Public Storage (PSA) 10-K risk factor changes: FY2025 vs FY2024

Natural disasters, such as earthquakes, fires, hurricanes, [added: drought, extreme temperatures] and floods, terrorist attacks, civil unrest, and other events that damage our facilities or our [removed: customers’] [added: tenants’] property, or that make our facilities temporarily unavailable, have in the past and may in the future adversely impact our business and financial results.

See Note [removed: 14] [added: 16] to our December 31, [removed: 2024] [added: 2025] consolidated financial statements for a description of the risks of losses that are not covered by third-party insurance contracts.

In addition, [removed: customer] perceptions about the risk of property loss from these events could negatively impact self-storage demand.

Our property tax expense, [removed: which totaled approximately $452.0 million during the year ended December 31, 2024,] generally depends upon the assessed value of our real estate facilities as determined by assessors and government agencies and, accordingly, could be subject to substantial increases if such agencies change their valuation approaches or opinions or if new laws are enacted, especially if new approaches are adopted or laws are enacted that result in increased property tax assessments in states or geographies where we have a high concentration of facilities.

There [removed: is also] [added: may be] an increasing influx of capital from outside financing sources driving more money, development, and supply into the industry.

Interest rates remain elevated compared to recent [removed: years and may increase.][added: years.]

- risk of illness or death of our employees or [removed: customers;][added: tenants;]

- risk that we could experience a change in the move-out patterns of our long-term [removed: customers] [added: tenants] due to economic uncertainty and increases in unemployment, which could lead to lower occupancies and rent “roll down” as long-term [removed: customers] [added: tenants] are replaced with new [removed: customers] [added: tenants] at lower rates; and

[removed: We] [added: Local, state, and federal governments] have [removed: been] and may in the future [removed: be adversely impacted by emergency] [added: adopt] regulations [removed: adopted] [added: that could adversely impact our operations, including] in response to [removed: significant events, such as] natural disasters [removed: or] [added: and] public health [removed: crises, that could adversely impact our operations.][added: crises.]

[removed: In response to significant events, local,] [added: Local,] state, and federal governments have and may in the future adopt regulations that could [added: adversely] impact [removed: our operations.][added: our]

Similar restrictions could be imposed in the [removed: future] [added: future, including] in response to significant events and these restrictions could adversely impact our operations.

[removed: Approximately 67%] [added: More than half] of our new storage customers in [removed: 2024] [added: 2025] were sourced directly or indirectly through “unpaid” search and “paid” search campaigns on Google.

[removed: As a result, we] [added: We] are subject to the risk of legal claims and proceedings (including class actions) and regulatory enforcement actions across many jurisdictions in the ordinary course of our business and otherwise, and we could incur significant liabilities and substantial legal fees from these actions.

Our use of or failure to adopt advancements in information [removed: technology] [added: technology, such as artificial intelligence,] may hinder or prevent us from achieving strategic objectives or otherwise harm our business.

Our use of or inability to [added: safely and effectively] adopt and deliver new technological capabilities and enhancements in line with strategic objectives, including artificial intelligence and machine learning, may put us at a competitive disadvantage; cause us to miss opportunities to innovate, achieve efficiencies, or improve the customer experience; or adversely impact our business, reputation, results of operations, and financial condition.

Legislative [added: and regulatory] activity [removed: in the privacy area] [added: related to information technology, including related to privacy,] may also result in new laws that are applicable to us and that may hinder our business, including by restricting our use of customer data or otherwise regulating the use of algorithms and automated processing in ways that could materially affect our business or lead to significant increases in the cost of compliance.

In addition, the use of emerging technologies, including artificial intelligence, entails risks including risks relating to the possibility of intellectual property infringement or misappropriation; data privacy; [added: quality control related to artificial intelligence outputs;] new or enhanced governmental or regulatory scrutiny, requirements, litigation, or other liability; ethical concerns; negative consumer perceptions as to automation and artificial intelligence; or other complications or liabilities that could adversely affect our business, reputation, results of operations, or financial results.

Failure to [added: successfully] implement [added: future] succession plans for other key employees may leave us vulnerable to retirements and turnover.

We may [added: be harmed if we] fail to protect our intellectual property adequately.

While we actively seek to enforce and [removed: expand] [added: protect] our rights, failure to adequately protect our rights could lead to loss of such trademark and trade dress protection.

We also own and [added: may] seek to protect other intellectual property, such as propriety systems, processes, data, and other trade secrets that we have collected and developed in the course of operating our business and that we believe provides us with various competitive advantages.

[removed: We have begun to] utilize artificial intelligence technologies in various aspects of our [removed: business.][added: business, which are susceptible to errors and other]

[removed: Artificial intelligence technologies are susceptible to errors and other] malfunctions which could lead to operational challenges and reputational risks.

Although Public Storage [removed: currently wholly-owns (directly or indirectly) PSA OP and PSOC, and therefore] exercises [removed: exclusive] control over PSA OP and PSOC, including the authority to cause PSA OP and PSOC to make distributions, in connection with our future acquisition activities or otherwise, PSA OP may issue additional units of limited partnership to third parties, and these limited partners may negotiate for certain rights.

[removed: Our REIT status is also dependent upon] the [removed: REIT qualification of PS Business Parks, Inc. (“PSB”) through the] end of its taxable year ended December 31, 2022, as a result of our substantial ownership interest in it prior to the [removed: closing of the PSB merger with an unaffiliated third party.]

Dividends paid by REITs to such stockholders are generally not eligible for that [removed: rate, but under current tax law,] [added: rate but,] such stockholders may deduct up to 20% of ordinary dividends (i.e., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning before January 1, 2026.

We [added: maintain an “at the market” offering program under which we] may enter into forward sale agreements from time to time [added: to sell common shares] and, subject to certain conditions, we have the right to elect physical, cash or net share settlement under these agreements at any time and from time to time, in part or in full.

operations.

California and other jurisdictions have also adopted regulations restricting our operations relating to pricing methodologies, restrictions on fees, procedures for selling stored property of delinquent tenants, marketing restrictions related to price changes and promotional rates, zoning restrictions and other matters.

For example, we have begun to

Although we have adopted policies with respect to these risks, including related to the development, deployment and monitoring of artificial intelligence tools, we cannot be certain that such policies will be effective.

If we fail to successfully execute our recent leadership succession, we may struggle to effectively execute our strategic plan.

We recently announced leadership changes, including a change in our Chairman of the Board, our President and Chief Executive Officer and our Chief Financial Officer.

Although these changes were made pursuant to the Board’s succession planning efforts, there is no guarantee that the transition to new leadership will be executed successfully.

Failure to successfully implement these successions may result in disruptions in the execution of our strategic plan.

We may record losses as a result of the bankruptcy, insolvency, or other credit failure of the borrowers under our

bridge lending financing program.

In that case, our revenues and results of operations may be materially and

adversely impacted.

Although we conduct due diligence and aim to carefully evaluate the risks associated with this debt and other investments, we could incur losses from our lending decisions, which includes subjective and complex judgments and forecasts of economic conditions and how these economic predictions might impair the ability of our borrowers to operate their business and/or make all required payments.

For example, volatility of the capital and credit markets, increased interest rates, lower demand for self-storage and general economic conditions may adversely affect the solvency, creditworthiness or operations of our borrowers.

If our forecasts prove incorrect, or if any of our borrowers fail to perform as expected, we may incur losses from these bridge loans which could have a material adverse effect on our operating revenue and results of operations.

Our REIT status is also dependent upon the REIT qualification of PS Business Parks, Inc. (“PSB”) through

closing of the PSB merger with an unaffiliated third party.

We are subject to risks from the consequences of climate change, including severe weather events and the adverse impact of other steps that may be taken to prevent or mitigate climate change.

Our self-storage facilities are located in areas that may be subject to the direct impacts of climate change, such as increased destructive weather events like floods, fires, drought, and prolonged periods of extreme temperature or other extreme weather, which could result in significant damage to our facilities, increased capital expenditures, increased expenses, reduced revenues, or reduced demand for our facilities.

Indirect impacts of climate change could also adversely impact our business, including through increased costs, such as insurance costs or regulatory compliance costs.

In addition, government and private efforts to transition to a low-carbon economy present certain risks for us and our customers, including increased energy costs and macroeconomic risks related to high energy costs and energy shortages, among other things.

Governmental, political, and societal pressures, including expectations of institutional and activist investors and other interest groups, could require us to implement or accelerate emissions initiatives and, with it, the costs of their implementation.

These same potential governmental, political, and social pressures could in the future result in, among other things, (i) costly changes to newly developed facilities or retrofits of our existing facilities to reduce carbon emissions through multiple avenues, including changes to insulation, space configuration, lighting, heating, and air conditioning and (ii) increased energy costs as a result of transitioning to less carbon-intensive, but more expensive, sources of energy to operate our facilities.

For example, beginning in 2026, we expect to be required to disclose our Scope 1, 2, and 3 emissions data and certain climate-related risk matters under California SB 253 and SB 261, which we expect to result in increased compliance costs.

In addition, our reputation and investor relationships could be damaged as a result of our involvement with activities perceived to be causing or exacerbating climate change, as well as any decisions we make to continue to conduct or change our activities in response to considerations relating to climate change.

At December 31, 2024, we had a pipeline of development projects totaling $741.6 million (subject to contingencies), and we expect to continue to seek additional development projects.

We own approximately 35% of the common shares of Shurgard, and this investment has a $382.5 million book value and a $1.3 billion market value (based upon the closing trading price of Shurgard’s common stock) at December 31, 2024.

We recognized $19.8 million in equity in earnings and received $22.8 million in dividends in 2024 with respect to Shurgard.

We have approximately 5,900 employees and 2.0 million customers, and we conduct business at facilities in 40 states.

In addition, through exercising their authority to regulate our activities, governmental agencies can otherwise negatively impact our business by increasing costs or decreasing revenues, including through restrictions on rent increases or fees.

Ineffective succession planning for our CEO and executive management, as well as for our other key employees, may impact the execution of our strategic plan.

We may not effectively or appropriately identify ready-now succession candidates for our CEO and executive management team, which may negatively impact our ability to meet key strategic goals.

Our use of artificial intelligence could expose us to various risks.

In addition, we may be subject to increasing regulations related to our use of these technologies, including regulations related to privacy, data security, and intellectual property rights, which could expose us to legal risks.

Approximately $830.4 million of our 2024 net operating income is from our properties in California, and we incurred approximately $47.8 million in related property tax expense.

The fair value estimate of buildings is sensitive to assumptions, such as lease-up period, future stabilized operating cash flows, [removed: capitalization rate and discount rate.]

During [removed: 2024,] [added: 2025,] revenues generated by our Same Store Facilities [removed: decreased by 0.7% ($26.7 million),] [added: remained relatively unchanged,] as compared to [removed: 2023,] [added: 2024,] while Same Store cost of operations increased by [removed: 2.4% ($20.6] [added: 1.8% ($16.6] million).

Softness in demand for our storage space has led to lower move-in rental rates for new tenants and lower average occupancy in [removed: 2024] [added: 2025] as compared to [removed: 2023.][added: 2024.]

Since the beginning of [removed: 2022,] [added: 2023,] we acquired a total of [removed: 260] [added: 273] facilities with [removed: 18.5] [added: 19.9] million net rentable square feet for [removed: $3.7] [added: $3.9] billion.

[removed: Additionally, within] [added: Within] our [removed: non-same store portfolio,] [added: Non-Same Store portfolio (as defined below) as of December 31, 2025,] our Newly Developed and Expanded Facilities [removed: (as defined below)] include a total of [removed: 132] [added: 111] self-storage facilities with [removed: 15.8] [added: 13.3] million net rentable square feet.

For development and expansions completed by December 31, [removed: 2024,] [added: 2025,] we incurred a total cost of [removed: $1.6] [added: $1.7] billion.

During [removed: 2024,] [added: 2025,] combined net operating income generated by our Acquired Facilities and Newly Developed and Expanded Facilities increased [removed: 48.1% ($101.0] [added: 25.6% ($59.5] million), as compared to [removed: 2023.][added: 2024.]

We have [removed: also] embarked on a solar program under which we plan to install solar panels on over [removed: 1,400] [added: 1,600] of our self-storage facilities.

We have completed the installations on [removed: 772] [added: 1,191] facilities through December 31, [removed: 2024.][added: 2025.]

We spent approximately [removed: $54] [added: $71] million on the program in [removed: 2024] [added: 2025,] and expect to spend approximately [removed: $50] [added: $60] million in [removed: 2025] [added: 2026] on this effort.

During [removed: 2024,] [added: 2025,] PSOC completed [removed: a] public [removed: offering] [added: offerings] of [removed: $1.0 billion] [added: $875 million] aggregate principal amount of [removed: unsecured] senior notes in various tranches and maturities and [removed: issued €150] [added: €425] million of senior notes [removed: to institutional investors.][added: due 2034.]

PSOC also repaid at maturity [removed: $700] [added: $400] million aggregate principal amount of floating rate senior notes and [removed: €100] [added: €242] million aggregate principal amount of senior notes.

[removed: During 2024,] [added: Since the inception of the program,] we [removed: sold 184,390] [added: have issued a total] of [removed: our] [added: 184,390] common shares on the open market [removed: through our “at the market” offering program] for [added: an] aggregate [added: gross sales price of $61.4 million and received] net proceeds of approximately $60.3 million [removed: in cash.][added: after issuance costs.]

In 2024, net income allocable to our common shareholders was [removed: $1.873] [added: $1.9] billion or $10.64 per diluted common share, compared to [removed: $1.949] [added: $1.9] billion or $11.06 per diluted common share in 2023, representing a decrease of $76.1 million or $0.42 per diluted common share.

The decrease [removed: is] [added: was] due primarily to (i) [removed: a] [added: an] $159.7 million increase in depreciation and amortization expense, (ii) an $86.3 million increase in interest expense, (iii) a $26.0 million increase in general and administrative expense, (iv) an $18.4 million decrease in interest and other income, partially offset by (v) [removed: a] [added: an] $153.4 million increase in foreign currency exchange gains primarily associated with our Euro denominated notes payable and (vi) a $61.6 million increase in self-storage net operating income.

The $61.6 million increase in self-storage net operating income in 2024 as compared to 2023 [removed: is] [added: was] a result of a [removed: $108.9] [added: $103.4] million increase attributable to our Non-Same Store [removed: Facilities (as defined below),] [added: Facilities,] partially offset by a [removed: $47.3] [added: $41.8] million decrease attributable to our Same Store Facilities.

Revenues for the Same Store Facilities decreased [removed: 0.7%] [added: 0.6%] or [removed: $26.7] [added: $22.7] million in 2024 as compared to 2023, due primarily to a decline in [removed: occupancy and lower realized annual rent per occupied square foot.][added: occupancy.]

Cost of operations for the Same Store Facilities increased by [removed: 2.4%] [added: 2.1%] or [removed: $20.6] [added: $19.1] million in 2024 as compared to 2023, due primarily to increased property tax expense, marketing expense, and repairs and maintenance expense, partially offset by decreased [removed: centralized management costs] [added: indirect cost of operations, utility expenses] and on-site property manager payroll expense.

The increase in net operating income of [removed: $108.9] [added: $103.4] million for the Non-Same Store Facilities [removed: is] [added: was] due primarily to the impact of facilities acquired in [added: 2024 and] 2023.

Operating Results for [removed: 2023] [added: 2025] and [removed: 2022][added: 2024]

In [removed: 2023,] [added: 2025,] net income allocable to our common shareholders was [removed: $1.949] [added: $1.6] billion or [removed: $11.06] [added: $9.01] per diluted common share, compared to [removed: $4.142] [added: $1.9] billion or [removed: $23.50] [added: $10.64] per diluted common share in [removed: 2022,] [added: 2024,] representing a decrease of [removed: $2.2 billion] [added: $287.1 million] or [removed: $12.44] [added: $1.63] per diluted common share.

The [removed: $231.8] [added: $53.1] million increase in self-storage net operating income in [removed: 2023] [added: 2025] as compared to [removed: 2022 is] [added: 2024 was] a result of a [removed: $131.8] [added: $68.4] million increase [removed: in] [added: attributable to] our [removed: Same] [added: Non-Same] Store [removed: Facilities and] [added: Facilities, partially offset by] a [removed: $100.0] [added: $15.3] million [removed: increase in] [added: decrease attributable to] our [removed: Non-Same] [added: Same] Store Facilities.

Revenues for the Same Store Facilities [removed: increased 4.8% or $170.2 million] [added: remained relatively unchanged] in [removed: 2023] [added: 2025] as compared to [removed: 2022,] [added: 2024,] due primarily to higher realized annual rent per [removed: available] [added: occupied] square [removed: foot,] [added: foot] partially offset by a decline in [added: average] occupancy.

Cost of operations for the Same Store Facilities increased by [removed: 4.6%] [added: 1.8%] or [removed: $38.4] [added: $16.6] million in [removed: 2023] [added: 2025] as compared to [removed: 2022,] [added: 2024,] due primarily to increased property tax [removed: expense, marketing] expense and [removed: other direct] [added: indirect cost of operation partially offset by decreased marketing expenses and on-site] property [removed: costs.][added: manager payroll expense.]

The increase in net operating income of [removed: $100.0] [added: $68.4] million for the Non-Same Store Facilities [removed: is] [added: was] due primarily to the impact of facilities acquired in [removed: 2022] [added: 2025] and [removed: 2023.][added: 2024.]

For the year ended December 31, [removed: 2024,] [added: 2025,] FFO was [removed: $17.19] [added: $15.81] per diluted common share as compared to [removed: $16.60] [added: $17.19] and [removed: $16.46] [added: $16.60] per diluted common share for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively, representing [removed: an increase] [added: a decrease] in [removed: 2024] [added: 2025] of [removed: 3.6%,] [added: 8.0%,] or [removed: $0.59] [added: $1.38] per diluted common share, as compared to [removed: 2023.][added: 2024.]

We also present “Core FFO” and “Core FFO per share” non-GAAP measures that represent FFO and FFO per share excluding the impact of (i) foreign currency exchange gains and losses, (ii) charges related to the redemption of preferred securities, and (iii) certain other non-cash and/or nonrecurring income or expense items primarily representing, with respect to the periods presented below, the impact of [added: corporate transformation costs,] loss [removed: contingencies and resolutions, casualties,] [added: contingencies,] due diligence costs incurred in pursuit of strategic transactions, [added: realized or] unrealized gain [added: or loss] on private equity investments, [removed: reorganization costs, acquisition integration costs, amortization] [added: income tax benefits from the sale] of [removed: acquired non real estate-related intangibles,] [added: solar tax credits,] a cash and stock hiring bonus for a new senior [removed: executive,] [added: executive] and [removed: our equity share of tax effect] [added: amortization] of [removed: a change in tax status, unrealized gain on derivatives, merger transaction costs and senior executive severance from our equity investees.][added: acquired non real estate-related intangibles.]

| | | | | | | | | | [added: Year Ended December 31,] | | | | | | | | | | | | [removed: Year Ended December 31,] | | | | | | [added: Year Ended December 31,] | | | | | | | | | | | | [removed: Year Ended December 31,] | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Percentage Change | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | Percentage Change | | |

| | | | | | | | | | | | | | | | | | | | | | [removed: (Amounts] [added: (Amounts] in thousands, except per share [removed: data)] [added: data)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net income allocable to common shareholders | | | | | | | | | | | | | | | | | | | | | $ | [removed: 1,872,685] [added: 1,585,585] | | | | | $ | [removed: 1,948,741] [added: 1,872,685] | | | | | [removed: (3.9)] [added: (15.3)] | | % | | | | $ | [removed: 1,948,741] [added: 1,872,685] | | | | | $ | [removed: 4,142,288] [added: 1,948,741] | | | | | [removed: (53.0)] [added: (3.9)] | | % |

| Real estate-related depreciation and amortization | | | | | | | | | | | | | | | | | | | | | [removed: 1,117,752] [added: 1,140,377] | | | | | | [removed: 962,703] [added: 1,117,752] | | | | | | | | | | | | [removed: 962,703] [added: 1,117,752] | | | | | | [removed: 881,569] [added: 962,703] | | | | | | | | |

| Real estate-related depreciation from unconsolidated real estate investment | | | | | | | | | | | | | | | | | | | | | [removed: 44,181] [added: 59,470] | | | | | | [removed: 36,769] [added: 44,181] | | | | | | | | | | | | [removed: 36,769] [added: 44,181] | | | | | | [removed: 54,822] [added: 36,769] | | | | | | | | |

| Real estate-related depreciation allocated to noncontrolling [removed: interests and] [added: interests,] restricted share unitholders and unvested LTIP unitholders | | | | | | | | | | | | | | | | | | | | | [removed: (7,167)] [added: (8,216)] | | | | | | [removed: (6,635)] [added: (7,167)] | | | | | | | | | | | | [removed: (6,635)] [added: (7,167)] | | | | | | [removed: (6,622)] [added: (6,635)] | | | | | | | | |

| Gains on sale of real estate investments, including our equity share from investment | | | | | | | | | | | | | | | | | | | | | [removed: (1,537)] [added: (1,113)] | | | | | | [removed: (17,290)] [added: (1,537)] | | | | | | | | | | | | [removed: (17,290)] [added: (1,537)] | | | | | | [removed: (54,403)] [added: (17,290)] | | | | | | | | |

| [removed: FFO] [added: FFO] allocable to common [removed: shares] [added: shares] | | | | | | | | | | | | | | | | | | | | | $ | [removed: 3,025,914] [added: 2,780,451] | | | | | $ | [removed: 2,924,288] [added: 3,025,914] | | | | | [removed: 3.5] [added: (8.1)] | | % | | | | $ | [removed: 2,924,288] [added: 3,025,914] | | | | | $ | [removed: 2,900,815] [added: 2,924,288] | | | | | [removed: 0.8] [added: 3.5] | | % |

| Eliminate [removed: the impact of] items excluded from Core [removed: FFO, including our equity share from investment:] [added: FFO:] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Foreign currency exchange (gain) loss | | | | | | | | | | | | | | | | | | | | | [removed: (102,244)] [added: 215,583] | | | | | | [removed: 51,197] [added: (102,244)] | | | | | | | | | | | | [removed: 51,197] [added: (102,244)] | | | | | | [removed: (98,314)] [added: 51,197] | | | | | | | | |

| Unrealized [removed: gain] [added: (gain) loss] on private equity investments | | | | | | | | | | | | | | | | | | | | | [removed: (4,355)] [added: (3,859)] | | | | | | [removed: (2,817)] [added: (4,355)] | | | | | | | | | | | | [removed: (2,817)] [added: (4,355)] | | | | | | [removed: (4,685)] [added: (2,817)] | | | | | | | | |

| Hiring bonus for a new senior executive | | | | | | | | | | | | | | | | | | | | | [removed: 3,507] [added: —] | | | | | | [removed: —] [added: 3,507] | | | | | | | | | | | | [removed: —] [added: 3,507] | | | | | | — | | | | | | | | |

capitalization rate and discount rate.

Existing customers behavior was strong in 2025 with fewer move-outs and lower delinquencies allowing for rental rate increases to tenants over their tenancy.

We plan to use the remaining proceeds for general corporate purposes, including to make investments in self-storage facilities.

The decrease was due primarily to (i) a $317.8 million increase in foreign currency exchange losses, (ii) a $22.1 million increase in depreciation and amortization expense (iii) a $17.1 million increase in interest expense, partially offset by (iv) a $53.1 million increase in self-storage net operating income and (v) a $23.4 million increase in ancillary net operating income.

| Impairment write-down of real estate investments | | | | | | | | | | | | | | | | | | | | | 4,348 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

| Adjustments to G&A Expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Contingency reserve | | | | | | | | | | | | | | | | | | | | | 290 | | | | | | 3,300 | | | | | | | | | | | | 3,300 | | | | | | — | | | | | | | | |

| Corporate transformation costs | | | | | | | | | | | | | | | | | | | | | 4,875 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

| Transaction costs | | | | | | | | | | | | | | | | | | | | | 3,146 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

| Other Non-Core Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Income tax provision (benefit) | | | | | | | | | | | | | | | | | | | | | (15,847) | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

| Impairment write-down of real estate investments | | | | | | | | | | | | | | | | | | | | | 0.03 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

| Adjustments to G&A Expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Contingency reserve | | | | | | | | | | | | | | | | | | | | | — | | | | | | 0.02 | | | | | | | | | | | | 0.02 | | | | | | — | | | | | | | | |

| Corporate transformation costs | | | | | | | | | | | | | | | | | | | | | 0.03 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

| Transaction costs | | | | | | | | | | | | | | | | | | | | | 0.02 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

| Other Non-Core Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Income tax provision (benefit) | | | | | | | | | | | | | | | | | | | | | (0.09) | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | $ | 3,764,833 | | | | | $ | 3,763,553 | | | | | — | | % | | | | $ | 3,763,553 | | | | | $ | 3,786,251 | | | | | (0.6) | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 246,669 | | | | | | 185,924 | | | | | | 32.7 | | % | | | | 185,924 | | | | | | 55,487 | | | | | | 235.1 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 183,022 | | | | | | 160,615 | | | | | | 14.0 | | % | | | | 160,615 | | | | | | 143,989 | | | | | | 11.5 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 294,889 | | | | | | 285,901 | | | | | | 3.1 | | % | | | | 285,901 | | | | | | 273,886 | | | | | | 4.4 | | % |

| Total revenues | | | | | | | | | | | | | | | | | | | | | 4,489,413 | | | | | | 4,395,993 | | | | | | 2.1 | | % | | | | 4,395,993 | | | | | | 4,259,613 | | | | | | 3.2 | | % |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 935,918 | | | | | | 919,334 | | | | | | 1.8 | | % | | | | 919,334 | | | | | | 900,190 | | | | | | 2.1 | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 79,167 | | | | | | 61,068 | | | | | | 29.6 | | % | | | | 61,068 | | | | | | 19,922 | | | | | | 206.5 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 58,383 | | | | | | 52,810 | | | | | | 10.6 | | % | | | | 52,810 | | | | | | 43,372 | | | | | | 21.8 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 103,570 | | | | | | 103,508 | | | | | | 0.1 | | % | | | | 103,508 | | | | | | 98,466 | | | | | | 5.1 | | % |

| Total cost of operations | | | | | | | | | | | | | | | | | | | | | 1,177,038 | | | | | | 1,136,720 | | | | | | 3.5 | | % | | | | 1,136,720 | | | | | | 1,061,950 | | | | | | 7.0 | | % |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 2,828,915 | | | | | | 2,844,219 | | | | | | (0.5) | | % | | | | 2,844,219 | | | | | | 2,886,061 | | | | | | (1.4) | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 167,502 | | | | | | 124,856 | | | | | | 34.2 | | % | | | | 124,856 | | | | | | 35,565 | | | | | | 251.1 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 124,639 | | | | | | 107,805 | | | | | | 15.6 | | % | | | | 107,805 | | | | | | 100,617 | | | | | | 7.1 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 191,319 | | | | | | 182,393 | | | | | | 4.9 | | % | | | | 182,393 | | | | | | 175,420 | | | | | | 4.0 | | % |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 705,278 | | | | | | 711,978 | | | | | | (0.9) | | % | | | | 711,978 | | | | | | 690,644 | | | | | | 3.1 | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 220,053 | | | | | | 206,319 | | | | | | 6.7 | | % | | | | 206,319 | | | | | | 72,848 | | | | | | 183.2 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 69,482 | | | | | | 53,719 | | | | | | 29.3 | | % | | | | 53,719 | | | | | | 40,458 | | | | | | 32.8 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 157,027 | | | | | | 157,750 | | | | | | (0.5) | | % | | | | 157,750 | | | | | | 166,106 | | | | | | (5.0) | | % |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 2,123,637 | | | | | | 2,132,241 | | | | | | (0.4) | | % | | | | 2,132,241 | | | | | | 2,195,417 | | | | | | (2.9) | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | (52,551) | | | | | | (81,463) | | | | | | (35.5) | | % | | | | (81,463) | | | | | | (37,283) | | | | | | 118.5 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 55,157 | | | | | | 54,086 | | | | | | 2.0 | | % | | | | 54,086 | | | | | | 60,159 | | | | | | (10.1) | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 34,292 | | | | | | 24,643 | | | | | | 39.2 | | % | | | | 24,643 | | | | | | 9,314 | | | | | | 164.6 | | % |

We have experienced recent inflationary impacts on our cost of operations including labor, utilities, and repairs and maintenance, and costs of development and expansion activities, and we expect to experience such impacts in the future.

We have implemented various initiatives to manage the adverse impacts, such as enhancements in operational processes and investments in technology to reduce payroll hours, achievement of economies of scale from recent acquisitions with supervisory payroll and centralized management costs allocated over a broader number of self-storage facilities, and investments in solar power and LED lights to lower utility usage.

In order to enhance the competitive position of certain of our facilities relative to local competitors (including newly developed facilities), we embarked on our multi-year Property of Tomorrow program to (i) rebrand our properties with more pronounced, attractive, and clearly identifiable color schemes and signage and (ii) upgrade the configuration and layout of the offices and other customer zones to improve the customer experience.

We completed the program in 2024.

We spent approximately $127 million on the program in 2024.

During 2024, we repurchased 726,865 of our common shares under our previously announced share repurchase program on the open market for a total cost of $200.0 million, driven by our expected improvement in operating fundamentals and growth.

In early 2025, multiple wildfires erupted in southern California and caused significant destruction of business and residential structures.

We did not incur any direct property damage in the affected areas.

In response to the devastation, a “State of Emergency” has been declared for Los Angeles County and Ventura County, under which a temporary governmental pricing limitation is in place for our self-storage facilities located in these counties.

These self-storage facilities generated approximately 10% of revenues earned by our Same Store Facilities in 2024.

We anticipate a potentially significant negative impact on the revenue growth from these self-storage facilities, the extent of which depends largely on the duration of the State of Emergency order and other future actions by government authorities, among other factors.

The decrease is due primarily to (i) a $2.1 billion gain on sale of our equity investment in PS Business Parks, Inc. (“PSB”) in July 2022, (ii) a $149.5 million increase in foreign currency exchange losses primarily associated with our Euro denominated notes payable, (iii) a $79.1 million decrease in equity in earnings of unconsolidated real estate entities due to our sale of PSB in July 2022, and (iv) a $64.8 million increase in interest expense, partially offset by (v) a $231.8 million increase in self-storage net operating income and (vi) a $45.0 million increase in interest and other income.

| Gain on sale of equity investment in PS Business Parks, Inc. | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (2,116,839) | | | | | | | | |

| Gain on sale of equity investment in PS Business Parks, Inc. | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (12.00) | | | | | | | | |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | $ | 3,676,632 | | | | | $ | 3,703,331 | | | | | (0.7) | | % | | | | $ | 3,703,331 | | | | | $ | 3,533,149 | | | | | 4.8 | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 241,314 | | | | | | 105,592 | | | | | | 128.5 | | % | | | | 105,592 | | | | | | 14,945 | | | | | | 606.5 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 225,845 | | | | | | 208,235 | | | | | | 8.5 | | % | | | | 208,235 | | | | | | 182,686 | | | | | | 14.0 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 252,202 | | | | | | 242,455 | | | | | | 4.0 | | % | | | | 242,455 | | | | | | 215,248 | | | | | | 12.6 | | % |

| | | | | | | | | | | | | | | | | | | | | | 4,395,993 | | | | | | 4,259,613 | | | | | | 3.2 | | % | | | | 4,259,613 | | | | | | 3,946,028 | | | | | | 7.9 | | % |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 895,283 | | | | | | 874,715 | | | | | | 2.4 | | % | | | | 874,715 | | | | | | 836,297 | | | | | | 4.6 | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 81,583 | | | | | | 39,833 | | | | | | 104.8 | | % | | | | 39,833 | | | | | | 7,885 | | | | | | 405.2 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 74,414 | | | | | | 63,823 | | | | | | 16.6 | | % | | | | 63,823 | | | | | | 54,411 | | | | | | 17.3 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 85,440 | | | | | | 83,579 | | | | | | 2.2 | | % | | | | 83,579 | | | | | | 81,616 | | | | | | 2.4 | | % |

| | | | | | | | | | | | | | | | | | | | | | 1,136,720 | | | | | | 1,061,950 | | | | | | 7.0 | | % | | | | 1,061,950 | | | | | | 980,209 | | | | | | 8.3 | | % |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 2,781,349 | | | | | | 2,828,616 | | | | | | (1.7) | | % | | | | 2,828,616 | | | | | | 2,696,852 | | | | | | 4.9 | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 159,731 | | | | | | 65,759 | | | | | | 142.9 | | % | | | | 65,759 | | | | | | 7,060 | | | | | | 831.4 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 151,431 | | | | | | 144,412 | | | | | | 4.9 | | % | | | | 144,412 | | | | | | 128,275 | | | | | | 12.6 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 166,762 | | | | | | 158,876 | | | | | | 5.0 | | % | | | | 158,876 | | | | | | 133,632 | | | | | | 18.9 | | % |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 682,783 | | | | | | 658,334 | | | | | | 3.7 | | % | | | | 658,334 | | | | | | 654,238 | | | | | | 0.6 | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 237,892 | | | | | | 112,247 | | | | | | 111.9 | | % | | | | 112,247 | | | | | | 18,494 | | | | | | 506.9 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 69,430 | | | | | | 56,163 | | | | | | 23.6 | | % | | | | 56,163 | | | | | | 49,102 | | | | | | 14.4 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 139,661 | | | | | | 143,312 | | | | | | (2.5) | | % | | | | 143,312 | | | | | | 166,312 | | | | | | (13.8) | | % |

| Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 2,098,566 | | | | | | 2,170,282 | | | | | | (3.3) | | % | | | | 2,170,282 | | | | | | 2,042,614 | | | | | | 6.3 | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | (78,161) | | | | | | (46,488) | | | | | | 68.1 | | % | | | | (46,488) | | | | | | (11,434) | | | | | | 306.6 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 82,001 | | | | | | 88,249 | | | | | | (7.1) | | % | | | | 88,249 | | | | | | 79,173 | | | | | | 11.5 | | % |

| Other Non-Same Store Facilities | | | | | | | | | | | | | | | | | | | | | 27,101 | | | | | | 15,564 | | | | | | 74.1 | | % | | | | 15,564 | | | | | | (32,680) | | | | | | (147.6) | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 260 | | | | | | 238 | | | | | | 9.2 | | % | | | | 238 | | | | | | 74 | | | | | | 221.6 | | % |

| Newly Developed and Expanded Facilities | | | | | | | | | | | | | | | | | | | | | 132 | | | | | | 125 | | | | | | 5.6 | | % | | | | 125 | | | | | | 114 | | | | | | 9.6 | | % |

| | | | | | | | | | | | | | | | | | | | | | 3,073 | | | | | | 3,044 | | | | | | 1.0 | | % | | | | 3,044 | | | | | | 2,869 | | | | | | 6.1 | | % |

| Acquired Facilities | | | | | | | | | | | | | | | | | | | | | 18,473 | | | | | | 16,807 | | | | | | 9.9 | | % | | | | 16,807 | | | | | | 4,726 | | | | | | 255.6 | | % |

Our debt, which totals approximately [removed: $9.4] [added: $10.3] billion at December 31, [removed: 2024,] [added: 2025,] is the only market-risk sensitive portion of our capital structure.

The fair value of our debt at December 31, [removed: 2024] [added: 2025] is approximately [removed: $8.8] [added: $9.9] billion.

The table below summarizes the annual maturities of our debt, which had a weighted average effective rate of [removed: 3.1%] [added: 3.2%] at December 31, [removed: 2024.][added: 2025.]

See Note [removed: 7] [added: 8] to our December 31, [removed: 2024] [added: 2025] consolidated financial statements for further information regarding our [removed: debt (amounts in thousands).][added: debt.]

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | [removed: 2027] [added: 2028] | | | | | | [removed: 2028] [added: 2029] | | | | | | [removed: 2029] [added: 2030] | | | | | | Thereafter | | | | | | Total | | |

| Debt | | | $ | [removed: 651,516] [added: 1,150,138] | | | | | $ | [removed: 1,150,138] [added: 1,200,146] | | | | | $ | [removed: 1,200,146] [added: 1,200,129] | | | | | $ | [removed: 1,200,129] [added: 1,000,088] | | | | | $ | [removed: 1,000,088] [added: 1,297,819] | | | | | $ | [removed: 4,203,350] [added: 4,462,000] | | | | | $ | [removed: 9,405,367] [added: 10,310,320] | |

We have foreign currency exposure at December 31, [removed: 2024] [added: 2025] related to (i) our investment in Shurgard, with a book value of [removed: $382.5] [added: $388.6] million, and a fair value of [removed: $1.3] [added: $1.2] billion based upon the closing price of Shurgard’s stock on December 31, [removed: 2024,] [added: 2025,] and (ii) [removed: €1.6] [added: €1.8] billion [removed: ($1.7] [added: ($2.1] billion) of Euro-denominated unsecured notes payable, providing a natural hedge against the fair value of our investment in Shurgard.

| | | | (Amounts in Thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

At December 31, 2025, we have three separate interest rate swaps with a notional amount of $475 million which converted our $475 million principal amount of 4.375% fixed rate senior unsecured notes due July 2030 into a floating rate instrument with an interest rate based on a SOFR index.

See Note 8 to our December 31, 2025 consolidated financial statements for further information regarding our swaps.

Forward-looking statements include statements relating to our [removed: 2025 outlook] [added: 2026 guidance] and all underlying [removed: assumptions;] [added: assumptions,] our expected acquisition, disposition, development, and redevelopment [removed: activity;] [added: activity,] supply and demand for our self-storage [removed: facilities;] [added: facilities,] information relating to operating trends in our [removed: markets;] [added: markets,] expectations regarding operating expenses, including property tax [removed: changes;] [added: changes,] expectations regarding the impacts from inflation and changes in macroeconomic [removed: conditions;] [added: conditions,] our strategic [removed: priorities;] [added: priorities,] expectations with respect to financing activities, rental rates, [added: zoning,] cap rates, and [removed: yields;] [added: yields,] leasing [removed: expectations;] [added: expectations,] our credit [removed: ratings;] [added: ratings,] and all other statements other than statements of historical fact.

Such statements are based on management’s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words [added: “outlook,” “guidance,”] “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions.

These include changes in demand for our [removed: facilities;] [added: facilities,] changes in macroeconomic [removed: conditions;] [added: conditions,] changes in national self-storage facility development [removed: activity;] [added: activity,] impacts [added: from our strategic corporate transformation initiative, impacts] of natural [removed: disasters;] [added: disasters,] adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and [removed: insurance;] [added: insurance,] adverse economic effects from public health emergencies, international military conflicts, [added: international trade disputes (including threatened] or [added: implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation), or] similar events impacting public health and/or economic [removed: activity;] [added: activity,] increases in the costs of our primary customer acquisition [removed: channels;] [added: channels,] adverse impacts to us and our customers from high interest rates, inflation, unfavorable foreign currency rate fluctuations, or changes in federal or state tax laws related to the taxation of [removed: REITs;] [added: REITs,] security breaches, including [removed: ransomware;] [added: ransomware,] or a failure of our networks, systems, or technology.

We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, [removed: events,] [added: events] or circumstances after the date of these forward-looking statements, except when expressly required by law.

We are the industry leading owner of self-storage properties, with [added: one of] the most recognized [removed: brand] [added: brands] in the self-storage industry, including our ubiquitous orange color.

At December 31, [removed: 2024,] [added: 2025,] we held interests in and consolidated [removed: 3,073] [added: 3,171] self-storage facilities (an aggregate of [removed: 221] [added: 229] million net rentable square feet of space) operating under the Public Storage® name.

We manage insurance programs whereby [removed: customers] [added: tenants] at our facilities, including those we manage for third parties, have the option of purchasing insurance from a non-affiliated insurance company to cover certain losses to their stored goods.

At December 31, [removed: 2024,] [added: 2025,] there were approximately [removed: 1.4] [added: 1.5] million certificates of insurance held by participating self-storage [removed: customers,] [added: tenants,] representing aggregate coverage of approximately [removed: $6.8] [added: $7.2] billion.

At December 31, [removed: 2024,] [added: 2025,] we managed [removed: 307] [added: 362] facilities for third parties (with approximately [removed: 23.3] [added: 28.2] million net rentable square feet), and were under contract to manage [removed: 95] [added: 84] additional facilities including [removed: 93] [added: 78] facilities that are currently under construction.

[removed: In addition, we sell merchandise,] [added: We also offer merchandise for sale at our self-storage facilities,] primarily [added: consisting of] locks and cardboard boxes, [removed: at our self-storage facilities.][added: to support customers’ storage needs.]

We implemented a [removed: bridge] lending program in 2024, under which we provide [added: bridge lending] financing to third-party self-storage owners for operating properties that we manage.

At December 31, [removed: 2024,] [added: 2025,] we had a bridge loan receivable balance of [removed: $10.0] [added: $142.1] million and [removed: an] unfunded loan [removed: commitment] [added: commitments] of [removed: $12.5] [added: $43.9] million, the closing of which is subject to the satisfaction of certain conditions.

At December 31, [removed: 2024,] [added: 2025,] Shurgard owned and operated [removed: 318] [added: 332] self-storage facilities [removed: (17] [added: (18] million net rentable square feet) located in seven countries in Western Europe under the Shurgard® name.

The information contained on our [removed: website] [added: website, including such report,] is not a part of, or incorporated by reference into, this Annual Report on Form 10-K.

As the largest owner of self-storage facilities, we believe that we own approximately 9% of the self-storage square footage in the U.S. and that collectively the four largest self-storage owners in the U.S. own approximately [removed: 20%,] [added: 22%,] with the remaining [removed: 80%] [added: 78%] owned by regional and local operators.

As a result, competition [removed: is] [added: may be] significant and [removed: affects] [added: can affect] the occupancy levels, rental rates, rental income, and operating expenses of our facilities.

We believe technology enables [added: improved customer experience,] revenue [removed: optimization] [added: optimization,] and cost efficiencies.

[removed: Approximately 83% of our move-ins in 2024 were sourced through our website, and we] [added: We] believe that many of our other customers who reserved directly through our customer care center or arrived at a facility and moved in without a reservation reviewed our pricing and availability online through our website.

We seek to update the structure, layout, and content of our website regularly to enhance our placement in “unpaid” search in Google and related websites, to improve the efficiency of our bids in “paid” search [removed: campaigns,] [added: campaigns] and [added: visibility on large language model platforms, and] to maximize users’ likelihood of reserving space on our website.

We also have live Internet chat augmented with [removed: ChatBot capability] [added: ChatBot/Virtual Agent capabilities] as another channel for our customers to engage our agents, cost effectively improving customer responsiveness.

Public Storage App: We maintain an industry leading [removed: customer] smartphone application.

The Public Storage App provides our [removed: customers] [added: tenants] with digital access to our properties, as well as payment and other account management functions.

Centralized information network: Our centralized reporting and information network enables us to identify changing market conditions and operating trends and analyze [removed: customer] [added: tenants] data.

Our network allows us to quickly change each of our individual property’s pricing and promotions, [removed: and] drive marketing spending, such as the relative level of bidding for various paid search terms on paid search [removed: engines.][added: engines, and staff and respond to customer requests more timely.]

Our ongoing growth strategies consist of: (i) improving the operating performance of our existing self-storage facilities, (ii) [removed: acquiring] [added: acquiring, expanding] and developing facilities, and (iii) growing ancillary business activities including tenant reinsurance, third-party management services and [removed: a] [added: our] bridge lending program.

We maximize revenues through striking the appropriate balance between occupancy and rates for new and existing tenants by regularly adjusting (i) our promotional and other discounts, (ii) the rental rates we charge to new and existing [removed: customers,] [added: tenants,] and (iii) our marketing spending and intensity.

Grow ancillary business activities: We pursue growth initiatives aimed at increasing our insurance offering coverage for tenants who choose to protect their stored items against [removed: loss and desire to maximize their experience.][added: loss.]

[removed: As] [added: Additionally, as] we grow our self-storage portfolio through acquisition, development and third-party management, we have the opportunity to increase the growth profile of our tenant reinsurance business.

This program not only enables us to earn interest and other fee [removed: income] [added: income,] but [added: we] also [removed: increases] [added: require the borrower to utilize] our [removed: business in tenant reinsurance and third-party self-storage] [added: third party] management [added: program, resulting in additional income from managing the assets] and [removed: creates opportunities for potential future acquisitions.][added: tenant reinsurance.]

These include various laws and regulations concerning environmental matters, [added: pricing,] labor matters, and employee safety and health matters.

Our employees are the cornerstone of our business and [removed: fundamental] [added: critical] to our ability to execute [removed: our] corporate strategies and [removed: create] [added: deliver] long-term value for our stakeholders.

Our human capital management strategy focuses on attracting, developing, and retaining [removed: the highest quality] [added: exceptional] talent.

We [removed: achieve these objectives] [added: accomplish this] by committing to our employees to [removed: provide] [added: foster] a diverse and [removed: welcoming working environment, regular and] [added: inclusive workplace, maintain] transparent communication, [added: offer] competitive [removed: compensation,] [added: compensation and] comprehensive benefits, and [added: provide robust] opportunities for career growth and [added: professional] development.

[removed: We believe that this approach, together with the] [added: Guided by our] core principles of [removed: our corporate culture,] doing the right thing and upholding integrity in all that we do, [removed: promotes] [added: we believe this approach strengthens] employee engagement and [removed: a] commitment to Public Storage.

We have approximately [removed: 5,900] [added: 5,770] employees, including [removed: 5,120] [added: 4,920] customer facing roles (such as property level and customer care center personnel), [removed: 340] [added: 410] field management employees, and 440 employees in our corporate operations.

The following is an overview of our key programs and initiatives [removed: focused on] [added: aimed at] attracting, developing, and retaining [removed: the highest quality] [added: top] talent.

For [removed: detailed information regarding such programs and initiatives,] [added: comprehensive details on these programs,] including our sustainability efforts, strategies, commitments, and progress, please refer to our [removed: 2024] [added: 2025] Sustainability Report, which is available on our website at publicstorage.com.

We are committed to [removed: creating] [added: fostering] a workplace that values [removed: people with a wide range of] [added: individuals from diverse] backgrounds, where every employee feels valued and able to [removed: be] [added: bring] their authentic self [removed: as part of] [added: to] our best-in-class team.

Public Storage hires based on skills, [removed: personality, and] experience, [added: and character,] without regard to age, gender, race, ethnicity, religion, sexual orientation, or [added: any] other protected characteristic.

Our [removed: commitments] [added: dedication] to excellence and hiring [removed: “the best” have fostered] [added: top talent has cultivated] an inclusive [removed: team] [added: workforce] that reflects the diversity of the customers we serve.

Nearly three quarters of our new rental agreements were completed by customers using our eRental® and Rent by Phone process during 2025.

We also provide bridge lending financing to third-party self-storage owners.

Information contained on our website, including such report, is not part of, nor incorporated by reference into, this Annual Report on Form 10-K.

Our benefits program offers flexibility, affordability, and meaningful support, enabling employees to choose options that best fit their lives and goals.

We continuously evaluate feedback from our team to refine and enhance our offerings, ensuring they reflect both the changing needs of our workforce and our dedication to fostering a positive, healthy work environment.

At Public Storage, we recognize that our people are the foundation of our success.

To support their growth and engagement, we provide comprehensive training and development programs across all levels of the organization.

These programs are designed to equip employees with the skills, tools, and knowledge essential for success, while promoting personal growth and supporting long-term career progression.

For employees joining in leadership roles, we offer property-level training designed to immerse them in daily operations and build a strong understanding of our business fundamentals.

Beyond onboarding, we provide extensive career development opportunities for existing employees, including management training programs that create pathways for advancement into leadership roles.

Many of these programs leverage our online learning platform, which provides a wide range of courses and reference materials for continuous learning.

In addition to formal programs, we emphasize personalized development through one-on-one coaching, job shadowing, and mentoring opportunities, reinforcing our commitment to employee growth and engagement across all levels of the organization.

This continuous process provides regular opportunities for feedback and dialogue to support employee development.

Throughout the year, the executive team reviews the Company’s succession bench strength, evaluates talent, and recommends strategies to develop and prepare future leaders.

This proactive approach to talent management is designed to provide employees with opportunities to grow beyond their current roles and responsibilities, strengthening our leadership pipeline and enhancing the Company’s long-term stability and adaptability.

We have established a greenhouse gas reduction goal which is described in our 2025 Sustainability Report, which is available on our website at publicstorage.com.

The high level of ownership fragmentation in the industry is partially attributable to the relative simplicity of managing a local self-storage facility, such that small-scale owners can operate self-storage facilities at a basic level of profitability without significant managerial or operational infrastructure.

We are expanding the use of in-store kiosks to give customers the options of a full self-service experience or a two-way video assisted service via our existing customer care center.

Approximately 70% of customers utilized our eRental® and Rent by Phone process during 2024.

In 2024 we implemented a bridge lending program, under which we provide financing to third-party self-storage owners for operating properties that we manage.

We publicly disclose our annual Consolidated EEO-1 report, which reflects the race, ethnicity, and gender composition of our workforce, on the Investor Relations section of our website.

This includes the creation of additional career advancement opportunities and development programs.

Among other recognitions, we are proud again to be named a Great Place to Work® in 2024.

We offer affordable health plans and programs to virtually all our employees.

Finally, we offer educational resources and tools, including a dedicated health and wellness website, to encourage employees to maintain a healthy and balanced lifestyle.

We periodically consider employee feedback received through our engagement processes in the composition and design of our compensation and benefits programs.

At Public Storage, we offer comprehensive training and development programs at every level of the organization.

These programs are intended to provide our employees with the skills, tools, and knowledge they need to be successful in their roles and to contribute to the organization’s success.

They are also intended to foster individual growth and strong employee engagement.

For those new hires in leadership roles, we provide property-level training that exposes them to daily property operations and is intended to help them understand the fundamentals of our business and operations.

We also offer numerous career development opportunities for existing employees, including management training programs.

This includes a path for our property level employees to move into management and leadership roles and advance their careers within the Company.

Many of our training and career development programs use our online learning platform of training courses and reference materials.

In addition to formal training programs, we also offer one-on-one coaching, job shadowing, and mentoring opportunities.

This is a continuous process intended to provide regular opportunities for employees and their managers to share and receive feedback.

Periodically throughout each year, the executive team meets to review and assess the Company’s succession bench strength, evaluate talent, and make recommendations for developing and preparing future leaders within the organization.

This collaborative approach to talent management works to ensure that employees are given opportunities to grow beyond their current roles and responsibilities.

Many of these initiatives are integrated into our ongoing Property of Tomorrow capital investment program.

We have established a combined scope 1 and 2 greenhouse gas reduction goal.

Our target is to achieve a 45% reduction in utility-based emissions, calculated on an intensity basis, no later than 2032, based on a 2022 baseline.

For a description of the Company’s legal proceedings, see “Note [removed: 14.][added: 16.]

For the fiscal year ended December 31, [removed: 2024.][added: 2025.]

| Title of Class | | | [added: | | |] Trading Symbol | | | [added: | | |] Name of [added: each] exchange on which registered | | |

| Common Shares, $0.10 par value | | | [added: | | |] PSA | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value | | | [added: | | |] PSAPrF | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value | | | [added: | | |] PSAPrG | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value | | | [added: | | |] PSAPrH | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value | | | [added: | | |] PSAPrI | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value | | | [added: | | |] PSAPrJ | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value | | | [added: | | |] PSAPrK | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value | | | [added: | | |] PSAPrL | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value | | | [added: | | |] PSAPrM | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value | | | [added: | | |] PSAPrN | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value | | | [added: | | |] PSAPrO | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value | | | [added: | | |] PSAPrP | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value | | | [added: | | |] PSAPrQ | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value | | | [added: | | |] PSAPrR | | | [added: | | |] New York Stock Exchange | | |

| Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value | | | [added: | | |] PSAPrS | | | [added: | | |] New York Stock Exchange | | |

| Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company | | | [added: | | |] PSA/32 | | | [added: | | |] New York Stock Exchange | | |

| Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company | | | [added: | | |] PSA/30 | | | [added: | | |] New York Stock Exchange | | |

The aggregate market value of the voting and non-voting common shares held by non-affiliates of the Registrant as of June 30, [removed: 2024:][added: 2025:]

Common Shares, $0.10 par value per share – [removed: $43,242,396,000] [added: $44,239,441,000] (computed on the basis of [removed: $287.65] [added: $293.42] per share, which was the reported closing sale price of the Company's Common Shares on the New York Stock Exchange (the “NYSE”) on June [removed: 28, 2024).][added: 30, 2025).]

As of February [removed: 18, 2025,] [added: 5, 2026,] there were [removed: 175,415,530] [added: 175,506,447] outstanding Common Shares, $0.10 par value per share.

Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Shareholders to be held in [removed: 2025] [added: 2026] are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.

For the Fiscal Year Ended December 31, [removed: 2024][added: 2025]

| [Item [removed: 1A.](#icb784cf550774f47a8eccc401370492e_292)] [added: 1A.](#i74669859860b403ea265b829c9dc3117_349)] | | | [Risk [removed: Factors](#icb784cf550774f47a8eccc401370492e_292)] [added: Factors](#i74669859860b403ea265b829c9dc3117_349)] | | | [removed: [8](#icb784cf550774f47a8eccc401370492e_292)] [added: [8](#i74669859860b403ea265b829c9dc3117_349)] | | |

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2811 Internet Boulevard, Frisco, Texas 75034

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| Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company | | | | | | PSA/34 | | | | | | New York Stock Exchange | | |

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| [Item 1.](#i74669859860b403ea265b829c9dc3117_346) | | | [Business](#i74669859860b403ea265b829c9dc3117_346) | | | [1](#i74669859860b403ea265b829c9dc3117_346) | | |

| [Item 2.](#i74669859860b403ea265b829c9dc3117_358) | | | [Properties](#i74669859860b403ea265b829c9dc3117_358) | | | [21](#i74669859860b403ea265b829c9dc3117_358) | | |

| [Item 6.](#i74669859860b403ea265b829c9dc3117_373) | | | [\[Reserved\]](#i74669859860b403ea265b829c9dc3117_373) | | | [23](#i74669859860b403ea265b829c9dc3117_373) | | |

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701 Western Avenue, Glendale, California 91201-2349

| [Item 1.](#icb784cf550774f47a8eccc401370492e_289) | | | [Business](#icb784cf550774f47a8eccc401370492e_289) | | | [1](#icb784cf550774f47a8eccc401370492e_289) | | |

| [Item 2.](#icb784cf550774f47a8eccc401370492e_301) | | | [Properties](#icb784cf550774f47a8eccc401370492e_301) | | | [21](#icb784cf550774f47a8eccc401370492e_301) | | |

| [Item 6.](#icb784cf550774f47a8eccc401370492e_316) | | | [\[Reserved\]](#icb784cf550774f47a8eccc401370492e_316) | | | [23](#icb784cf550774f47a8eccc401370492e_316) | | |

As of December 31, [removed: 2024,] [added: 2025,] we have not had any known instances of material cybersecurity incidents, including known third-party provider [removed: incidents.][added: incidents, during any of the prior three fiscal years.]

At December 31, [removed: 2024,] [added: 2025,] we had controlling ownership interests in [removed: 3,073] [added: 3,171] self-storage facilities located in 40 states within the U.S.:

| Washington | | | 107 | | | | | | [removed: 7,629] [added: 7,726] | | |

| New York | | | [removed: 73] [added: 74] | | | | | | [removed: 5,232] [added: 5,328] | | |

| South Carolina | | | [removed: 83] [added: 88] | | | | | | [removed: 5,176] [added: 5,606] | | |

| New Jersey | | | [removed: 67] [added: 72] | | | | | | [removed: 4,651] [added: 4,905] | | |

At December 31, [removed: 2024,] [added: 2025,] two of our facilities with a net book value of [removed: $11.2] [added: $10.8] million were encumbered by an aggregate of [removed: $1.7] [added: $1.6] million in mortgage notes payable.

[removed: The most prevalent recently] [added: Recently] constructed facilities have higher density footprints with large, multi-story buildings with climate control and typically 1,000 or more self-storage spaces, [removed: a more imposing] and [removed: visible retail presence, and] a prominent and large rental office designed to appeal to customers as an attractive and retail-focused “store.” Our self-storage portfolio includes facilities with characteristics of the oldest facilities, characteristics of the most recently constructed facilities, and those with characteristics of both older and recently constructed facilities.

| | | | December 31, 2025 | | | | | | | | |

| Texas | | | 477 | | | | | | 40,549 | | |

| California | | | 450 | | | | | | 32,829 | | |

| Florida | | | 392 | | | | | | 27,501 | | |

| Georgia | | | 136 | | | | | | 9,179 | | |

| Illinois | | | 139 | | | | | | 9,041 | | |

| North Carolina | | | 114 | | | | | | 8,408 | | |

| Maryland | | | 107 | | | | | | 8,058 | | |

| Virginia | | | 122 | | | | | | 7,959 | | |

| Colorado | | | 93 | | | | | | 6,777 | | |

| Minnesota | | | 68 | | | | | | 5,535 | | |

| Ohio | | | 68 | | | | | | 4,643 | | |

| Michigan | | | 62 | | | | | | 4,443 | | |

| Arizona | | | 60 | | | | | | 4,329 | | |

| Tennessee | | | 58 | | | | | | 3,726 | | |

| Oklahoma | | | 51 | | | | | | 3,721 | | |

| Indiana | | | 54 | | | | | | 3,572 | | |

| Missouri | | | 44 | | | | | | 2,910 | | |

| Pennsylvania | | | 38 | | | | | | 2,795 | | |

| Oregon | | | 46 | | | | | | 2,659 | | |

| Nevada | | | 34 | | | | | | 2,548 | | |

| Massachusetts | | | 31 | | | | | | 2,129 | | |

| Kansas | | | 24 | | | | | | 1,533 | | |

| Other states (14 states) | | | 162 | | | | | | 11,030 | | |

| Total (a) | | | 3,171 | | | | | | 229,439 | | |

| | | | At December 31, 2024 | | | | | | | | |

| Texas | | | 464 | | | | | | 39,412 | | |

| California | | | 446 | | | | | | 32,025 | | |

| Florida | | | 365 | | | | | | 25,475 | | |

| Illinois | | | 137 | | | | | | 8,930 | | |

| Georgia | | | 128 | | | | | | 8,621 | | |

| North Carolina | | | 111 | | | | | | 8,195 | | |

| Maryland | | | 106 | | | | | | 7,990 | | |

| Virginia | | | 121 | | | | | | 7,969 | | |

| Colorado | | | 88 | | | | | | 6,518 | | |

| Minnesota | | | 68 | | | | | | 5,425 | | |

| Ohio | | | 66 | | | | | | 4,511 | | |

| Michigan | | | 61 | | | | | | 4,387 | | |

| Arizona | | | 60 | | | | | | 4,383 | | |

| Indiana | | | 54 | | | | | | 3,585 | | |

| Oklahoma | | | 48 | | | | | | 3,499 | | |

| Tennessee | | | 55 | | | | | | 3,443 | | |

| Missouri | | | 44 | | | | | | 2,919 | | |

| Pennsylvania | | | 37 | | | | | | 2,685 | | |

| Oregon | | | 45 | | | | | | 2,618 | | |

| Nevada | | | 34 | | | | | | 2,419 | | |

| Massachusetts | | | 29 | | | | | | 2,052 | | |

| Kansas | | | 24 | | | | | | 1,538 | | |

| Other states (14 states) | | | 152 | | | | | | 9,993 | | |

| Total (a) | | | 3,073 | | | | | | 221,280 | | |

As of February [removed: 18, 2025,] [added: 5, 2026,] there were approximately [removed: 9,093] [added: 8,644] holders of record of our common shares.

In May 2008, our Board authorized a share repurchase program of up to 35,000,000 of our common [removed: shares on the open market or in privately negotiated transactions.][added: shares.]

Our common share repurchase program does not have an expiration [removed: date] [added: date,] and there are 10,551,219 common shares that may yet be repurchased under our repurchase program as of December 31, [removed: 2024.][added: 2025.]

During the three months ended December 31, [removed: 2024,] [added: 2025,] we did not repurchase any of our common shares.

From the inception of the repurchase program through February [removed: 24, 2025,] [added: 12, 2026,] we have repurchased a total of 24,448,781 common shares at an aggregate cost of approximately $879.1 million.

We have no current plans to repurchase shares.

The financial statements and supplementary data appearing on pages F-3 to [removed: F-35] [added: F-39] are incorporated herein by reference.

We also have [removed: investments] [added: an investment] in [removed: certain] [added: an] unconsolidated real estate [removed: entities,] [added: entity,] and, because we do not control [removed: these entities,] [added: this entity,] our disclosure controls and procedures with respect to such [removed: entities] [added: entity] are substantially more limited than those we maintain with respect to our consolidated subsidiaries.

As of December 31, [removed: 2024,] [added: 2025,] we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act).

Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, [removed: 2024,] [added: 2025,] at a reasonable assurance level.

Based on our evaluation under the framework in *Internal Control-Integrated Framework*, our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] has been audited by Ernst & Young LLP, an independent registered public accounting firm.

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of [removed: 2024] [added: 2025] to which this report relates that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

We have audited Public Storage’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Public Storage (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, equity and [removed: redeemable noncontrolling interests and] cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated February [removed: 24, 2025] [added: 12, 2026] expressed an unqualified opinion thereon.

February 12, 2026

February 24, 2025

During the three months ended December 31, [removed: 2024,] [added: 2025,] no trustee or officer of the Company, nor the Company itself, adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Russell, Jr., age [removed: 65,] [added: 66,] has served as Chief Executive Officer since January 1, 2019, and as President since July 2016.

Johnson, age [removed: 47,] [added: 48,] has served as Chief Administrative Officer since August 4, 2020.

Ms. Johnson has served as a director of WillScot Mobile Mini Holdings Corp. since August 2023 and is a member of the Audit [added: committee] and [added: Chair of the] Compensation committees.

Vitan, age [removed: 51,] [added: 52,] has served as Senior Vice President, Chief Legal Officer and Corporate Secretary since April 20, [removed: 2019, and was previously Vice President and Chief Counsel–Litigation and Operations since joining the Company in June 2016 until April] 2019.

Sambar, age [removed: 51,] [added: 52,] has served as our Chief Operating Officer since [removed: he joined the Company on] October 14, 2024.

Mr. Sambar [removed: has] served as a director of AST SpaceMobile, Inc. (NASDAQ: ASTS) [removed: since] [added: from] June [removed: 2024.][added: 2024 to January 2025.]

Other information required by this item is hereby incorporated by reference to the material appearing in the Company’s Notice and Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act.

On February 10, 2026, Mr. Russell notified the Board of his intention to retire from his positions as President, Chief Executive Officer and trustee, effective as of March 31, 2026.

On February 10, 2026, the Board appointed Mr. Boyle as Chief Executive Officer and trustee, effective April 1, 2026.

On February 10, 2026, the Board appointed Ms. Johnson as President, Chief Digital & Transformation Officer, effective February 16, 2026.

On February 10, 2026, the Board appointed Mr. Sambar as President, Chief Operating Officer, effective February 16, 2026

Previously, Mr. Vitan was Vice President and Chief Counsel–Litigation and Operations from June 2016, when he joined the Company, until April 2019.

The information required by this item is hereby incorporated by reference to the material appearing in the Company’s Notice and Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act.

The following table sets forth information, as of December 31, [removed: 2024] [added: 2025] on the Company’s equity compensation plans:

a)The Company’s equity compensation plans are described more fully in Note [removed: 11] [added: 12] to the December 31, [removed: 2024] [added: 2025] financial statements.

b)Includes (i) stock options and AO LTIP units to purchase [removed: 2,727,342] [added: 2,692,007] common shares or to convert to vested LTIP units, including performance-based stock options and AO LTIP units as to which the performance period had not ended or the Compensation [added: and Human Capital] Committee had not certified performance as of December 31, [removed: 2024,] [added: 2025,] which stock options and AO LTIP units are reflected in the table above assuming a maximum payout, (ii) [removed: 451,222] [added: 450,777] restricted share units and LTIP units, including performance-based restricted share units and LTIP units as to which the performance period had not ended as of December 31, [removed: 2024,] [added: 2025,] which restricted share units and LTIP units are reflected in the table above assuming a maximum payout, and (iii) [removed: 11,734] [added: 11,674] fully vested deferred share units.

c)Represents the weighted average exercise or conversion price of stock options or AO LTIP units to purchase [removed: 2,373,588] [added: 2,215,477] common shares or to convert to vested LTIP units, excluding the performance-based stock options and AO LTIP units described in footnote (b), above.

The [removed: 451,222] [added: 450,777] restricted share or LTIP units would vest for no consideration.

Other information required by this item is hereby incorporated by reference to the material appearing in the Company’s Notice and Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act.

| Equity compensation plans approved by security holders (a) | | | | | | 3,154,458 (b) | | | | | | $ 237.34 (c) | | | | | | 3,716,763 | | |

| Total | | | | | | 3,154,458 (b) | | | | | | $ 237.34 (c) | | | | | | 3,716,763 | | |

| Equity compensation plans approved by security holders (a) | | | | | | 3,190,298 (b) | | | | | | $ 231.89 (c) | | | | | | 1,074,064 | | |

| Total | | | | | | 3,190,298 (b) | | | | | | $ 231.89 (c) | | | | | | 1,074,064 | | |

The information required by this item is hereby incorporated by reference to the material appearing in the Company’s Notice and Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act.

The information required by this item is hereby incorporated by reference to the material appearing in the Company’s Notice and Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A under the Exchange Act of 1934.

| 4.8 | | | [removed: [Fifth] [added: [Sixth] Supplemental Indenture, dated as of April 23, 2021, between Public Storage and Wells Fargo Bank, National Association, as trustee, including the form of Global Note representing the [removed: Floating Rate] [added: 2028] Notes. Filed as Exhibit [removed: 4.2] [added: 4.3] to the Company’s Current Report on Form 8-K dated April 23, 2021 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521128967/d135565dex42.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521128967/d135565dex43.htm)] | | |

| 4.9 | | | [removed: [Sixth] [added: [Seventh] Supplemental Indenture, dated as of April 23, 2021, between Public Storage and Wells Fargo Bank, National Association, as trustee, including the form of Global Note representing the [removed: 2028] [added: 2031] Notes. Filed as Exhibit [removed: 4.3] [added: 4.4] to the Company’s Current Report on Form 8-K dated April 23, 2021 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521128967/d135565dex43.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521128967/d135565dex44.htm)] | | |

| 4.10 | | | [removed: [Seventh] [added: [Eighth] Supplemental Indenture, dated as of [removed: April 23,] [added: September 9,] 2021, between Public Storage and Wells Fargo Bank, National Association, as trustee, including the form of Global Note representing the [removed: 2031] [added: 2030] Notes. Filed as Exhibit [removed: 4.4] [added: 4.2] to the Company’s Current Report on Form 8-K dated [removed: April 23,] [added: September 9,] 2021 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521128967/d135565dex44.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521268821/d228573dex42.htm)] | | |

| 4.11 | | | [removed: [Eighth] [added: [Ninth] Supplemental Indenture, dated as of [removed: September] [added: November] 9, 2021, between Public Storage and [added: Computershare Trust Company, N.A. (as successor to] Wells Fargo Bank, National [removed: Association,] [added: Association),] as trustee, including the form of Global Note representing the [removed: 2030] [added: 2026] Notes. Filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated [removed: September] [added: November] 9, 2021 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521268821/d228573dex42.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521324419/d257375dex42.htm)] | | |

| 4.12 | | | [removed: [Ninth] [added: [Tenth] Supplemental Indenture, dated as of November 9, 2021, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the [removed: 2026] [added: 2028] Notes. Filed as Exhibit [removed: 4.2] [added: 4.3] to the Company’s Current Report on Form 8-K dated November 9, 2021 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521324419/d257375dex42.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521324419/d257375dex43.htm)] | | |

| 4.13 | | | [removed: [Tenth] [added: [Eleventh] Supplemental Indenture, dated as of November 9, 2021, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the [removed: 2028] [added: 2031] Notes. Filed as Exhibit [removed: 4.3] [added: 4.4] to the Company’s Current Report on Form 8-K dated November 9, 2021 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521324419/d257375dex43.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521324419/d257375dex44.htm)] | | |

| 4.14 | | | [removed: [Eleventh] [added: [Twelfth] Supplemental Indenture, dated as of [removed: November 9, 2021,] [added: July 26, 2023,] between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the [removed: 2031] [added: 2033] Notes. Filed as Exhibit [removed: 4.4] [added: 4.2] to the Company’s Current Report on Form 8-K dated [removed: November 9, 2021] [added: July 26, 2023] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312521324419/d257375dex44.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523194622/d480799dex42.htm)] | | |

| 4.15 | | | [removed: [Twelfth] [added: [Thirteenth] Supplemental Indenture, dated as of July 26, 2023, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the [removed: 2033] [added: 2029] Notes. Filed as Exhibit [removed: 4.2] [added: 4.3] to the Company’s Current Report on Form 8-K dated July 26, 2023 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523194622/d480799dex42.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523194622/d480799dex43.htm)] | | |

| 4.16 | | | [removed: [Thirteenth] [added: [Fourteenth] Supplemental Indenture, dated as of July 26, 2023, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the [removed: 2029] [added: 2033] Notes. Filed as Exhibit [removed: 4.3] [added: 4.4] to the Company’s Current Report on Form 8-K dated July 26, 2023 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523194622/d480799dex43.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523194622/d480799dex44.htm)] | | |

| 4.17 | | | [removed: [Fourteenth] [added: [Fifteenth] Supplemental Indenture, dated as of July 26, 2023, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the [removed: 2033] [added: 2053] Notes. Filed as Exhibit [removed: 4.4] [added: 4.5] to the Company’s Current Report on Form 8-K dated July 26, 2023 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523194622/d480799dex44.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523194622/d480799dex45.htm)] | | |

| [removed: 4.18] [added: 4.23] | | | [removed: [Fifteenth Supplemental] [added: [Twenty-First](https://www.sec.gov/Archives/edgar/data/1393311/000119312525230340/d82339dex42.htm) [](https://www.sec.gov/Archives/edgar/data/1393311/000119312525230340/d82339dex42.htm)[Supplemental] Indenture, dated as of [removed: July 26, 2023, between] [added: October 3, 2025, among] Public Storage [added: Operating Company, Public Storage] and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National [removed: Association),] [added: Association,] as [removed: trustee, including the form of Global Note representing the 2053 Notes.] [added: trustee).] Filed as Exhibit [removed: 4.5] [added: 4.2] to the Company’s Current Report on Form 8-K dated [removed: July 26, 2023] [added: October 3, 2025] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523194622/d480799dex45.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312525230340/d82339dex42.htm)] | | |

| [removed: 4.19] [added: 4.18] | | | [Sixteenth Supplemental Indenture, dated August 14, 2023, by and among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. Filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated August 14, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523211436/d542893dex41.htm) | | |

| [removed: 4.20] [added: 4.19] | | | [Seventeenth Supplemental Indenture, dated as of April 16, 2024, among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. Filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated April 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312524097761/d809023dex42.htm) | | |

| [removed: 4.21] [added: 4.20] | | | [Eighteenth Supplemental Indenture, dated as of April 16, 2024, among Public Storage Operating Company, Public Storage, and Computershare Trust Company, N.A. Filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K dated April 11, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312524097761/d809023dex43.htm) | | |

| 10.2 | | | [Note Purchase Agreement, dated as of [removed: November 3, 2015,] [added: April 11, 2024,] by and among Public Storage [added: Operating Company] and the [removed: signatories] [added: Purchasers party] thereto. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated [removed: November 3, 2015] [added: April 11, 2024] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331115000031/psa-20151104ex101c7717b.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312524097761/d809023dex101.htm)] | | |

| [removed: 10.3] [added: 10.4] | | | [removed: [Note Purchase Agreement,] [added: [Parent Guarantee,] dated as of [removed: April 12, 2016,] [added: August 14, 2023,] by [removed: and among] Public [removed: Storage and the signatories thereto.] [added: Storage.] Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated [removed: April 12, 2016] [added: August 14, 2023] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331116000038/psa-20160413xex10_1.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523211436/d542893dex101.htm)] | | |

| [removed: 10.4] [added: 10.30*] | | | [removed: [Amendment No. 1 to 2015 Note Purchase Agreement, dated as] [added: [Form] of [removed: July 28, 2023, by and among] [added: Time-Based] Public Storage [removed: and the signatories thereto.] [added: OP, L.P. AO LTIP Unit Agreement (Trustees).] Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended [removed: September] [added: June] 30, [removed: 2023] [added: 2024] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331123000096/psa-93023xex10_2.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000167/psa-63024xex10_2.htm)] | | |

| [removed: 10.5] [added: 10.28*] | | | [removed: [Amendment No. 1 to 2016 Note Purchase Agreement, dated as] [added: [Form] of [removed: July 28, 2023, by and among] [added: Time-Based] Public Storage [removed: and the signatories thereto.] [added: OP, L.P. AO LTIP Unit Agreement.] Filed as Exhibit [removed: 10.3] [added: 10.5] to the Company’s Quarterly Report on Form 10-Q for the quarter ended [removed: September 30, 2023] [added: March 31, 2024] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331123000096/psa-93023xex10_3.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000109/psa-33124xex105.htm)] | | |

| [removed: 10.6] [added: 10.6*] | | | [removed: [Note Purchase Agreement, dated as of April 11, 2024, by and among Public] [added: [Public] Storage [removed: Operating Company] [added: 2007 Equity] and [removed: the Purchasers party thereto.] [added: Performance-Based Incentive Compensation Plan, as Amended (2007 Plan).] Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated [removed: April 11, 2024] [added: May 1, 2014] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312524097761/d809023dex101.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331114000011/psa-20140501ex101aec3ff.htm)] | | |

| [removed: 10.7] [added: 10.3] | | | [Third Amended and Restated Credit Agreement, dated as of June 12, 2023, by and among the Company, the financial institutions party thereto, Wells Fargo Securities, LLC, BofA Securities, Inc. and JPMorgan Chase Bank, N.A., as Joint Bookrunners, Wells Fargo Securities, LLC, BofA Securities, Inc., JPMorgan Chase Bank, N.A., The Bank of Nova Scotia, BNP Paribas and Sumitomo Mitsui Banking Corporation, as Joint Lead Arrangers, Wells Fargo Bank, National Association, as Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, and PNC Bank, National Association, TD Bank, N.A., The Bank of Nova Scotia, BNP Paribas and Sumitomo Mitsui Banking Corporation, as Documentation Agents. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated June 12, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523165399/d518836dex101.htm) | | |

| [removed: 10.9] [added: 10.5] | | | [Form of Trustee and Officer Indemnification Agreement. Filed as Exhibit 10.19 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331117000008/psa-20161231xex10_19.htm) | | |

| [removed: 10.10*] [added: 10.7*] | | | [Public Storage [removed: 2007] [added: 2016] Equity and Performance-Based Incentive Compensation [removed: Plan, as Amended (2007] [added: Plan (2016] Plan). Filed as Exhibit [removed: 10.1] [added: 10.6] to the Company’s [removed: Current] [added: Annual] Report on Form [removed: 8-K dated May 1, 2014] [added: 10-K for the year ended December 31, 2022] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331114000011/psa-20140501ex101aec3ff.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331123000012/psa-123122xex10_62016plan.htm)] | | |

| 10.11* | | | [removed: [Public Storage 2016 Equity and Performance-Based Incentive Compensation] [added: [Form of 2007] Plan [removed: (2016 Plan).] [added: Stock Option Agreement.] Filed as Exhibit [removed: 10.6] [added: 10.13] to the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2022] [added: 2015] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331123000012/psa-123122xex10_62016plan.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331116000036/psa-20151231ex101308fcd.htm)] | | |

| [removed: 10.12*] [added: 10.27*] | | | [removed: [Restated] [added: [Form of Performance-Based] Public Storage [removed: 2021 Equity and Performance-Based Incentive Compensation Plan (2021 Plan).] [added: OP, L.P. LTIP Unit Agreement.] Filed as Exhibit [removed: 10.2](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000109/psa-33124xex102.htm) [to] [added: 10.4 to] the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2024](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000109/psa-33124xex102.htm) [and] [added: 2024 and] incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000109/psa-33124xex102.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000109/psa-33124xex104.htm)] | | |

| [removed: 10.13*] [added: 10.9*] | | | [Form of 2007 Plan Restricted Stock Unit Agreement. Filed as Exhibit 10.11 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331116000036/psa-20151231ex10116996e.htm) | | |

| [removed: 10.14*] [added: 10.10*] | | | [Form of 2007 Plan Restricted Stock Unit Agreement (deferral of receipt of shares). Filed as Exhibit 10.12 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1393311/000139331116000036/psa-20151231ex101227ce4.htm). | | |

| [removed: 10.15*] [added: 10.12*] | | | [Form of 2007 Plan [added: Trustee] Stock Option Agreement. Filed as Exhibit [removed: 10.13] [added: 10.14] to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331116000036/psa-20151231ex101308fcd.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331116000036/psa-20151231ex10145e220.htm)] | | |

| [removed: 10.16*] [added: 10.14*] | | | [Form of [removed: 2007] [added: 2016] Plan Trustee [added: Non-Qualified] Stock Option Agreement. Filed as Exhibit [removed: 10.14] [added: 10.18] to the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2015] [added: 2016] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331116000036/psa-20151231ex10145e220.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331117000008/psa-20161231xex10_18.htm)] | | |

| [removed: 10.17*] [added: 10.13*] | | | [Form of 2016 Plan Restricted Stock Unit Agreement (deferral of receipt of shares). Filed as Exhibit 10.16 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331117000008/psa-20161231xex10_16.htm) | | |

| [removed: 10.18*] [added: 10.16*] | | | [Form of 2016 Plan Trustee [removed: Non-Qualified] [added: Deferred] Stock [removed: Option Agreement.] [added: Unit Agreement (2018).] Filed as Exhibit [removed: 10.18] [added: 10.29] to the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2016] [added: 2018] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331117000008/psa-20161231xex10_18.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331119000004/psa-20181231xex10_29.htm)] | | |

| [removed: 10.19*] [added: 10.15*] | | | [Form of 2016 Plan Restricted Stock Unit Agreement (deferral of receipt of shares) (2018). Filed as Exhibit 10.26 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331119000004/psa-20181231xex10_26.htm) | | |

| [removed: 10.20*] [added: 10.17*] | | | [Form of 2016 Plan [removed: Trustee Deferred] [added: Executive Restricted] Stock Unit Agreement (2018). Filed as Exhibit [removed: 10.29] [added: 10.30] to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331119000004/psa-20181231xex10_29.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331119000004/psa-20181231xex10_30.htm)] | | |

| 10.21* | | | [Form of [removed: 2016] [added: 2021] Plan [removed: Executive Restricted] [added: Employee] Stock Unit Agreement [removed: (2018).] [added: (2021).] Filed as Exhibit [removed: 10.30] [added: 10.1] to the Company’s [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December 31, 2018] [added: June 30, 2021] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331119000004/psa-20181231xex10_30.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000156276221000287/psa-20210630xex10_1.htm)] | | |

| [removed: 10.22*] [added: 10.18*] | | | [Form of 2016 Employee Stock Unit Agreement (2020). Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000156276220000160/psa-20200331xex10_2.htm) | | |

| [removed: 10.23*] [added: 10.19*] | | | [Form of 2016 Plan Employee Non-Qualified Stock Option Agreement (2020). Filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000156276220000160/psa-20200331xex10_4.htm) | | |

| [removed: 10.24*] [added: 10.20*] | | | [Form of 2016 Plan Performance-Based Non-Qualified Stock Option Agreement (2020). Filed as Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000156276220000160/psa-20200331xex10_5.htm) | | |

| 10.25* | | | [Form of 2021 Plan [removed: Employee] [added: Performance-Based] Stock Unit Agreement [removed: (2021).] [added: (2022).] Filed as Exhibit [removed: 10.1] [added: 10.3] to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, [removed: 2021] [added: 2022] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000156276221000287/psa-20210630xex10_1.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331122000029/psa-63022xex10_3formofperf.htm)] | | |

| [removed: 10.26*] [added: 10.22*] | | | [Form of 2021 Plan Employee Stock Unit Agreement (2022). Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331122000018/exhibit101-2022psaformofem.htm) | | |

| [removed: 10.27*] [added: 10.23*] | | | [Form of 2021 Plan Trustee Non-Qualified Stock Option Agreement. Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331122000029/psa-63022xex10_1formoftrus.htm) | | |

| [removed: 10.28*] [added: 10.24*] | | | [Form of 2021 Plan Performance-Based Non-Qualified Stock Option Agreement (2022). Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331122000029/psa-63022xex10_2formofperf.htm) | | |

| 4.21 | | | [Nineteenth Supplemental Indenture, dated as of June 30, 2025, among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. Filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated June 30, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312525152693/d27411dex42.htm) | | |

| 4.22 | | | [Twentieth Supplemental Indenture, dated as of June 30, 2025, among Public Storage Operating Company, Public Storage, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. Filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K dated June 30, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312525152693/d27411dex43.htm) | | |

| 10.8* | | | [Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. Filed as Appendix B to the Company’s 2025 Proxy Statement filed on March 28, 2025 and incorporated herein by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001393311/000095017025046747/psa-20250327.htm#appendix_b) | | |

| /s/ Luke Petherbridge | | | Trustee | | | February 12, 2026 | | |

| Luke Petherbridge | | | | | | | | |

| Consolidated [Statements of Equity](#i74669859860b403ea265b829c9dc3117_25) | | | [F-](#i74669859860b403ea265b829c9dc3117_25)[6](#i74669859860b403ea265b829c9dc3117_25) | | |

| [Notes to](#i74669859860b403ea265b829c9dc3117_37) Consolidated [Financial Statements](#i74669859860b403ea265b829c9dc3117_37) | | | [F-](#i74669859860b403ea265b829c9dc3117_37)[10](#i74669859860b403ea265b829c9dc3117_37) | | |

February 12, 2026

| Cash and equivalents | | | $ | 318,095 | | | | | $ | 447,416 | |

| Total land and buildings, at cost | | | 30,078,257 | | | | | | 28,478,738 | | |

| Total land and buildings, net | | | 18,610,203 | | | | | | 18,052,552 | | |

| Total real estate facilities, net | | | 18,804,558 | | | | | | 18,360,653 | | |

| Notes receivable | | | 142,108 | | | | | | 9,976 | | |

| Other assets | | | 303,644 | | | | | | 272,212 | | |

| Equity in earnings (loss) of unconsolidated real estate entity | | | | | | | | | | | | | | | 9,604 | | | | | | 19,821 | | | | | | 27,897 | | |

| Gain (Loss) on sale of real estate | | | | | | | | | | | | | | | 1,113 | | | | | | 1,537 | | | | | | 17,178 | | |

| Distributions to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Cumulative Preferred Shares | | | | | | Common Shares | | | | | | Paid-in Capital | | | | | | Accumulated Deficit | | | | | | Accumulated Other Comprehensive Loss | | | | | | Total Public Storage Shareholders' Equity | | | | | | Noncontrolling Interests | | | | | | Total Equity | | |

| Acquisition of noncontrolling interests | | | — | | | | | | — | | | | | | (8,953) | | | | | | — | | | | | | — | | | | | | (8,953) | | | | | | (911) | | | | | | (9,864) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 1,797,032 | | | | | | — | | | | | | 1,797,032 | | | | | | — | | | | | | 1,797,032 | | |

| Reallocation of equity | | | — | | | | | | — | | | | | | (3,944) | | | | | | — | | | | | | — | | | | | | (3,944) | | | | | | 3,944 | | | | | | — | | |

| Distributions to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Preferred shareholders (Note 10) | | | — | | | | | | — | | | | | | — | | | | | | (194,703) | | | | | | — | | | | | | (194,703) | | | | | | — | | | | | | (194,703) | | |

| Other comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,166 | | | | | | 24,166 | | | | | | 48 | | | | | | 24,214 | | |

| Balances at December 31, 2025 | | | $ | 4,350,000 | | | | | $ | 17,550 | | | | | $ | 6,147,650 | | | | | $ | (1,219,273) | | | | | $ | (47,799) | | | | | $ | 9,248,128 | | | | | $ | 93,706 | | | | | $ | 9,341,834 | |

| | | | Year Ended December 31, | | | | | | | | | | | | | | |

| Impairment of real estate investments | | | 4,348 | | | | | | — | | | | | | — | | |

| Amortization of debt issuance costs | | | 10,349 | | | | | | 9,728 | | | | | | 7,974 | | |

| Acquisition of non-operating real estate assets | | | (16,313) | | | | | | — | | | | | | — | | |

| | | | Year Ended December 31, | | | | | | | | | | | | | | |

| | | | $ | 318,095 | | | | | $ | 447,416 | | | | | $ | 400,375 | |

| Cash received for sale of solar tax credits | | | 15,847 | | | | | | — | | | | | | — | | |

December 31, 2025

As a limited partnership, PSA OP is a variable interest entity and is consolidated by Public Storage as its primary beneficiary.

In recording our share of equity in earnings or loss from Shurgard, we adjust Shurgard’s operating results, which are reported under International Financial Reporting Standards (“IFRS”), to conform with U.S. generally accepted accounting principles (“GAAP”).

December 31, 2025

December 31, 2025

December 31, 2025

During 2025, we recognized $4.3 million of impairment write-down of certain land development parcels that are or will be marketed for sale.

| | | | | | |

| 10.8 | | | [Parent Guarantee, dated as of August 14, 2023, by Public Storage. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated August 14, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000119312523211436/d542893dex101.htm) | | |

| 10.33* | | | [Form of Performance-Based Public Storage OP, L.P. AO LTIP Unit Agreement. Filed as Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000109/psa-33124xex106.htm) | | |

| 10.34* | | | [Form of Time-Based Public Storage OP, L.P. AO LTIP Unit Agreement (Trustees). Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000167/psa-63024xex10_2.htm) | | |

| 10.35* | | | [Form of 2021 Plan Trustee Non-Qualified Stock Option Agreement (2024). Filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1393311/000139331124000167/psa-63024xex10_3.htm) | | |

| 32 | | | [Section 1350 Certifications. Filed herewith.](https://www.sec.gov/Archives/edgar/data/1393311/000139331125000036/psa-123124xex32.htm) | | |

| Consolidated [Statements of Equity and Redeemable Noncontrolling Interests](#icb784cf550774f47a8eccc401370492e_25) | | | [F-](#icb784cf550774f47a8eccc401370492e_25)[6](#icb784cf550774f47a8eccc401370492e_25) | | |

February 24, 2025

| | | | | | | | | | | | |

| | | | 18,052,552 | | | | | | 18,041,264 | | |

| | | | 18,360,653 | | | | | | 18,386,717 | | |

| Other assets | | | 282,188 | | | | | | 275,050 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | For the Years Ended December 31, | | | | | | | | | | | | | | |

| Gain on sale of equity investment in PS Business Parks, Inc. | | | | | | | | | | | | | | | — | | | | | | — | | | | | | 2,128,860 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balances at December 31, 2021 | | | $ | 4,100,000 | | | | | $ | 17,513 | | | | | $ | 5,821,667 | | | | | $ | (550,416) | | | | | $ | (53,587) | | | | | $ | 9,335,177 | | | | | $ | 20,112 | | | | | $ | 9,355,289 | | | | | $ | 68,249 | |

| Issuance of 10,000 preferred shares (Note 9) | | | 250,000 | | | | | | — | | | | | | (7,168) | | | | | | — | | | | | | — | | | | | | 242,832 | | | | | | — | | | | | | 242,832 | | | | | | — | | |

| Retirement of common shares (151,977 shares) | | | — | | | | | | (15) | | | | | | 15 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Reclassification from redeemable noncontrolling interests to noncontrolling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 83,826 | | | | | | 83,826 | | | | | | (83,826) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 4,366,274 | | | | | | — | | | | | | 4,366,274 | | | | | | — | | | | | | 4,366,274 | | | | | | — | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,726) | | | | | | (4,726) | | | | | | (13) | | | | | | (4,739) | | | | | | — | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | For the Years Ended December 31, | | | | | | | | | | | | | | |

| Gain on sale of equity investment in PS Business Parks, Inc. | | | — | | | | | | — | | | | | | (2,128,860) | | |

| Proceeds from sale of equity investment in PS Business Parks, Inc. | | | — | | | | | | — | | | | | | 2,636,011 | | |

| Issuance of preferred shares | | | — | | | | | | — | | | | | | 242,832 | | |

| Cash and equivalents | | | $ | 370,002 | | | | | $ | 775,253 | | | | | $ | 734,599 | |

| | | | $ | 400,375 | | | | | $ | 805,157 | | | | | $ | 761,290 | |

| Real estate acquired in exchange for noncontrolling interests | | | — | | | | | | — | | | | | | (19,865) | | |

No impairments were recorded in any of our evaluations for all periods presented herein.

The ASU’s amendments are effective for annual periods beginning after December 15, 2024 on a prospective basis.

| Beginning balance | | | $ | 27,465,238 | | | | | $ | 24,219,126 | | | | | $ | 22,807,833 | |

| Dispositions and other | | | — | | | | | | 11,436 | | | | | | 1,084 | | |

During 2022, we wrote off $7.0 million of accumulated development costs for cancelled development and redevelopment projects in construction in process as real estate acquisition and development expense.

We also transferred $2.2 million of land cost related to a cancelled development project to other assets at December 31, 2022.

Additionally, on July 8, 2022, we acquired from PS Business Parks, Inc. (“PSB”) the commercial interests in five properties at three sites jointly occupied with certain of our self-storage facilities located in Maryland and Virginia, for $47.3 million.

We recognized $27.0 million of real estate assets and $0.7 million of intangibles for the properties acquired, representing the cost of these commercial properties that we did not have interest in through our equity investment in PSB.