Public Storage Prices $500M in 5.600% Senior Notes Due 2036

Overview of Agreement

On October 29, 2026, Public Storage (the "Company") and its subsidiary, Public Storage Operating Company ("PSOC"), entered into an underwriting agreement with BofA Securities, Inc., BNP Paribas Securities Corp., and Morgan Stanley & Co. LLC, acting as representatives of the underwriters, for the public offering of $500 million aggregate principal amount of senior notes.

Key Terms of the Notes

• Issuer: Public Storage Operating Company (PSOC)
• Guarantor: Public Storage
• Principal Amount: $500,000,000
• Coupon Rate: 5.600% per annum
• Issue Price: 98.293% of par value
• Maturity Date: November 15, 2036
• Interest Payment Dates: Semi-annually on May 15 and November 15 of each year, beginning May 15, 2027
• Expected Settlement Date: November 6, 2026, subject to customary closing conditions

Use of Proceeds

The net proceeds from this offering are earmarked for:

1. Repaying outstanding borrowings under PSOC's $1.0 billion commercial paper program.
2. Partially refinancing at maturity the remaining outstanding $650 million aggregate principal amount of PSOC's 1.500% Senior Notes due 2026.

Market & Credit Impact

This issuance represents routine debt refinancing to address maturing obligations and maintain liquidity. The coupon rate of 5.600% reflects prevailing market rates for 10-year REIT debt compared to the maturing 1.500% notes, incrementally increasing interest expense but locking in long-term fixed-rate financing.