Material Agreement, Financial Obligation (Form 8-K)

On October 3, 2025, Public Storage Operating Company ("PSOC"), a subsidiary of Public Storage (the "Company"), completed the previously announced offering of €425,000,000 3.500% Senior Notes due 2034 (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-First Supplemental Indenture, dated as of October 3, 2025, relating to the Notes (the "Twenty-First Supplemental Indenture" and, together with the Base Indenture, the "Indenture"), among PSOC, the Company and the Trustee.

The Notes bear interest at a rate of 3.500% per annum. Interest on the Notes is payable annually on January 20 of each year, commencing on January 20, 2026. The Notes will mature on January 20, 2034. 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.

The Company 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 October 20, 2033 (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 Company may also redeem all, but not less than all, of the Notes in the event of certain changes in the tax law of the United States (or any political subdivision or taxing authority thereof or therein) which would obligate the Company to pay additional amounts as may be necessary so that every net payment made in respect of each Note after deduction or withholding for, or on account of, any present or future tax, duty, assessment or other governmental charge of whatever nature imposed, levied or collected as a result of such payment by the United States (or any political subdivision or taxing authority thereof or therein) will not be less than the amount provided for in such Note to be then due and payable. This redemption would be at a redemption price 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 Indenture contains certain covenants that, among other things, limit the ability of PSOC, subject to exceptions, to incur secured and unsecured indebtedness and to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, the Indenture requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Notes to become or to be declared due and payable.

The foregoing description is a summary of the terms of the Indenture and the Notes and does not purport to be a complete statement of the parties' rights and obligations thereunder. The foregoing description is qualified in its entirety by reference to the full text of the Base Indenture and the Twenty-First Supplemental Indenture (including the form of Notes), copies of which are attached as Exhibits 4.1 and 4.2 to this Current Report on Form 8-Kand incorporated by reference herein.

The offering of the Notes was made pursuant to a shelf registration statement on Form S-3(File Nos. 333-283556and 333-283556-01)filed by the Company and PSOC with the Securities and Exchange Commission (the "SEC") on December 2, 2024. A prospectus supplement, dated September 26, 2025, relating to the Notes and supplementing the prospectus was filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended.

The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.