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

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 tranche of $400 million aggregate principal amount of fixed-rate senior notes due 2032 will bear interest at an annual rate of 4.700%, will be issued at 99.283% of par value and will mature on February 1, 2032 (the “2032 Notes”). The second tranche of $500 million aggregate principal amount of fixed-rate senior notes due 2036 will bear interest at an annual rate of 5.150%, will be issued at 98.553% of par value and will mature on August 15, 2036 (the “2036 Notes”). Including the impact of prior interest rate swaps, the effective interest rate of the 2036 Notes will be 4.979%. PSOC will pay interest on the 2032 Notes semi-annually on February 1 and August 1 of each year, commencing February 1, 2027, and will pay interest on the 2036 Notes semi-annually on February 15 and August 15 of each year, commencing February 15, 2027.