PSA: Material agreement

Item 1.01. Entry Into a Material Definitive Agreement On July 9, 2026, Public Storage (the “Company”) and Public Storage Operating Company, a subsidiary of the Company (“PSOC”), entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (the “Underwriters”), for the sale of $900 million aggregate principal amount of senior notes in two tranches (collectively, the “Notes”). The Notes will be issued by PSOC and guaranteed by the Company. The first tranche of $400 million aggregate principal amount of senior notes due 2032 will bear interest at an annual rate of 4.700%, will be issued at 99.283% of par value and will mature on February 1, 2032 (the “2032 notes”). PSOC will pay interest on the 2032 notes semi-annually on February 1 and August 1 of each year, commencing February 1, 2027. The second tranche of $500 million aggregate principal amount of senior notes due 2036 will bear interest at an annual rate of 5.150%, will be issued at 98.553% of par value and will mature on August 15, 2036 (the “2036 notes”). PSOC will pay interest on the 2036 notes semi-annually on February 15 and August 15 of each year, commencing February 15, 2027. The offering of the Notes was made pursuant to a shelf registration statement on Form S-3 (File Nos. 333-283556 and 333-283556-01) filed by the Company and PSOC with the Securities and Exchange Commission (the “SEC”) on December 2, 2024. A preliminary prospectus supplement, dated July 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 July 20,