• Public Storage Operating Company priced USD 900 million of senior notes, split between USD 400 million 4.700% Senior Notes due 2032 and USD 500 million 5.150% Senior Notes due 2036.
• The notes are unsecured obligations of PSOC, guaranteed by Public Storage, with interest starting July 20, 2026.
• PSOC must redeem the notes at 101% if the National Storage Affiliates Trust acquisition fails to close by the merger agreement’s outside date.
• The indenture includes leverage constraints, including a requirement to keep unencumbered assets at least 125% of unsecured debt.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Public Storage published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001193125-26-308951), on July 20, 2026, and is solely responsible for the information contained therein.