. The Consortium and Abacus Storage King have agreed to proceed with due diligence based on the revised terms.

鈥淲e are excited to take the next step towards this potential combination with Abacus Storage King in partnership with Ki Corporation,鈥� said Joe Russell, Public Storage鈥檚 Chief Executive Officer. 鈥淧ublic Storage has proven success internationally, and we are excited by the prospect of sharing our expertise and wide-ranging competitive advantages with Abacus Storage King in the rapidly growing Australian self-storage market. We are confident this transaction would be a compelling outcome for Abacus Storage King and Public Storage鈥檚 stakeholders.鈥�

The revised NBIO is non-binding and subject to several conditions, including due diligence. Ki Corporation and Public Storage鈥檚 discussions with Abacus Storage King are preliminary in nature and any transaction would be subject to processes for acquisition of widely held entities under Australian law, including securityholder approval. There is no assurance the parties will reach a definitive agreement or consummate a transaction or that if such an agreement is reached, it will be on terms similar to those set forth herein.

Public Storage does not intend to provide additional or ongoing disclosure regarding these discussions prior to any execution of a definitive agreement and expressly disclaims any obligation to update this information, except as required by law.

About Public Storage

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2025, we: (i) owned and/or operated 3,399 self-storage facilities located in 40 states with approximately 247 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR), which owned 318 self-storage facilities located in seven Western European nations with approximately 18 million net rentable square feet operated under the Shurgard庐 brand. Our headquarters are located in Glendale, California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words 鈥渆xpects,鈥� 鈥渂elieves,鈥� 鈥渋ntends,鈥� 鈥渁nticipates,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� 鈥渙pportunity,鈥� 鈥減roposed,鈥� 鈥減otential,鈥� 鈥渆stimates鈥� and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, 鈥淩isk Factors鈥� in Public Storage鈥檚 most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the 鈥淪EC鈥�) on February 24, 2025 and in its other filings with the SEC. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements.

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Ryan Burke

(818) 244-8080, Ext. 1141

Source: Public Storage