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Public Storage 4.625% Cumulative Preferred Stock, Series L

Ticker: PSA-L

Parent Ticker: PSA

OTC Grey Market Temporary Ticker: PUBXL

Issuance Date: 06/08/2020

1st Call Date: 06/17/2025

Maturity Date: None

Shares Issued: 20,000,000

Overallotment Shares: 3,000,000

Coupon: 4.625%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.289

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