PSA: Material agreement · Termination of an agreement · New financial obligation · Company disclosure

Item 1.01 Entry Into a Material Definitive Agreement On June 25, 2026 (the “Closing Date”), Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Agent, and the other lenders from time to time party thereto. The Credit Agreement provides PSOC with a $3.0 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $500 million senior unsecured delayed draw term loan facility (the “DDTL Facility” and, together with the Revolving Credit Facility, the “Facilities”). The Revolving Credit Facility replaces in its entirety the $1.5 billion senior unsecured revolving credit facility provided for under the Company’s Third Amended and Restated Credit Agreement dated June 12, 2023. PSOC’s obligations under the Credit Agreement are guaranteed by the Company. The Revolving Credit Facility has an initial maturity date of June 25, 2030, which may be extended by either a period of one additional year or up to two additional periods of six months, subject to the payment of certain extension fees and certain other customary conditions. The DDTL Facility may be borrowed in up to four advances during the period from the Closing Date through the date that is 180 days after the Closing Date and has a scheduled maturity date of June 25, 2031. Under the terms of the Credit Agreement, PSOC has the ability to borrow up to $3.0 billion under the Revolving Credit Facility and $500 million under the DDTL Facility, with an option to increase commitments under the Revolving Credit Facility or incur one or more term loans at any time in an aggregate amount of up to an additional $1.5 billion, subject to