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Public Storage 4.00% Cumulative Preferred Stock, Series R

Ticker: PSA-R

Parent Ticker: PSA

OTC Grey Market Temporary Ticker: NA

Issuance Date: 11/09/2021

1st Call Date: 11/19/2026

Maturity Date: None

Shares Issued: 17,400,000

Overallotment Shares: 2,600,000

Coupon: 4.00%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.25

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

Egan-Jones Rating: NR