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 November 11, 2026, Public Storage (the “Company”) and Natalia N. Johnson, the Company’s President, Chief Digital & Transformation Officer, agreed that Ms. Johnson will leave the Company, effective January 31, 2027. Ms. Johnson led the transformation of the Company’s digital and operating model, its AI and data science capabilities, its models for customer care, and its human capital strategy, which are a foundation from which the PS Next TM operating platform will strengthen. Ms. Johnson will support the transition and alignment of her areas of responsibility to the Chief Executive Officer, Chief Financial Officer, and other senior leaders. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PUBLIC STORAGE By: /s/ S. Wade Sheek S. Wade Sheek Date: November 12, 2026 Chief Legal Officer & Corporate Secretary 2