Public Storage Operating Company Senior Notes Offering

Public Storage Operating Company, a subsidiary of Public Storage, has completed the offering of $400 million in 4.700% Senior Notes due 2032 and $500 million in 5.150% Senior Notes due 2036. These notes are issued by PSOC and guaranteed by Public Storage. The notes are governed by an indenture, as supplemented by the Twenty-Third and Twenty-Fourth Supplemental Indentures, dated July 20, 2026. The 2032 Notes mature on February 1, 2032, and the 2036 Notes mature on August 15, 2036. Interest is payable semi-annually. The company has the option to redeem the notes, with specific make-whole provisions. A special mandatory redemption may occur if the acquisition of National Storage Affiliates Trust (NSA) is not consummated by a specified date or if PSOC withdraws from the acquisition. The indenture includes covenants limiting the incurrence of debt and requiring maintenance of unencumbered assets. The offering was made under a shelf registration statement.