PSA: Leadership change

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On July 2, 2026, Chris Sambar, the Chief Operating Officer of Public Storage (the “Company”), resigned effective at the end of July to join T-Mobile as Chief Enterprise Officer. The resignation did not relate to a disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. As Public Storage progresses its PS4.0 ™ strategic vision, the Company’s deep bench of operational leaders will drive industry-leading customer experience and execute the planned integrations of the Company’s recently announced acquisitions. The operations leadership team will report directly to Chief Executive Officer, Tom Boyle, until a permanent replacement is identified. Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Current Report on Form 8-K, other than statements of historical fact, are forward-looking statements, which may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026, in th