Public Storage

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share amounts)

(1)Includes adjustment to numerator for net income attributable to noncontrolling interest shares

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED STATEMENTS OF CASH FLOWS

1. Description of the Business

Public Storage is a Maryland real estate investment trust (“REIT”) engaged in the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, and other related operations such as tenant reinsurance, merchandise sales, property management revenue through our joint venture investments and for unrelated third parties, and interest income from lending to third-party self-storage owners, as well as the acquisition and development of additional self-storage space.

We are structured as an umbrella partnership REIT, or UPREIT, under which substantially all of our business is conducted through Public Storage OP, L.P. (“PSA OP”), an operating partnership, and its subsidiaries, including Public Storage Operating Company (“PSOC”). The primary assets of the parent entity, Public Storage, are general partner and limited partner interests in PSA OP, which holds all of the Company’s assets through its ownership of all of the equity interests in PSOC. As a limited partnership, PSA OP is a variable interest entity and is consolidated by Public Storage as its primary beneficiary. As of September 30, 2026, Public Storage owned all of the general partner interests and approximately 96.19% of the limited partnership interests of PSA OP, with other investors owning the remaining 3.81% of limited partnership interests.

Unless stated otherwise or the context otherwise requires, references to “Public Storage” mean the parent entity, Public Storage, and references to “the Company,” “we,” “us,” and “our” mean collectively Public Storage, PSA OP, PSOC, and those entities/subsidiaries owned or controlled by Public Storage, PSA OP, and PSOC.

At September 30, 2026, we owned interests in 4,347 self-storage facilities, including 3,772 wholly-owned facilities and 575 properties held in unconsolidated joint ventures, with approximately 308.3 million net rentable square feet located in 42 U.S. states, Puerto Rico and Canada, all operating under the Public Storage® name, and 0.9 million net rentable square feet of commercial and retail space. In addition, we managed 417 facilities (with approximately 30.8 million net rentable square feet) for third parties at September 30, 2026.

At September 30, 2026, we owned an approximate 35% common equity interest in Shurgard Self Storage Limited (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 338 self-storage facilities (with approximately 19 million net rentable square feet) located inseven Western European countries, all operating under the Shurgard® name. The shares we owned had a market value of approximately $0.91 billion at September 30, 2026.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

We have prepared the accompanying interim consolidated financial statements in accordance with U.S. GAAP as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, (i) real estate held for sale is now presented separately in the Consolidated Balance Sheets, (ii) transaction and integration expense is now presented separately in the Consolidated Statements of Income, and (iii) capital expenditures are now presented by major type within investing activities in the Consolidated Statements of Cash Flows. These reclassifications had no effect on previously reported total assets, total liabilities, total equity, total expenses, net income, or net cash provided by (used in) operating, investing, or financing activities.

Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Operating results for the three and nine months ended September 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Summary of Significant Accounting Policies

There have been no significant changes to the Company's significant accounting policies described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies, in Notes to Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures ("ASU 2024-03"), that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The guidance may be applied prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and related disclosures.

3. Acquisitions

National Storage Affiliates Trust

On July 22, 2026, the Company closed its acquisition of National Storage Affiliates Trust (“NSA”), a Maryland real estate investment trust that had been listed on the New York Stock Exchange. The purpose of the acquisition was to expand our portfolio, drive operating efficiencies and improve the customer experience. Total consideration for the transaction is summarized in the table below (dollar amounts in thousands).

The fair value of the Company’s common shares was determined using the Company's share price on the date of the transaction. The fair value of the PSA OP common units (“OP Units”) was determined using the Company's share price on the date of the transaction and further adjusted for a discount for lack of marketability, given certain illiquid features of the OP Units as compared to our common shares.

The acquired portfolio of NSA properties includes 1,057 properties across 37 U.S. states and Puerto Rico, including both wholly owned and indirectly owned through joint venture partnerships. In connection with the acquisition, Public Storage and certain investors of NSA formed a joint venture, PS-NSA JV, LLC (the “PS-NSA JV”), consisting of 313 formerly wholly-owned NSA properties. Public Storage owns 20% of the newly formed PS-NSA JV and manages the portfolio earning customary property management, asset management and tenant reinsurance income. The NSA acquisition has been accounted for as a business combination using the acquisition method of accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair value. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):

Non-Real Estate Intangible Assets primarily consists of management and reinsurance contracts with useful lives from 2 to 8 years.

Under the acquisition method of accounting, assets acquired, liabilities assumed, and any associated noncontrolling interests are recorded at fair value, with any excess consideration accounted for as goodwill. Critical estimates in determining the fair value of real estate, investments in unconsolidated real estate entities and intangible assets included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that management believes to be reasonable; however, actual results may differ materially from these estimates. The assessment of fair value is preliminary and is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as management obtains additional information related to those estimates during the applicable measurement period. The most significant open items necessary to complete the assessment of fair value are related to real property held for sale and property tax liabilities.

A preliminary estimate of approximately $451.5 million has been allocated to goodwill. The recognized goodwill is attributable to expected synergies and benefits arising from the acquisition, including revenue enhancements and corporate overhead cost savings. None of the goodwill recognized is deductible for tax purposes.

Operations related to the transaction are included in our results of operations from the date of acquisition. We recognized $86.0 million of total revenue from such operations during the nine months ended September 30, 2026.

The following unaudited pro forma information presents a summary of our combined results of operations for the nine months ended September 30, 2026 and 2025, respectively, as if the acquisition of NSA, which includes the formation of the PS-NSA JV, had occurred on January 1, 2025 (in thousands). The pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses.

PS Canada

On September 1, 2026, the Company closed its acquisition of PS Canada for $934 million, consisting of 2,762,108 OP Units, with a fair value of $795 million, and $139 million in cash. The fair value of the OP Units was determined using the Company's share price on the date of the transaction and further adjusted for a discount for lack of marketability, given certain illiquid features of the OP Units as compared to our common shares. The transaction also includes additional earn-out consideration of 768,000 OP Units, which may be issued contingent on the achievement of certain net operating income targets from 2027 to 2031. The earn-out consideration will be recognized if and when the contingency is resolved and becomes payable. The acquired PS Canada portfolio includes 68 properties and approximately 5.3 million rentable square feet across major Canadian metropolitan markets. The purpose of the acquisition was to expand our presence to international markets, drive operating efficiencies and improve the customer experience.

The transaction was accounted for as an asset acquisition. The total purchase price was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. The total purchase price, including direct transaction costs of $11 million, was allocated as follows (in thousands):

Transaction and Integration Costs

Transaction costs represent costs incurred to complete acquisitions, including due diligence costs, fees for legal, valuation and other advisory services, and other acquisition-related costs directly related to the transaction. Transaction costs related to asset acquisitions are capitalized as a component of the purchase price. Transaction costs related to business combinations are expensed as incurred.

Integration costs represent costs incurred to combine the acquired operations with our existing business, including systems and data conversion, employee severance and retention, and professional fees for integration-related consulting. Integration costs are expensed as incurred.

During the nine months ended September 30, 2026, we incurred $130.3 million of transaction and integration costs in connection with the acquisitions of NSA and PS Canada. This amount consisted of $87.8 million of transaction costs related to the NSA acquisition that were expensed, $31.5 million of integration costs that were expensed, and $11.0 million of transaction costs related to the PS Canada acquisition that were capitalized as part of the purchase price.

4. Real Estate Facilities

Activity in real estate facilities during the nine months ended September 30, 2026 is as follows:

During the nine months ended September 30, 2026, excluding the acquisitions of NSA and PS Canada, we acquired 48 self-storage facilities (3.4 million net rentable square feet of storage space), for a total cost of $501.7 million in cash which were accounted for as asset acquisitions. Approximately $28.9 million of the total cost was allocated to intangible assets. During the nine months ended September 30, 2026, the Company recognized a gain of $26.5 million related to the disposal ofone property due to an eminent domain ruling recorded to Gain on sale of real estate in the Consolidated Statements of Income. During the nine months ended September 30, 2026, we completed development and redevelopment activities costing $84.1 million, adding 0.5 million net rentable square feet of self-storage space. Construction in process at September 30, 2026 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities.

As of September 30, 2026, we held 28 properties collectively valued at $152.3 million that are or will be marketed for sale. These assets are recorded in real property held for sale on the Consolidated Balance Sheet. We generally reclassify assets to held for sale when the disposition has been approved, there are no known contingencies relating to the sale and the consummation of the disposition is considered probable within one year. Upon classifying a real estate investment as held for sale, we will no longer recognize depreciation expense related to the depreciable assets of the property. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less the estimated cost to dispose of the assets.

5. Investments in Unconsolidated Real Estate Entities

The following is a summary of our investments in unconsolidated real estate entities for the periods indicated below (amounts in thousands):

(a) The total carrying amount of the investments was greater than the underlying equity in net assets (i.e., basis difference) by $151.5 million as of September 30, 2026.

(b) Represents our interests in four joint ventures acquired in connection with our acquisition of NSA.

6. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

Real estate-related finite-lived intangible assets consist of acquired tenants in place. Amortization expense related to real estate-related intangible assets subject to amortization was $91.0 million and $125.7 million for the three and nine months ended September 30, 2026, respectively, and $20.5 million and $70.3 million for the same periods in 2025. During the nine months ended September 30, 2026, real estate-related intangibles increased $551.8 million in connection with the acquisitions of NSA, PS Canada, and other real estate facilities (Note 3 and 4).

Non-real estate-related finite-lived intangible assets consist of acquired management and reinsurance contracts. Amortization expense related to non-real estate related intangible assets subject to amortization was $8.7 million and $9.0 million for the three and nine months ended September 30, 2026, respectively, and an immaterial amount for the same periods in 2025. During the nine months ended September 30, 2026, non-real estate-related intangibles increased $235.4 million, in connection with the acquisition of NSA (Note 3).

During the nine months ended September 30, 2026, goodwill increased $451.5 million, in connection with the acquisition of NSA (Note 3). Our goodwill is primarily associated with the Self-Storage Operations reportable segment.

The estimated future amortization expense for our finite-lived intangible assets at September 30, 2026 is as follows:

7. Notes Receivable

We offer financing, typically in the form of bridge loans, to third-party self-storage owners for operating properties that we manage. The loans, collateralized by operating self-storage properties, typically have a term ofthree orfour years withtwo one-year extensions, and have variable interest rates. At September 30, 2026 and December 31, 2025, we had notes receivable of $445.3 million and $142.1 million, respectively, with average annual interest rates of 9.0% and 7.9%, respectively. In connection with the NSA acquisition, we provided the PS-NSA JV with a $237 million mezzanine loan at an average interest rate of 10.22% and a $40 million credit facility, which was undrawn at September 30, 2026. During the nine months ended September 30, 2026, we recognized $4.8 million of interest income related to the mezzanine loan in interest and other income (expense) on our Consolidated Statements of Income. At September 30, 2026, we had unfunded bridge loan commitments of $23.1 million expected to close in the next twelve months, subject to the satisfaction of certain conditions.

As of September 30, 2026 and December 31, 2025, none of the notes receivable were in past-due or nonaccrual status and the allowance for expected credit losses was not material.

8. Credit Facility and Commercial Paper Program

On June 25, 2026, PSOC entered into an amended and restated credit agreement providing for a $3.0 billion unsecured revolving credit facility maturing June 25, 2030 (the “Revolver”) and a $500 million unsecured term loan maturing August 31, 2031 (the “Term Loan” and, together with the Revolver, the “Credit Facilities”). At September 30, 2026, the Term Loan was fully drawn, bore interest at SOFR plus 0.70% and was included in Notes Payable. There were no outstanding borrowings under the Revolver, under which borrowings would have borne interest at SOFR plus 0.650% at September 30, 2026. A facility fee of 0.10% per annum was payable on the aggregate Revolver commitments at September 30, 2026. Undrawn standby letters of credit totaling $40.2 million, reduced the available borrowing capacity under the Revolver. The Credit Facility contains various customary affirmative, negative and financial maintenance covenants with which we were in compliance at September 30, 2026. Public Storage has fully and unconditionally guaranteed PSOC’s obligations under the Credit Facilities.

The Company has established a commercial paper note program and may issue up to $1.0 billion of unsecured commercial paper notes that bear interest at variable rates and have varying maturities (generally 30 days or less, with a maximum of 364 days). The commercial paper notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. The net proceeds from the issuances of the notes are used for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, lending or acquisition of properties. The commercial paper notes issued under the commercial paper program will rank pari passu with all of Public Storage’s other senior unsecured debt and will be fully and unconditionally guaranteed by Public Storage. At September 30, 2026, there was $200 million of commercial paper notes outstanding.

9. Notes Payable

Our notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. All of our notes payable were issued by PSOC with a full and unconditional guarantee by the Company, except the Canadian dollar notes, which were issued by PS Canada Finance ULC with a full and unconditional guarantee by PSOC and the Company. Our notes payable at September 30, 2026 and December 31, 2025 are set forth in the tables below:

(a) The book value includes $21.8 million in adjustments related to changes in fair value attributable to hedging instruments on these notes as of September 30, 2026. See below for further discussion.

U.S. Dollar Denominated Unsecured Notes

On February 15, 2026, we repaid PSOC’s outstanding $500 million aggregate principal amount of senior notes bearing interest at an annual rate of 0.875% at maturity.

On April 6, 2026, PSOC issued $500 million of senior notes, bearing interest at a fixed rate of 5.000% per year and maturing on December 15, 2035. We received $493.7 million of net proceeds from the issuance.

On July 20, 2026, PSOC issued $900 million aggregate principal amount of senior notes at an effective interest rate of 4.855%, after considering the effects of the settled interest rate swaps described below, including $400 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 4.700% maturing on February 1, 2032, and $500 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.150% maturing on August 15, 2036. We received $886 million of net proceeds from the issuance.

We use interest rate swaps to hedge the interest rate risk associated with debt. In connection with our public offering of senior notes due July 1, 2030, we entered into three separate interest rate swap agreements, with a combined notional amount of $475 million, which effectively convert the debt’s fixed interest rate to a variable rate (SOFR +0.92%). The swaps were designated in combination as a fair value hedge of interest rate risk and mature on July 1, 2030. The Company’s hedging relationship is assumed to be perfectly effective. As of September 30, 2026, the fair value of the swaps was a liability position of $21.8 million.

In connection with the anticipated issuances of fixed-rate notes, on April 22, 2026, we entered into four interest rate swaps with an aggregate notional amount of $1 billion to hedge our exposure to changes in interest rates. On July 20, 2026, in connection with our offering of $500 million fixed-rate senior notes due August 15, 2036, we settled $500 million of these swaps and received $6.8 million, which was recorded in accumulated other comprehensive income and is being amortized as a reduction to interest expense over the term of the related notes. At September 30, 2026, the remaining swaps had an aggregate notional amount of $500 million, were designated as cash flow hedges, and had an aggregate fair value of $37.6 million, which was recorded in Other Assets on the Consolidated Balance Sheet. For swaps designated as cash flow hedges we recognized $54.3 million in unrealized gains in Other Comprehensive Income from the date of designation through September 30, 2026. For the nine months ended September 30, 2026, we recognized losses of $5.9 million, reported in Interest and Other Income (Expense) on the Consolidated Statement of Income, primarily reflecting changes in fair value prior to formal hedge designation.

In connection with the PS Canada acquisition (see Note 3), on September 1, 2026, PSOC entered intotwo cross-currency swaps with an aggregate notional amount of $900.0 million, which are designated as a hedge of our net investment in PS Canada. The first is a fixed-for-fixed cross-currency swap with a notional amount of $400.0 million, maturing February 1, 2032. Under this swap, we receive fixed U.S. dollar interest at 0.854% and pay fixed CAD interest at 0%, semiannually, and it effectively converts our 4.700% senior notes due February 1, 2032 into CAD-denominated debt. The second is a floating-for-floating cross-currency swap with a notional amount of $500.0 million, maturing June 25, 2031. Under this swap, we receive one-month Term SOFR plus 0.70% and pay one-month Term CORRA plus 0.78%, monthly, and it effectively converts the Term Loan into CAD-denominated floating-rate debt. Neither swap involved an initial exchange of notional amounts. At maturity, we will pay the CAD notional amounts and receive the U.S. dollar notional amounts. We assess hedge effectiveness using the spot method. Amounts excluded from the assessment of effectiveness are recognized in interest expense as the periodic swap interest accrues. For the three and nine months ended September 30, 2026, we recognized a reduction of interest expense of $0.8 million and a gain of $10.6 million in other comprehensive income (loss) related to these swaps. At September 30, 2026, the swaps were in asset position of $10.6 million, recorded in Other Assets.

We estimate the fair values of our interest rate swaps and cross-currency swaps using discounted cash flow models based on observable market inputs, including SOFR and CORRA forward curves and foreign currency exchange rates, adjusted for counterparty and our own nonperformance risk. These measurements are categorized as Level 2 in the fair value hierarchy.

The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants with which we were in compliance at September 30, 2026. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 20% at September 30, 2026) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5 x (approximately 10 x for the trailing twelve months ended September 30, 2026) as well as covenants limiting the amount we can encumber our properties with mortgage debt.

Euro-Denominated Unsecured Notes

At September 30, 2026, our Euro denominated unsecured notes (the “Euro Notes”) consisted offour tranches: (i) €500.0 million issued in a public offering on January 24, 2020, (ii) €700.0 million issued in a public offering on September 9, 2021, (iii) €150.0 million issued to institutional investors on April 11, 2024, and (iv) €425.0 million issued in a public offering on October 3, 2025. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes.

On September 1, 2026, we designated $370 million of our Euro Notes due January 20, 2034 as a hedge of our net investment in Shurgard. Remeasurement gains and losses on the designated Euro Notes are recorded in accumulated other comprehensive income (loss), where they offset translation adjustments on the hedged investment. These amounts will remain in accumulated other comprehensive income (loss) until the investment is sold or substantially liquidated. During the third quarter of 2026, a $0.2 million remeasurement gain on the designated Euro Notes was recognized in other comprehensive income as part of this hedging relationship.

CAD-Denominated Unsecured Notes

At September 30, 2026, our CAD denominated unsecured notes (the “CAD Notes”) consisted of C$400 million issued in a public offering on September 16, 2026. The CAD Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes.

Foreign Currency Exchange Gain (Loss)

We reflect changes in the U.S. Dollar equivalent of the amount payable of our Euro denominated and CAD denominated debt including the associated interest, as a result of changes in foreign exchange rates, after considering the effects of the Net Investment Hedges, as “Foreign currency exchange gain (loss)” on our income statement (gains of $10.9 million and $70.4 million for the three and nine months ended September 30, 2026, respectively, as compared to gains of $0.9 million and losses of $215.4 million for the three and nine months ended September 30, 2025, respectively).

Mortgage Notes

We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. In connection with our acquisition of NSA, we assumed $167 million in mortgage debt, net of discount.

At September 30, 2026, the related contractual interest rates of our mortgage notes are fixed, ranging between 2.8% and 7.1%, and mature between September 1, 2028 and July 1, 2030.

At September 30, 2026, approximate principal maturities of our Notes Payable are as follows:

Interest capitalized as real estate totaled $3.9 million and $5.0 million for the nine months ended September 30, 2026 and 2025, respectively.

10. Noncontrolling Interests

There are noncontrolling interests related to subsidiaries of PSOC that we consolidate. At September 30, 2026, certain of these subsidiaries have issued 470,398 partnership units to third parties that are redeemable by the holders on aone-for-one basis for common shares of the Company or cash at our option.

During the nine months ended September 30, 2026, we acquired the noncontrolling equity interest held by a third party for a total purchase price of $7.5 million in cash. The acquisition resulted in the Company owning a 100% controlling interest in the subsidiary. The difference of $7.5 million between the purchase price and the acquired noncontrolling interest was recorded as a reduction to Paid-in Capital on the Consolidated Balance Sheets.

Upon completion of the NSA acquisition (see Note 3), the Company became the primary beneficiary of, and therefore consolidated,21 partnerships that are considered VIEs, which owned 34 self storage properties. We manage the properties and have the power to direct the activities that most significantly impact the economic performance of the entities leading us to conclude that we are the primary beneficiary. The net book value of the real estate owned by these VIEs was $533.2 million as of September 30, 2026. Certain partnerships have issued fixed rate mortgages, with a principal balance of $172.9 million as of September 30, 2026. The creditors of the consolidated VIEs do not have recourse to the Company's general credit.

Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including OP Units, preferred units issued by PSA OP, and vested Long-Term Incentive Plan units of PSA OP (“LTIP units”) from equity awards we issue to certain officers and trustees of the Company. Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units, which are redeemable by the holders on aone-for-one basis for common shares of the Company or cash at our option. During the nine months ended September 30, 2026, in connection with the acquisitions of NSA and PS Canada, we issued 4,125,017 and 2,762,108 OP Units at a fair value of $1.2 billion and $795.0 million, respectively. The holders of OP Units and vested LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders. At September 30, 2026, approximately 3.81% of the partnership interests of PSA OP, were not owned by the Company. We adjust the balance of noncontrolling interests of PSA OP to reflect their proportionate share of the net assets of PSA OP as of the end of each period.

Additionally, in connection with the acquisition of NSA, we issued PSA OP Series T-1 preferred units. The Series T-1 preferred units rank senior to OP Units and LTIP units with respect to distributions and liquidation. The Series T-1 preferred units have a stated value of $25.00 per unit and receive distributions at an annual rate of 6.000%. These distributions are cumulative. The Series T-1 preferred units are redeemable at the option of the holder after the first anniversary of the date of issuance. Redemption obligations may be satisfied at the Company's option in cash in an amount equal to the market value of an equivalent number of the Company's 6.000% Series T preferred shares or the issuance of 6.000% Series T preferred shares on aone-for-one basis, subject to adjustments. Generally, the Series T-1 preferred units become redeemable by the Company beginningten years after the initial issuance of each Series T-1 preferred unit at a stated value of $25.00 per unit, plus accrued but unpaid distributions.

11. Shareholders’ Equity

Preferred Shares

At September 30, 2026 and December 31, 2025, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:

The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal tosix quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to electtwo additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At September 30, 2026, there wereno dividends in arrears. The affirmative vote of at least 66.67% of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67% of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares.

Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share (or $25.00 per share in the case of Series T preferred shares and Series U preferred shares), plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares.

Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital. During the nine months ended September 30, 2026, in connection with the acquisition of NSA, we issued the Series T preferred shares and Series U preferred shares to former holders of NSA Series A and B Preferred Shares in exchange for their NSA Series A and B Preferred Shares. See Note 3 Acquisitions for more details on the NSA Acquisition.

At-the-Market (“ATM”) Program

In 2024, we entered into an ATM program under which, we may offer and sell up to an aggregate gross sales price of $2.0 billion of the Company’s common shares either (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers. As of September 30, 2026, we have sold 1,230,141 common shares subject to forward sale confirmations which have not yet settled, at a weighted average initial gross price of $326.51 per share. We currently expect to fully settle forward sale agreements outstanding by December 10, 2027, representing $399.2 million in net proceeds. As of September 30, 2026, we had approximately $1.5 billion remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder.

Dividends and Distributions

On August 4, 2026, our Board declared dividends and distributions of $3.00 per common share to common shareholders, restricted share unitholders, deferred share unitholders, and vested and unvested LTIP unitholders, totaling approximately $561.0 million. The payments for the common share dividend and other distributions related to equity awards were made on October 6, 2026.

On August 4, 2026, our Board declared dividends and distributions with respect to our various series of preferred shares, totaling approximately $54.4 million. The dividend payments were made on September 30, 2026.

12. Related Party Transactions

On September 1, 2026, we acquired PS Canada, whose portfolio includes 68 self-storage properties with approximately 5.3 million rentable square feet across major Canadian metropolitan markets (see Note 3). Tamara Hughes Gustavson, a member of our Board of Trustees, held less than a 0.1% equity interest in PS Canada and was one of its managers. Ms. Gustavson's adult children held the remaining equity interest. Before the acquisition, we reinsured risks relating to the loss of goods stored by customers at PS Canada's facilities. We received reinsurance premiums of approximately $0.4 million and $0.6 million for the three months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026 and 2025, we received approximately $1.4 million and $1.6 million, respectively.

Throughout all periods presented, we had an approximate 35% equity interest in Shurgard. During the nine months ended September 30, 2026 and 2025, we received $4.0 million and $3.7 million, respectively, of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark. We eliminated $1.4 million and $1.3 million of intra-entity profits and losses for the nine months ended September 30, 2026 and 2025, respectively, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income (expense) on our Consolidated Statements of Income.

During the nine months ended September 30, 2026, we entered into agreements to sell non-qualified options (“OP Options”) to purchase common units of the Operating Partnership to two members of our Board, Shankh S. Mitra and Ronald L. Havner, for an aggregate purchase price of $25.0 million and $5.0 million, respectively. The purchase price was based on the Company’s determination of the fair value of the OP Options using a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will become exercisable on February 20, 2032, and have a 10-year term.

During the nine months ended September 30, 2026, the Company received $9.4 million of property management and asset management fees for supervisory and administrative property management services, centralized call center services, and technology platform and revenue management services provided to the properties in the joint ventures (see Note 5).

During the nine months ended September 30, 2026, the Company received a portion of all proceeds from tenant reinsurance and recognized $4.7 million of tenant reinsurance revenue from the joint ventures.

13. Share-Based Compensation

We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table.

As of September 30, 2026, there was $83.6 million of total unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted-average period ofthree years.

14. Net Income per Common Share

We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs and unvested LTIP units, for non-forfeitable dividends and distributions paid and adjusted for participation rights in undistributed earnings of the Company.

We calculate basic net income per common share based upon net income allocable to common shareholders divided by the weighted-average common shares. For diluted net income per common share, net income allocable to common shareholders is adjusted to add back the dilutive effects of if-converted noncontrolling interest shares, divided by the weighted-average common shares adjusted for the impact of dilutive stock options, shares and OP Units subject to earnout provisions when the applicable contingency or performance conditions have been met, OP Options, AO LTIP units, Forward ATM Offerings, and the assumed conversion of noncontrolling interest shares under the if-converted method when their effect is dilutive. Stock options, OP Options, AO LTIP units and Forward ATM Offerings equivalent to 3,379,227 common shares were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2026, as compared to 572,130 common shares for the same period in 2025, because their effect would have been antidilutive.

The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three and nine months ended September 30, 2026 and 2025, respectively:

15. Income Taxes

As a REIT, we generally are not subject to U.S. federal income tax on taxable income distributed to shareholders. We have elected taxable REIT subsidiary (“TRS”) status for certain consolidated subsidiaries, which may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. Our TRSs are subject to U.S. federal corporate income tax and may be subject to state and local income taxes. We are also subject to Canadian and U.K. income taxes on our investments in those jurisdictions.

Income tax expense (benefit) was $(15.0) million and $(10.8) million for the three and nine months ended September 30, 2026, respectively, and $2.8 million and $7.5 million for the same periods in 2025. The 2026 amounts primarily reflect a $16.7 million deferred tax benefit from the partial release of a valuation allowance, partially offset by state, foreign and TRS income taxes. The 2025 amounts consisted primarily of state taxes.

Deferred Income Taxes

In connection with the NSA and PS Canada Acquisitions, we recognized deferred tax liabilities of $262.1 million during the quarter, primarily related to buildings, intangible assets and land. As a result of the deferred tax liabilities recorded in the NSA acquisition, we released $16.7 million of the valuation allowance on Public Storage TRS deferred tax assets, which consist primarily of federal solar tax credits that begin to expire in 2041.

16. Segment Information

Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our Chief Executive Officer, who is our chief operating decision maker (“CODM”). Segment asset information is not used by the CODM to assess performance or allocate resources.

Self-Storage Operations

The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own through the following operating segments: (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. Our CODM evaluates performance and allocates resources for the Self-Storage Operations reportable segment based on its Net Operating Income (“NOI”), which represents the related revenue less cost of operations. Our CODM utilizes NOI during the budget and forecasting process to allocate capital and personnel resources and evaluates financial performance and operating trends of the reportable segment based on the budget-to-actual variance and year-over-year change of the NOI on an ongoing basis.

The presentation in the table below sets forth the revenue, significant expense categories, and NOI of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment.

Ancillary Operations

Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and management fees related to properties we manage through our joint venture investments and agreements with unrelated third parties.

Presentation of Segment Information

The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income:

(a) Indirect cost of operations are comprised of supervisory payroll, centralized management costs, and share-based compensation

17. Commitments and Contingencies

Contingent Losses

We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.

Insurance and Loss Exposure

We maintain comprehensive property and casualty insurance policies which include coverage for earthquake, rental loss, general liability, umbrella liability, management liability, employee medical insurance and workers compensation coverage through internationally recognized and highly rated insurance carriers, subject to deductibles.

We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase excess insurance to cover this exposure for a limit of $15.0 million for losses in excess of $10.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At September 30, 2026, there were approximately 1.9 million certificates held by self-storage customers under the program, representing aggregate coverage of approximately $8.7 billion.

Commitments

We have construction commitments representing future expected payments for construction under contract totaling $170.8 million at September 30, 2026. We expect to pay approximately $17.0 million in the remainder of 2026, $134.7 million in 2027 and $19.1 million in 2028 for these construction commitments.

We have future contractual payments on land, equipment and office space under various lease commitments totaling $102.4 million at September 30, 2026. We expect to pay approximately $1.8 million in the remainder of 2026, $7.1 million in 2027, $4.9 million in each of 2028 and 2029, $5.0 million in 2030, and $78.7 million thereafter for these commitments.

We have unfunded commitments related to our private equity and joint venture investments totaling $74.1 million at September 30, 2026, which may be called at any time during the prescribed time periods. We have unfunded bridge loan commitments totaling $23.1 million at September 30, 2026. We expect to fund the loans in the next twelve months, subject to the satisfaction of certain conditions.

18. Corporate Transformation Costs

In 2025, we launched a corporate transformation initiative focused on modernization and growth. This includes streamlining our processes through technology and shifting our geographic footprint with a stronger corporate presence in offshore locations and relocation of our principal executive office from California to Texas. The initiative is intended to transform our corporate functions, improving efficiency and productivity.

Corporate transformation costs of approximately $8.0 million and $3.2 million were incurred for the nine months ended September 30, 2026 and 2025, respectively, and totaled approximately $12.9 million from inception through September 30, 2026.

Corporate transformation costs consisting of Employee Related and Real Estate Related expenses are a component ofgeneral and administrative expense in the Consolidated Statements of Income. Employee Related costs primarily consist of termination benefits provided to employees who have been involuntarily terminated, duplicate payroll costs and retention bonuses incurred during transition periods. Real Estate Related and Other costs primarily consist of accelerated depreciation and consulting fees. The following table presents changes in accrued corporate transformation costs and cumulative costs incurred during the nine months ended September 30, 2026:

19. Subsequent Events

As of October 26, 2026 we had $375 million of commercial paper outstanding with a weighted average maturity ofseven days.

Subsequent to September 30, 2026, we acquired or were under contract to acquire 17 self-storage facilities across twelve states with 1.3 million net rentable square feet for $211.5 million.