PSA: Material agreement · New financial obligation

Item 1.01 Entry Into a Material Definitive Agreement On November 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.600% Senior Notes due 2036 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company. The Notes have been issued pursuant to an Indenture, dated as of September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture, dated as of August 14, 2023 (the “Base Indenture”), among PSOC, as issuer, the Company, as guarantor, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee (the “Trustee”), as supplemented by the Twenty-Fifth Supplemental Indenture, dated as of November 6, 2026, relating to the Notes (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among PSOC, the Company and the Trustee. The Notes bear interest at 5.600% per annum, accruing from November 6, 2026. Interest on the Notes is payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2027. The Notes will mature on November 15, 2036. The Notes are PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC’s existing and future unsecured and unsubordinated indebtedness. PSOC may redeem the Notes at any time in whole, or from time to time in part, at the applicable make-whole redemption price specified in the Indenture. If the Notes are redeemed on or after August 15, 2036 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The