PSA: Material agreement

Item 1.01. Entry Into a Material Definitive Agreement On September 9, 2026, Public Storage (the “Company”), Public Storage Operating Company, a subsidiary of the Company (“PSOC”), and PS Canada Finance ULC, a subsidiary of the Company (“PS Canada”), entered into an underwriting agreement (the “Underwriting Agreement”) with Scotia Capital Inc. and TD Securities Inc., as representatives of the several underwriters named therein (the “Underwriters”), for the sale of C$400 million aggregate principal amount of senior notes due 2033 (the “Notes”). The Notes will be issued by PS Canada and guaranteed by the Company and PSOC. The Notes will bear interest at an annual rate of 4.540%, will be issued at par value and will mature on September 16, 2033. PS Canada will pay interest on the Notes semi-annually on March 16 and September 16 of each year, commencing March 16, 2027. The offering of the Notes was made pursuant to the shelf registration statement on Form S-3 (File Nos. 333-283556, 333-283556-01 and 333-283556-02) which was amended by the Company, PSOC and PS Canada via the filing of a post-effective amendment to such registration statement with the Securities and Exchange Commission (the “SEC”) on September 8, 2026. A preliminary prospectus supplement, dated September 9, 2026, relating to the Notes and supplementing the prospectus was filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended (the “Securities Act”). The offering is expected to close on September 16, 2026, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds to replenish cash used to fund the Public Storage Canada acquisition and for other general corporate purposes, including to make investments in self-storage facilities (s