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Public Storage 4.75% Cumulative Preferred Stock, Series K

Ticker: PSA-K

Parent Ticker: PSA

OTC Grey Market Temporary Ticker: PBSGZ

Issuance Date: 12/11/2019

1st Call Date: 12/20/2024

Maturity Date: None

Shares Issued: 8,000,000

Overallotment Shares: 1,200,000

Coupon: 4.75%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.297

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