Public Storage 4.10% Cumulative Preferred Stock, Series S

Ticker: PSA-S

Parent Ticker: PSA

OTC Grey Market Temporary Ticker: PASDV

Issuance Date: 01/04/2022

1st Call Date: 01/13/2027

Maturity Date: None

Shares Issued: 10,000,000

Overallotment Shares: 1,500,000

Coupon: 4.10%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.2563

Ex-Dividend Months: MAR, JUN, SEP, DEC

Approx. Ex-Dividend Day: 13

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