PSA: Material agreement · New financial obligation

Item 1.01 Entry Into a Material Definitive Agreement On September 16, 2026, PS Canada Finance ULC (“PS Canada”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of C$400 million 4.540% Senior Notes due 2033 (the “Notes”). The Notes are issued by PS Canada and guaranteed by the Company and Public Storage Operating Company, a subsidiary of the Company (“PSOC”). The Notes have been issued pursuant to an Indenture, dated as of September 16, 2026 (the “Base Indenture”), among PS Canada, as issuer, the Company and PSOC, as guarantors, and Computershare Trust Company, N.A., as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of September 16, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among PS Canada, the Company, PSOC and the Trustee. The Notes bear interest at 4.540% per annum, accruing from September 16, 2026. Interest on the Notes is payable semi-annually on March 16 and September 16 of each year, commencing on March 16, 2027. The Notes will mature on September 16, 2033. The Notes are PS Canada’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PS Canada’s existing and future unsecured and unsubordinated indebtedness. The Company may redeem the Notes at any time in whole, or from time to time in part, at the applicable make-whole redemption price specified in the Indenture. If the Notes are redeemed on or after July 16, 2033 (two months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. The Indenture contains certain covenants that, among ot