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Public Storage 3.875% Cumulative Preferred Shares, Series N

Ticker: PSA-N

Parent Ticker: PSA

OTC Grey Market Temporary Ticker: PSADL

Issuance Date: 09/29/2020

1st Call Date: 10/06/2025

Maturity Date: None

Shares Issued: 10,000,000

Overallotment Shares: 0

Coupon: 3.875%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.242

Payment Months: MAR, JUN, SEP, DEC

Payment Day: Last Day

S&P Rating: BBB+

III Rating (In Regards to Dividend Safety Only): A

Moody Rating: A3

Fitch Rating: NR