Public Storage Subsidiary Issues C$400M in 4.540% Senior Notes Due 2033

Public Storage ($PSA) Reports C$400M Senior Notes Offering via Canadian Subsidiary

Key Event Overview

On September 16, 2026, Public Storage disclosed via Form 8-K (Items 1.01, 2.03, and 9.01) that its subsidiary, PS Canada Finance ULC, completed the offering of C$400 million aggregate principal amount of 4.540% Senior Notes due 2033.

Note Terms & Structure

• Issuer: PS Canada Finance ULC
• Guarantors: Fully and unconditionally guaranteed by Public Storage and Public Storage Operating Company (PSOC).
• Principal Amount: C$400,000,000
• Coupon Rate: 4.540% per annum, payable semi-annually on March 16 and September 16, beginning March 16, 2027.
• Maturity Date: September 16, 2033.
• Ranking: Direct, unsecured, and unsubordinated obligations of PS Canada, ranking pari passu with all other existing and future unsecured and unsubordinated debt.
• Optional Redemption: Redeemable at make-whole redemption prices prior to July 16, 2033; redeemable at par (100% of principal plus accrued interest) on or after July 16, 2033 (two months prior to maturity).
• Covenants: Standard covenants restricting certain asset sales/mergers and requiring PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness.

Market & Financial Impact

This issuance secures long-term Canadian-dollar fixed-rate financing at an attractive coupon of 4.540%, supporting the company's international operations, liquidity, and balance sheet structure without immediate dilutive equity impact.