Public Storage Prices Public Offering of $900 Million of Senior Notes at an Effective Interest Rate of 4.855% to Fund the Acquisition of National Storage Affiliates Trust

Public Storage Prices Public Offering of $900 Million of Senior Notes at an Effective Interest Rate of 4.855% to Fund the Acquisition of National Storage Affiliates Trust

July 9, 2026

FRISCO, Texas–(BUSINESS WIRE)–Public Storage (NYSE:PSA, the “Company”) announced today that the Company’s subsidiary, Public Storage Operating Company (“PSOC”), has priced a public offering of $900 million aggregate principal amount of fixed-rate senior notes (the “Notes”). The Notes will be guaranteed by the Company. The Notes will be issued in two tranches with a weighted average effective interest rate of 4.855%, inclusive of the impact of the interest rate swaps noted below. The first tra