Public Storage Prices C$400 Million Senior Notes Offering Due 2033

Overview of the Filing

On September 10, 2026, Public Storage (NYSE: PSA) filed a Form 8-K under Item 1.01 (Entry into a Material Definitive Agreement) detailing a new debt issuance by its Canadian financing subsidiary.

Key Terms of the Offering

• Issuer: PS Canada Finance ULC (an Alberta unlimited liability corporation and indirect subsidiary of Public Storage).
• Guarantors: Fully and unconditionally guaranteed by Public Storage and Public Storage Operating Company (PSOC).
• Principal Amount: C$400,000,000.
• Security Title: 4.540% Senior Notes due 2033.
• Issue Price: Issued at par (100.000%).
• Interest Rate & Frequency: 4.540% per annum, payable semi-annually on March 16 and September 16 of each year, commencing March 16, 2027.
• Maturity Date: September 16, 2033.
• Settlement Date: Expected closing on September 16, 2026, subject to customary closing conditions.
• Underwriters / Bookrunners: Scotia Capital Inc. and TD Securities Inc., as representatives of the underwriting syndicate.

Use of Proceeds

The Company plans to utilize the net proceeds from the offering to:

1. Replenish cash reserves deployed for the acquisition of Public Storage Canada.
2. General corporate purposes, including investments in self-storage facilities (facility acquisitions, development, secured mortgage loans), debt repayments, and potential redemption of outstanding securities.