PSA: Material agreement · New financial obligation

Item 1.01 Entry Into a Material Definitive Agreement On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company. The Notes have been issued pursuant to an Indenture, dated as of September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture, dated as of August 14, 2023 (the “Base Indenture”), among PSOC, as issuer, the Company, as guarantor, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee (the “Trustee”), as supplemented by the Twenty-Third Supplemental Indenture, dated as of July 20, 2026, relating to the 2032 Notes (the “Twenty-Third Supplemental Indenture”), and the Twenty-Fourth Supplemental Indenture, dated as of July 20, 2026, relating to the 2036 Notes (the “Twenty-Fourth Supplemental Indenture” and, collectively with the Twenty-Third Supplemental Indenture and the Base Indenture, the “Indenture”), each among PSOC, the Company and the Trustee. The 2032 Notes bear interest at 4.700% per annum and the 2036 Notes bear interest at 5.150% per annum, both accruing from July 20, 2026. Interest on the 2032 Notes is payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2027. Interest on the 2036 Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2027. The 2032 Notes will mature on February 1, 2032 and the 2036 Notes will mature on August 15, 2036. The Notes are PSOC’s direct, unsecured and unsu