Elliott believes that by taking steps to unlock strategic value, refocus on the core Marketplace and improve execution – a plan we call “Enhancing eBay” – the Company will grow faster and deliver meaningful operational improvements. They will add valuable experience in relevant industries, and their diverse skills and perspectives will put the Board in a better position to serve all of its stakeholders. The majority of the collection's letters are from the early 20th-century, though some date from the U.S. Civil War (describing life in Mississippi). In the letter, Elliott detailed the case for the shareholder resolutions that it has put forward for consideration at the Companys Annual General Meeting on March […] Given that Public Storage had an investment-grade credit rating, billions of dollars of capital available and the best return on capital of its peers, the Company's conservative approach to capital deployment stands in stark contrast to the strategic actions of its peers — and their total shareholder returns show the result: See "Invested Capital Growth vs. TSR Over the Last Decade.". We have proposed a multi-step plan to set Public Storage on a path to growth and superior performance — (i) form a truly independent Board, (ii) empower the Board to review the Company's strategy and enhance its long-term growth plan, and (iii) rebuild the Company's credibility with investors. Despite all of this activity, the public REITs' incremental returns on capital remained high, with Public Storage at the top of the heap. Adapting to a changing environment — which is an apt description for the self-storage industry over the last decade — requires new ideas, independent thinking and an innovative mindset. Previously, Mr. Nia served as a member of NRE's board of directors, from January 2018 to September 2019. Elliott Management frequently: Starts off its campaign with an investment of 1% or more of the target firm’s stock. Shareholders expect this underperformance to continue — a group of shareholders we surveyed through an independent firm ranked Public Storage last among close peers on every qualitative metric, including general store experience, projected same-store growth, corporate governance, investor communication, management quality and execution, digital experience and, critically, pricing optimization. In the letter, Elliott detailed the case for the shareholder resolutions that it has put forward for consideration at the Company’s Annual General Meeting on March 22, 2019. Our research, surveys and personal experience have shown that the customer experience at any given Public Storage location significantly lags peers. In order to take market share the way they did, Public Storage's peers raised and deployed significant amounts of capital while PSA held back, with low leverage yielding lower equity returns. Investors we surveyed rated PSA last among close peers in "Investor Communication," with one investor even describing it as "antagonistic." Yet, despite that critical advantage, its total shareholder return has dramatically underperformed its peers over the last decade. In the letter, Elliott outlined a set of proposals for Public Storage, including the following concrete steps: The letter concluded by expressing a preference for continued constructive dialogue with the Company toward a comprehensive plan to deliver the value-creation opportunity that is possible at Public Storage today. NEW YORK, Dec. 14, 2020 /PRNewswire/ -- Elliott Associates, L.P. and Elliott International, L.P. (together, "Elliott"), which together have made a substantial investment in the common stock and economic equivalents of Public Storage (the "Company" or "PSA"), today announced in a letter that it privately nominated six trustee candidates to the PSA Board last week. Mr. Macnab holds a Master of Business Administration from Drexel University and Bachelor of Commerce from the University of the Witwatersrand. (Please see the Appendix to this letter for their full backgrounds.). Previously, Mr. Metz served on the boards of directors of Forest City Realty Trust, Inc. (formerlyNYSE: FCE.A), a real estate company, from April 2018 to January 2019, Parkway Properties Inc. (formerlyNYSE: PKY), a real estate investment firm, from June 2012 to November 2016, General Growth Properties, from 2005 to 2010, Howard Hughes Corporation (NYSE: HHC), a real estate development and management company, during 2010 following its spin off from General Growth Properties, AMLI Residential Properties Trust (formerlyNYSE: AML), a trust specializing in management, acquisition, development, and co-investment of multifamily apartment communities, from 2003 to 2004, Aliansce Sonae Shopping Centers SA (BVMF: ALSO3), a Brazilian shopping mall company, Bally Total Fitness Holding Corporation (formerlyNYSE: BLLY), a fitness club chain, from 2005 to 2006, and Chiasso Acquisition LLC, a home furnishing retailer from 2006 to 2008.