<SEC-DOCUMENT>0001193125-25-223356.txt : 20250929
<SEC-HEADER>0001193125-25-223356.hdr.sgml : 20250929
<ACCEPTANCE-DATETIME>20250929165006
ACCESSION NUMBER:		0001193125-25-223356
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20250926
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250929
DATE AS OF CHANGE:		20250929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Public Storage
		CENTRAL INDEX KEY:			0001393311
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				953551121
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33519
		FILM NUMBER:		251356924

	BUSINESS ADDRESS:	
		STREET 1:		701 WESTERN AVENUE
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91201-2349
		BUSINESS PHONE:		818-244-8080

	MAIL ADDRESS:	
		STREET 1:		701 WESTERN AVENUE
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91201-2349
</SEC-HEADER>
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<td style="vertical-align:top;text-align:center"><span style="font-weight:bold">(Address of Principal Executive Offices)</span></td>
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<td style="vertical-align:top;text-align:center"><span style="font-weight:bold">(Zip Code)</span></td></tr> </table><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Registrant&#8217;s telephone number, including area code (<ix:nonNumeric name="dei:CityAreaCode" contextRef="duration_2025-09-26_to_2025-09-26" id="Fact_2">818</ix:nonNumeric>) <span style="white-space:nowrap"><ix:nonNumeric name="dei:LocalPhoneNumber" contextRef="duration_2025-09-26_to_2025-09-26" id="Fact_3">244-8080</ix:nonNumeric></span></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">N/A</p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Former name or former address, if changed since last report)</p><p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <span style="white-space:nowrap">8-K</span> is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p><p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="ixv-538">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top;text-align:left"><p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr> </table><p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="ixv-539">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top;text-align:left"><p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12)</span></p></td></tr> </table><p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="ixv-540">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top;text-align:left"><p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b))</span></p></td></tr> </table><p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="ixv-541">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top;text-align:left"><p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c))</span></p></td></tr> </table><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Securities registered pursuant to Section&#160;12(b) of the Act:</p><p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr>
<td style="width:34%"/>
<td style="vertical-align:bottom"/>
<td style="width:32%"/>
<td style="vertical-align:bottom;width:1%"/>
<td style="width:32%"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of Class</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading<br/>Symbol</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of exchange on<br/>which registered</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember" id="Fact_4">Common Shares, $0.10 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember" id="Fact_5">PSA</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember" format="ixt-sec:exchnameen" id="Fact_6">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesFPreferredStockMember" id="Fact_7">Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesFPreferredStockMember" id="Fact_8">PSAPrF</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesFPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_9">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesGPreferredStockMember" id="Fact_10">Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesGPreferredStockMember" id="Fact_11">PSAPrG</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesGPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_12">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesHPreferredStockMember" id="Fact_13">Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesHPreferredStockMember" id="Fact_14">PSAPrH</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesHPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_15">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesIPreferredStockMember" id="Fact_16">Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesIPreferredStockMember" id="Fact_17">PSAPrI</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesIPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_18">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesJPreferredStockMember" id="Fact_19">Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesJPreferredStockMember" id="Fact_20">PSAPrJ</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesJPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_21">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesKPreferredStockMember" id="Fact_22">Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesKPreferredStockMember" id="Fact_23">PSAPrK</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesKPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_24">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesLPreferredStockMember" id="Fact_25">Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesLPreferredStockMember" id="Fact_26">PSAPrL</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesLPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_27">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesMPreferredStockMember" id="Fact_28">Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesMPreferredStockMember" id="Fact_29">PSAPrM</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesMPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_30">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesNPreferredStockMember" id="Fact_31">Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesNPreferredStockMember" id="Fact_32">PSAPrN</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesNPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_33">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesOPreferredStockMember" id="Fact_34">Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesOPreferredStockMember" id="Fact_35">PSAPrO</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesOPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_36">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesPPreferredStockMember" id="Fact_37">Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesPPreferredStockMember" id="Fact_38">PSAPrP</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesPPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_39">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesQPreferredStockMember" id="Fact_40">Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesQPreferredStockMember" id="Fact_41">PSAPrQ</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesQPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_42">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesRPreferredStockMember" id="Fact_43">Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesRPreferredStockMember" id="Fact_44">PSAPrR</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesRPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_45">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesSPreferredStockMember" id="Fact_46">Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesSPreferredStockMember" id="Fact_47">PSAPrS</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-SeriesSPreferredStockMember" format="ixt-sec:exchnameen" id="Fact_48">New York Stock Exchange</ix:nonNumeric></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-GuaranteeNotesDue2032Member" name="dei:Security12bTitle" id="ixv-587">Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-GuaranteeNotesDue2032Member" name="dei:TradingSymbol" id="ixv-588">PSA/32</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-GuaranteeNotesDue2032Member" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="ixv-589">New York Stock Exchange</ix:nonNumeric></td></tr>
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<td style="vertical-align:top;text-align:center"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-GuaranteeNotesDue2030Member" name="dei:Security12bTitle" id="ixv-590">Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-GuaranteeNotesDue2030Member" name="dei:TradingSymbol" id="ixv-591">PSA/30</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26_us-gaap-StatementClassOfStockAxis_psa-GuaranteeNotesDue2030Member" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="ixv-592">New York Stock Exchange</ix:nonNumeric></td></tr> </table><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <span style="white-space:nowrap">12b-2</span> of the Securities Exchange Act of 1934 <span style="white-space:nowrap">(&#167;240.12b-2</span> of this chapter).</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">Emerging growth company&#8194;<ix:nonNumeric contextRef="duration_2025-09-26_to_2025-09-26" name="dei:EntityEmergingGrowthCompany" format="ixt:fixed-false" id="ixv-593">&#9744;</ix:nonNumeric></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#8194;&#9744;</p><p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</div> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</div></div></div><p style="page-break-before:always"></p> <hr style="color:#999999;height:3px;width:100%;clear:both"/> <div style="text-align:center"> <div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;1.01</span></td>
<td style="vertical-align:top;text-align:left"><p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Entry Into a Material Definitive Agreement</p></td></tr> </table><p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On September&#160;26, 2025, Public Storage (the &#8220;Company&#8221;) and Public Storage Operating Company, a subsidiary of the Company (&#8220;PSOC&#8221;), entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with BNP PARIBAS, Goldman Sachs&#160;&amp; Co. LLC and Morgan Stanley&#160;&amp; Co. International plc, as joint book-running managers of the several underwriters named therein (the &#8220;Underwriters&#8221;), for the sale of &#8364;425&#160;million aggregate principal amount of senior notes due 2034 (the &#8220;Notes&#8221;). The Notes will be issued by PSOC and guaranteed by the Company.</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Notes will bear interest at an annual rate of 3.500%, will be issued at 99.447% of par value and will mature on January&#160;20, 2034.</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The offering of the Notes was made pursuant to a shelf registration statement on Form <span style="white-space:nowrap">S-3</span> (File Nos. <span style="white-space:nowrap">333-283556</span> and <span style="white-space:nowrap"><span style="white-space:nowrap">333-283556-01)</span></span> filed by the Company and PSOC with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on December&#160;2, 2024. A preliminary prospectus supplement, dated September&#160;26, 2025, relating to the Notes and supplementing the prospectus was filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The offering is expected to close on October&#160;3, 2025, subject to the satisfaction of customary closing conditions. PSOC expects to use the net proceeds to repay the outstanding &#8364;242&#160;million in aggregate principal amount of its 2.175% senior notes due November 2025 and for general corporate purposes, including to make investments in self-storage facilities (such as acquisitions of facilities or interests in entities that own facilities, development, and mortgage loans secured by facilities), repayment of debt and the redemption of outstanding securities.</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Underwriters have performed investment banking and advisory services for the Company and PSOC from time to time for which they have received customary fees and expenses. The Underwriters may, from time to time, engage in transactions with and perform services for the Company and PSOC in the ordinary course of their business.</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The lenders under PSOC&#8217;s revolving credit facility include, among other financial institutions from time to time as lenders party thereto, BNP Paribas, an affiliate of BNP PARIBAS; Goldman Sachs Bank USA, an affiliate of Goldman Sachs&#160;&amp; Co. LLC; Morgan Stanley Bank, N.A., an affiliate of Morgan Stanley&#160;&amp; Co. International plc; The Bank of Nova Scotia, an affiliate of Scotiabank (Ireland) Designated Activity Company and UBS AG, Stamford Branch, an affiliate of UBS AG London Branch.</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PSOC and the Company made certain customary representations, warranties and covenants concerning the Company, PSOC and the registration statement in the Underwriting Agreement and also agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Underwriters may be required to make in respect of those liabilities.</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy of the Underwriting Agreement is attached to this report as Exhibit 1.1 and incorporated herein by reference. The summary set forth above is qualified in its entirety by reference to Exhibit 1.1.</p></div></div><p style="page-break-before:always"></p> <hr style="color:#999999;height:3px;width:100%;clear:both"/> <div style="text-align:center"> <div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;9.01.</span></td>
<td style="vertical-align:top;text-align:left"><p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits</p></td></tr></table><p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">(d)&#8195;Exhibits</p><p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><span style="font-weight:bold">Exhibit</span> <br/><span style="font-weight:bold">No.</span></td>
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<td style="vertical-align:top"><a href="d81273dex11.htm">Underwriting Agreement, dated as of September&#160;26, 2025, by and among PSOC, the Company, BNP PARIBAS, Goldman Sachs&#160;&amp; Co. LLC and Morgan Stanley&#160;&amp; Co. International plc, as joint book-running managers of the several underwriters named therein. </a></td></tr>
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<td style="vertical-align:top"><a href="d81273dex51.htm">Opinion of Hogan Lovells US LLP. </a></td></tr>
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<td style="vertical-align:top"><a href="d81273dex51.htm">Consent of Hogan Lovells US LLP (included in Exhibit&#160;5.1). </a></td></tr>
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<td style="vertical-align:top">Cover Page Interactive Data File (embedded within the Inline XBRL document).</td></tr></table></div></div><p style="page-break-before:always"></p> <hr style="color:#999999;height:3px;width:100%;clear:both"/> <div style="text-align:center"> <div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURES</p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom" colspan="3">PUBLIC STORAGE</td></tr>
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<td style="vertical-align:top">By:</td>
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<td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nathaniel A. Vitan</p></td></tr>
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<td style="vertical-align:bottom">Date: September&#160;29, 2025</td>
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<td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nathaniel A. Vitan</p><p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Senior Vice President, Chief Legal Officer&#160;&amp; Corporate Secretary</p></td></tr></table></div></div></body></html>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PUBLIC STORAGE OPERATING COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3.500% Senior Notes due 2034 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERWRITING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;26, 2025 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;26, 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Managers named in Schedule I hereto </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">for the Underwriters
named in Schedule II hereto </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Public Storage Operating Company (the &#8220;<B>Company</B>&#8221;), a Maryland real estate investment trust, proposes to issue and sell to
the several underwriters named in Schedule&nbsp;II hereto (the &#8220;<B>Underwriters</B>&#8221;), for whom you are acting as managers (the &#8220;<B>Managers</B>&#8221;), the principal amount of its debt securities identified in Schedule&nbsp;I
hereto (the &#8220;<B>Notes</B>&#8221;). The Notes will be guaranteed (the &#8220;<B>Guarantee</B>&#8221; and together with the Notes the &#8220;<B>Securities</B>&#8221;) by&nbsp;Public Storage, a Maryland real estate investment trust (the
&#8220;<B>Guarantor</B>&#8221;), and the indirect parent company of the Company. The Securities will be issued under the indenture (the &#8220;<B>Base Indenture</B>&#8221;) and the twenty-first supplemental indenture (the &#8220;<B>Twenty-First
</B><B>Supplemental Indenture</B>&#8221; and, together with the Base Indenture, the &#8220;<B>Indenture</B>&#8221;) specified in Schedule&nbsp;I hereto between the Company and the Trustee identified in such Schedule (the
&#8220;<B>Trustee</B>&#8221;). If the firm or firms listed in Schedule&nbsp;II hereto include only the Managers listed in Schedule&nbsp;I hereto, then the terms &#8220;Underwriters&#8221; and &#8220;Managers&#8221; as used herein shall each be
deemed to refer to such firm or firms. Certain terms used in this Agreement are defined in Section&nbsp;1(jj). In connection with the issuance of the Notes, the Company will enter into the paying agency agreement (the &#8220;<B>Paying Agency
Agreement</B>&#8221;), specified in Schedule I hereto between the Company and the Paying Agent specified in such Schedule (the &#8220;<B>Paying Agent</B>&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <I>Representations and Warranties</I>. The Company and the Guarantor, jointly and severally, represent, warrant and covenant to the
Underwriters as set forth below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company and the Guarantor have filed with the Securities and Exchange Commission
(the &#8220;<B>Commission</B>&#8221;) a registration statement, registration numbers <FONT STYLE="white-space:nowrap">333-283556</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-283556-01,</FONT></FONT> on Form <FONT
STYLE="white-space:nowrap">S-3ASR,</FONT> including the related prospectus included in the Registration Statement, for the registration under the Securities Act of 1933, as amended (the &#8220;<B>Securities</B> <B>Act</B>&#8221;), of the offering
and sale of, inter alia, the Securities. The Company has filed with, or transmitted for filing to, or shall promptly hereafter file with or transmit for filing to, the Commission a prospectus supplement (the &#8220;<B>Prospectus
Supplement</B>&#8221;) specifically relating to the Securities pursuant to Rules 415 and 424 under the Securities Act. The Company has included or will include in such Registration Statement, as amended at the Execution Time, and in the Prospectus
Supplement all information required by the Securities Act and the rules thereunder to be included therein with respect to the Securities and the offering thereof. As filed, such Registration Statement, as so amended, and form of final prospectus
contained in the Registration Statement and Prospectus Supplement, contains or will </P>
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contain all required information with respect to the Securities and the offering thereof and, except to the extent the Managers shall agree in writing to a modification, shall be in all
substantive respects in the form furnished to the Underwriters prior to the date hereof or, to the extent not completed at the Execution Time, shall contain only such specific additional information and other changes as the Company has advised the
Managers, prior to the Execution Time, will be included or made therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) At the respective times the Registration
Statement and each amendment thereto became effective, at each deemed effective date pursuant to Rule 430B and on the Closing Date, the Registration Statement complied and will comply in all material respects with the requirements of the Securities
Act and the rules thereunder and did not contain and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; and
the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was issued and on the Closing Date, complied and will comply in all material respects with the requirements of the Securities
Act and the rules thereunder and did not and will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided, however, that the Company and the Guarantor make no representations or warranties as to (A)&nbsp;the information contained in or omitted from the Registration Statement or the Prospectus (or any supplement thereto) in
reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter through the Managers specifically for inclusion in the Registration Statement or the Prospectus (or any supplement thereto) or
(B)&nbsp;that part of the Registration Statement that constitutes the Statement of Eligibility (Form <FONT STYLE="white-space:nowrap">T-1)</FONT> under the Trust Indenture Act of 1939, as amended (the &#8220;<B>Trust Indenture Act</B>&#8221;), of
the Trustee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) As of the Applicable Time (as defined below), the Issuer General Use Free Writing Prospectus(es) (as
defined below) issued at or prior to the Applicable Time and the Statutory Prospectus (as defined below) all considered together (collectively, the &#8220;<B>General Disclosure Package</B>&#8221;), did not include any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company and the Guarantor make no representations or
warranties as to the information contained in or omitted from the General Disclosure Package in reliance upon and in conformity with information furnished in writing to the Company or the Guarantor by or on behalf of any Underwriter through the
Managers specifically for inclusion therein. As used in this subsection and elsewhere in this Agreement: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:22%; font-size:10pt; font-family:Times New Roman">&#8220;<B>Applicable Time</B>&#8221; means 10:00 a.m. (New York City time) on
September&nbsp;26, 2025 or such other time as agreed by the Company and the Managers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:22%; font-size:10pt; font-family:Times New Roman">&#8220;<B>Statutory Prospectus</B>&#8221; means the
prospectus relating to the Securities contained in the Registration Statement at the Effective Date, including any document incorporated by reference therein and any Preliminary Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:22%; font-size:10pt; font-family:Times New Roman">&#8220;<B>Issuer Free Writing Prospectus</B>&#8221; means any &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433 of the
Securities Act, relating to the Securities that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &#8220;roadshow that is a written communication&#8221; within the meaning of Rule&nbsp;433(d)(8)(i), including the
items listed on Schedule III hereto, whether or not required to be filed with the Commission or (iii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i) because it contains a description of the Securities or of the offering that does not
reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained by the Company&#8217;s records pursuant to Rule&nbsp;433(g) of the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:22%; font-size:10pt; font-family:Times New Roman">&#8220;<B>Issuer General Use Free Writing Prospectus</B>&#8221; means any Issuer Free Writing Prospectus that is intended for general
distribution to prospective investors, as evidenced by its being specified in Schedule&nbsp;IV hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Each Issuer
Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Securities or until any earlier date that the Company notified or notifies the Managers, did not, does not and will
not include any information that conflicted, conflicts or will conflict with any information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein and any preliminary or other prospectus
deemed to be a part thereof that has not been superseded or modified. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) (i)&nbsp;At the time of filing of the
Registration Statement, (ii)&nbsp;at the time of the most recent amendment thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment,
</P>
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incorporated report filed pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;<B>Exchange Act</B>&#8221;), or form of prospectus), (iii)&nbsp;at
the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) of the Securities Act) made any offer relating to the Securities in reliance on the exemption of Rule 163 of the Securities Act and
(iv)&nbsp;at the date hereof, the Guarantor was and is a &#8220;well-known seasoned issuer&#8221; as defined in Rule 405 of the Securities Act, and the Company and the Securities satisfied and satisfies the requirements of Instruction I.D. of Form <FONT
STYLE="white-space:nowrap">S-3</FONT> with respect to securities of a majority-owned subsidiary. The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule 405 of the Securities Act and the Securities,
since their registration on the Registration Statement, have been and remain eligible for registration by the Company and the Guarantor on a Rule 405 of the Securities Act &#8220;automatic shelf registration statement.&#8221; Neither the Company nor
the Guarantor have received from the Commission any notice pursuant to Rule 401(g)(2) of the Securities Act objecting to the use of the automatic shelf registration statement form. (i)&nbsp;At the earliest time after the filing of the Registration
Statement that the Company or the Guarantor or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act) of the Securities and (ii)&nbsp;at the date hereof, neither the Company nor the Guarantor
was and neither is an &#8220;ineligible issuer,&#8221; as defined in Rule 405 of the Securities Act, including the Company, the Guarantor or any subsidiary of the Company or the Guarantor in the preceding three years not having been convicted of a
felony or misdemeanor or having been made the subject of a judicial or administrative decree or order as described in Rule 405 of the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Registration Statement has become effective under the Securities Act, and no stop order suspending the effectiveness
of the Registration Statement is in effect and no proceedings for such purpose are, to the knowledge of the Company or the Guarantor, pending before or threatened by the Commission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Prospectus and the
General Disclosure Package, at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act, and the rules and regulations of the Commission thereunder
and, when read together with the other information in the General Disclosure Package, at the Applicable Time, and with the Prospectus, at the date of the Prospectus, on the Closing Date did not and will not include an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances, under which they were made, not misleading. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The only significant subsidiaries of the Company or the Guarantor,
respectively, are the subsidiaries listed on Annex A hereto (the &#8220;<B>Subsidiaries</B>&#8221;). Each of the Company, the Guarantor, the Subsidiaries, and the partnerships listed on Annex B hereto (the &#8220;<B>Partnerships</B>&#8221;) has been
duly organized and is validly existing in good standing under the laws of the jurisdiction in which it is organized, with full power and authority to own or lease and occupy its properties and conduct its business as described in the Prospectus, and
is duly qualified to do business, and is in good standing, in each jurisdiction which requires such qualification, except where the failure to so qualify would not, individually or in the aggregate, have a material adverse effect on the business,
operations, earnings, assets or financial condition of the Company (a &#8220;<B>Material Adverse Effect</B>&#8221;). All of the outstanding shares of capital stock or equity interests, as applicable, of each of the Subsidiaries have been duly
authorized and validly issued, are fully paid and nonassessable, and the interests in the Subsidiaries that are owned by the Guarantor directly, or indirectly through another Subsidiary, are free and clear of any lien, adverse claim, security
interest, equity, or other encumbrance. All of the Guarantor&#8217;s ownership interests in the Partnerships are owned free and clear of any security interest, claim, lien or other encumbrance. The Company owns as of the date hereof 100% of the
issued and outstanding partnership units in PSA Institutional Partners, L.P. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Company, the Guarantor, each of the
Subsidiaries and each Partnership have all requisite power and authority, and all necessary material authorizations, approvals, orders, licenses, certificates and permits of and from all regulatory or governmental officials, bodies and tribunals, to
own or lease their respective properties and to conduct their respective businesses as now being conducted and as described in the Registration Statement, the General Disclosure Package and the Prospectus; all such authorizations, approvals,
licenses, certificates and permits are in full force and effect, except where the failure to be in full force and effect would not have a Material Adverse Effect on the Company, the Guarantor, such Subsidiary or such Partnership; and the Company,
the Guarantor, each of the Subsidiaries and each Partnership are complying with all applicable laws, ordinances, administrative and governmental rules and regulations applicable to the Company, the Guarantor, any of the Subsidiaries or any of the
Partnerships and any decrees of any court or governmental agency or body having jurisdiction over the Company, the Guarantor, any of the Subsidiaries or any of the Partnerships, in each case, the violation of which could have a Material Adverse
Effect on the Company, the Guarantor, such Subsidiary or such Partnership, as the case may be. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The Company, the Guarantor, each Subsidiary and each Partnership have
good and marketable title to their properties, free and clear of all material liens, charges and encumbrances and equities of record, except as set forth or reflected in the Registration Statement, the General Disclosure Package and the Prospectus.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) The Company, the Guarantor, each Subsidiary and each Partnership maintains adequate insurance for the conduct of
their respective business as described in the Registration Statement, the General Disclosure Package and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) The Company and the Guarantor, either directly or through the Subsidiaries or Partnerships, each owns or licenses or
otherwise has the right to use all patents, trademarks, trademark registrations, service marks, service mark registrations, trade names, copyrights, licenses, inventions, trade secrets and rights material to the Company&#8217;s business as described
in the Prospectus; other than routine proceedings which if adversely determined would not materially affect the business (as described in the Prospectus) of the Company, the Guarantor, the Subsidiaries and the Partnerships taken as a whole, no
claims have been asserted by any person with respect to the use of any such patents, trademarks, trade names or trade secrets or challenging or questioning the validity or effectiveness of any such patents, trademarks, trade names or trade secrets;
to the best knowledge of the Company and the Guarantor, the use, in connection with the business and operations of the Company, the Guarantor, the Subsidiaries and the Partnerships, of such patents, trademarks and trade names does not infringe on
the rights of any person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) There is no pending or, to the best knowledge of the Company and the Guarantor, after due
inquiry, threatened, action, suit or proceeding before any court, governmental agency, authority or body or arbitrator involving the Company, the Guarantor, any of the Subsidiaries or any of the Partnerships or any of their respective officers or
any of their respective properties, assets or rights of a character required to be disclosed in the Registration Statement or Prospectus which is not adequately disclosed in the Preliminary Prospectus and the Prospectus, and there is no franchise,
contract or other document of a character required to be described in the Registration Statement or Prospectus, or to be filed as an exhibit, which is not described or filed as required. The statements in the Registration Statement, the General
Disclosure Package and the Prospectus, insofar as they are descriptions of contracts, agreements or other legal documents, or refer to statements of law or legal conclusions, are accurate, and present fairly the information required to be shown, in
all material respects. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) The Company and the Guarantor each has full corporate power and
authority to enter into and perform its obligations under this Agreement, the Indenture, the Securities and the Paying Agency Agreement and to issue, sell and deliver the Notes; and this Agreement, the Indenture and the Securities have been duly
authorized; and this Agreement and the Base Indenture have been, and the Twenty-First Supplemental Indenture, the Paying Agency Agreement and the Securities as of the Closing Date will have been, duly executed and delivered by the Company and the
Guarantor. The Indenture has been duly qualified under the Trust Indenture Act and, on the Closing Date, the Indenture will constitute a valid and binding obligation of the Company and the Guarantor, enforceable against the Company and the Guarantor
in accordance with its terms, except to the extent that enforcement thereof may be limited by (i)&nbsp;bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereinafter in effect relating to creditors&#8217; rights
generally and (ii)&nbsp;general principles of equity (regardless of whether a proceeding is considered at law or in equity). On the Closing Date, the Paying Agency Agreement will constitute a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except to the extent that enforcement thereof may be limited by (i)&nbsp;bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereinafter in effect relating to
creditors&#8217; rights generally and (ii)&nbsp;general principles of equity (regardless of whether a proceeding is considered at law or in equity). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) No consent, approval, authorization or order of any court or governmental agency, authority or body is required (and has
not been received) for the execution by the Company and the Guarantor of this Agreement, the Indenture, the Securities or the Paying Agency Agreement, the performance by the Company or the Guarantor of their respective obligations hereunder or
thereunder or the consummation by the Company and the Guarantor of the transactions contemplated herein or therein, including the issuance and sale of the Notes, except such as are required under the state securities or the Blue Sky laws of any
jurisdiction in connection with the purchase and distribution of the Notes by the Underwriters. Neither the Company nor any of its affiliates nor the Guarantor is presently doing any business with the government of Cuba or with any person or
affiliate located in Cuba. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) Neither the Company nor any of the Subsidiaries nor the Guarantor is in violation of, in
conflict with, in breach of or in default under (and none of them know of an event which with the giving of notice or the lapse of time or both would be reasonably likely to constitute a default under) its charter or
<FONT STYLE="white-space:nowrap">by-laws,</FONT> and none of the Partnerships is in violation of its respective partnership agreement (and none of them know of an event which with the giving of notice or the lapse of time or both would be reasonably
likely to constitute a violation), and neither the Company, the Guarantor, any Subsidiary nor any Partnership is in default in the performance of any obligation, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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agreement or condition contained in any loan, note or other evidence of indebtedness or in any indenture, mortgage, deed of trust or any other material agreement by which it or its properties are
bound, except for such defaults as could not, individually or in the aggregate, have a Material Adverse Effect on the Company, the Guarantor, such Subsidiary or such Partnership, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) Neither the Company, the Guarantor, any of the Subsidiaries nor any of the Partnerships has violated any environmental,
safety or similar law or regulation applicable to its business relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants, nor has the Company, the Guarantor, any of
the Subsidiaries nor any of the Partnerships violated any Federal, state or local law relating to discrimination in the hiring, promotion, pay or terms or conditions of employment of employees nor any applicable wage or hour laws, nor has the
Company, the Guarantor, any of the Subsidiaries or Partnerships engaged in any unfair labor practice, which in each case could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect on the Company, the Guarantor,
such Subsidiary or such Partnership, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) The execution and delivery by the Company and the Guarantor
of, and the performance by the Company and the Guarantor of their respective obligations under, this Agreement, the Indenture, the Securities and the Paying Agency Agreement, including the issuance and sale of the Notes, will not conflict with,
result in a breach or violation of, or constitute a default under any law or the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Company, the Guarantor, any of the Subsidiaries or the partnership agreement of any of the
Partnerships or the terms of any indenture or other agreement or instrument to which the Company, the Guarantor, any of the Subsidiaries or any of the Partnerships is a party or is bound or any judgment, order or decree applicable to the Company,
the Guarantor, any of the Subsidiaries or any of the Partnerships of any court, regulatory body, administrative agency, governmental body or arbitrator having jurisdiction over the Company, the Guarantor, any of the Subsidiaries or any of the
Partnerships. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) The Company and the Guarantor have fulfilled their obligations, if any, under the minimum funding
standards of Section&nbsp;302 of the Employee Retirement Income Security Act of 1974, as amended (&#8220;<B>ERISA</B>&#8221;), and the regulations and published interpretations thereunder with respect to each &#8220;pension plan&#8221; (as defined
in ERISA and such regulations and published interpretations) in which employees of the Company and the Guarantor are eligible to participate, and each such plan is in compliance in all material respects with the presently applicable provisions of
ERISA and such regulations and published </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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interpretations (except for such failure to so comply that would not have, singularly or in the aggregate with all other such failures to comply, a Material Adverse Effect), and has not incurred
any unpaid liability to the Pension Benefit Guaranty Corporation (other than for the payment of premiums in the ordinary course) or to any such plan under Title IV of ERISA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) No holders of securities of the Company or the Guarantor have rights to the registration of such securities under the
Registration Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) The Guarantor (as the successor to the tax status of Old PSA (as defined below) pursuant to
Section&nbsp;368(a)(1)(F) of the Internal Revenue Code of 1986, as amended (the &#8220;<B>Code</B>&#8221;) for U.S. federal income tax purposes as of August&nbsp;14, 2023) qualifies as a real estate investment trust for U.S. federal income tax
purposes pursuant to Sections 856 through 860 of the Code (a &#8220;<B>REIT</B>&#8221;), has so qualified for the taxable years ended December&nbsp;31, 1981 through December&nbsp;31, 2024 and the current and proposed method of operation of the
Guarantor will enable the Guarantor to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December&nbsp;31, 2025 and thereafter. From the time the Company became a subsidiary of the
Guarantor, the Company has been and will continue to be classified (i)&nbsp;from August&nbsp;14, 2023 until February&nbsp;14, 2024, as a &#8220;qualified REIT subsidiary&#8221; of the Guarantor under the Code or a disregarded entity for U.S. federal
income tax purposes and (ii)&nbsp;from February&nbsp;14, 2024 and thereafter, as a disregarded entity for U.S. federal income tax purposes. For purposes of this representation, &#8220;<B>Old PSA</B>&#8221; means the Company, at that time known as
Public Storage, a Maryland real estate investment trust, for relevant periods on or before August&nbsp;14, 2023. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) No
statement, representation, warranty or covenant made by the Company or the Guarantor in this Agreement or made in any certificate or document required by this Agreement to be delivered to the Managers is, or will be, when made, inaccurate, untrue or
incorrect in any material respect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) To the best of the Company&#8217;s and the Guarantor&#8217;s knowledge, the firm
of accountants that have certified or shall certify the applicable financial statements and supporting schedules filed or to be filed with the Commission as part of (or incorporated by reference in) the Registration Statement, the General Disclosure
Package and the Prospectus are independent public accountants with respect to the Company, the Guarantor and any other applicable entity, as required by the Securities Act. The financial statements, together with related schedules and notes,
incorporated by reference in the General Disclosure </P>
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Package, the Prospectus and the Registration Statement comply as to form in all material respects with the requirements of the Securities Act. Such financial statements fairly present the
consolidated financial position of the Company, the Guarantor, the Subsidiaries and the Partnerships at the respective dates indicated and the results of their operations and their cash flows for the respective periods indicated, and have been
prepared in accordance with generally accepted accounting principles (&#8220;<B>GAAP</B>&#8221;), except as otherwise expressly stated therein, as consistently applied throughout such periods. The other financial and statistical information and data
included in the General Disclosure Package, the Prospectus and in the Registration Statement are, in all material respects, accurately presented and prepared on a basis consistent with applicable financial statements and the books and records of the
Company, the Guarantor, the Subsidiaries and the Partnerships or, with respect to information and data relating to persons other than the Company, the Guarantor, the Subsidiaries and the Partnerships, other information available to the Company and
the Guarantor. The interactive data in eXtensible Business Reporting Language (&#8220;<B>XBRL</B>&#8221;) included in the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information called for in all
material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus (or any amendment or
supplement thereto), subsequent to the respective dates as of which such information is given in the Registration Statement, the General Disclosure Package and the Prospectus (or any amendment or supplement thereto), neither the Company, the
Guarantor, any of the Subsidiaries nor any of the Partnerships has incurred any liability or obligation, direct or contingent, or entered into any transaction, not in the ordinary course of business, that is material to the Company, the Guarantor,
the Subsidiaries and the Partnerships taken as a whole, and there has not been any material change in the capital stock, or material increase in the short-term debt or long-term debt, of the Company, the Guarantor, any Subsidiary or any of the
Partnerships, or any material adverse change, or any development (that relates to the Company, the Guarantor, the Subsidiaries and the Partnerships or to any of its respective properties or assets) which may reasonably be expected to involve a
prospective material adverse change, in the condition (financial or other), business, net worth or results of operations of the Company, the Guarantor, the Subsidiaries and the Partnerships taken as a whole. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y) The Company and the Guarantor have not distributed and, prior to the
later to occur of (i)&nbsp;the Closing Date and (ii)&nbsp;completion of the distribution of the Securities, will not distribute any offering material in connection with the offering and sale of the Securities other than the Registration Statement,
the Prospectus, the General Disclosure Package or other materials, if any, permitted by the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z) The
Guarantor maintains a system of internal accounting controls sufficient to provide reasonable assurances that in all material respects (i)&nbsp;transactions are executed in accordance with management&#8217;s general or specific authorization;
(ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&#8217;s
general or specific authorization; (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v)&nbsp;the interactive data in XBRL
included in the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable
thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa) To the Company&#8217;s and the Guarantor&#8217;s knowledge, neither the Company, the Guarantor, any of its
Subsidiaries nor any of the Partnerships nor any employee or agent of the Company, the Guarantor, any Subsidiary or any Partnership has made any payment of funds of the Company, the Guarantor, any Partnership or any Subsidiary or received or
retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb) The Company, the Guarantor, each of the Subsidiaries and each of the Partnerships have filed all tax returns required to
be filed (except to the extent extensions have been timely filed related thereto), which returns are complete and correct in all material respects, and neither the Company, the Guarantor, any Partnership nor any Subsidiary is in default in the
payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(cc) The
Securities have been duly authorized and, when the Notes have been executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of this Agreement, will
be valid and binding obligations of the Company and the Guarantor, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency reorganization, moratorium or other similar laws now or hereinafter in effect
relating to creditors&#8217; rights generally and equitable principles of general applicability (regardless of whether a proceeding is considered at law or in equity), and will be entitled to the benefits of the Indenture. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(dd) To the best of the Company&#8217;s and the Guarantor&#8217;s
knowledge, no labor disturbance by the employees of the Company, the Guarantor, the Subsidiaries or the Partnerships exists or is imminent that would, individually or in the aggregate, have a Material Adverse Effect. No collective bargaining
agreement exists with any of the Company&#8217;s and the Guarantor&#8217;s employees and, to the best of the Company&#8217;s and the Guarantor&#8217;s knowledge, no such agreement is imminent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ee) Each of the Company and the Guarantor has been advised concerning the Investment Company Act of 1940, as amended (the
&#8220;<B>1940 Act</B>&#8221;), and the rules and regulations thereunder, and has in the past conducted, and intends in the future to conduct, its affairs in such a manner as to ensure that it will not become an &#8220;investment company&#8221; or a
company &#8220;controlled&#8221; by an &#8220;investment company&#8221; within the meaning of the 1940 Act and such rules and regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ff) Neither the Guarantor, the Company nor any of their respective subsidiaries has at any time during the last five
(5)&nbsp;years (i) made any unlawful contribution to any candidate for foreign office or failed to disclose fully any contribution in violation of law, or (ii)&nbsp;made any payment to any federal or state governmental officer or official, or other
person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(gg) Neither the Guarantor, the Company nor any of their respective subsidiaries nor, to the knowledge of the Company and the
Guarantor, any director, trustee, officer, agent, employee or other person acting on behalf of the Guarantor, the Company or any of their respective subsidiaries has (i)&nbsp;used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government
or regulatory official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or
party official or candidate for political office; (iii)&nbsp;made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iv)&nbsp;violated or is in violation of any provision of the
Foreign Corrupt Practices Act of 1977 or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of
the United Kingdom, or any other applicable anti-bribery or anticorruption laws; or (v)&nbsp;made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hh) The operations of the Guarantor, the Company and their respective
subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all
jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;<B>Money Laundering Laws</B>&#8221;) and no
action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Guarantor, the Company or any of their respective subsidiaries with respect to the Money Laundering Laws is pending or, to
the knowledge of the Company and the Guarantor, threatened. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) None of the Guarantor, the Company, any of their
respective subsidiaries or, to the knowledge of the Company and the Guarantor, any director, trustee, officer, agent, employee or affiliate of the Guarantor, the Company or any of their respective subsidiaries is currently the target of any
sanctions administered by the U.S. government (including without limitation the Office of Foreign Assets Control of the U.S. Treasury Department and the U.S. Department of State), the United Nations Security Council, the European Union, His
Majesty&#8217;s Treasury of the United Kingdom, or other applicable sanctions authority (collectively, &#8220;<B>Sanctions</B>&#8221;), nor is the Company, the Guarantor or any of their respective subsidiaries located, organized or resident in a
country or territory that is the target of comprehensive Sanctions, consisting, as of the date hereof, of Crimea, Cuba, Iran, North Korea, and Syria (each, a &#8220;<B>Sanctioned Country</B>&#8221;). The Company and the Guarantor will not, directly
or indirectly, use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, to fund or facilitate any activities of or
business with any person that, at the time of such funding or facilitation, (i)&nbsp;is the target of Sanctions, (ii)&nbsp;is located, organized or resident in a Sanctioned Country, or (iii)&nbsp;in any other manner that would result in a violation
by any person (including any person participating in the offering, whether as underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions. Since April&nbsp;24, 2019, the Company, the Guarantor and their respective subsidiaries have
not knowingly engaged in, and are not now knowingly engaged in, any dealings or transactions with any person or entity that, at the time of such dealing or transaction, is or was the target of Sanctions or with or in any country or territory that is
or was the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">target of Sanctions, in each case, in violation of applicable Sanctions. Each of the
Underwriters established in the United Kingdom or a member state of the European Economic Area (&#8220;<B>EEA</B>&#8221;) agrees that the representations and warranties set out in this Section&nbsp;1(ii) are not being sought by such Underwriter
except to the extent that doing so would be permissible pursuant to European Union Council Regulation (EC) 2271/96 or any similar blocking or anti-boycott law in the United Kingdom. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(jj) The terms which follow, when used in this Agreement, shall have the meanings indicated. The term &#8220;<B>the Effective
Date</B>&#8221; shall mean each date that the Registration Statement and any post-effective amendment or amendments thereto became or is deemed to have become effective. &#8220;<B>Execution Time</B>&#8221; shall mean the date and time that this
Agreement is executed and delivered by the parties hereto. &#8220;<B>Preliminary Prospectus</B>&#8221; shall mean any preliminary prospectus or preliminary prospectus supplement relating to the Securities, in each case filed pursuant to Rule 424(b).
&#8220;<B>Prospectus</B>&#8221; shall mean the final prospectus in the form first furnished to the Underwriters for use in connection with the offering of Securities and any Preliminary Prospectus that forms a part thereof and any Prospectus
Supplement relating to the Securities that is first filed pursuant to Rule 424(b) after the Execution Time. &#8220;<B>Registration Statement</B>&#8221; shall mean the Registration Statement referred to in paragraph (a)&nbsp;above, including any
required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430B under the Securities Act and all exhibits and financial statements thereto, as amended at the Execution Time and, in the event any amendment thereto
becomes effective prior to the Closing Date, shall also mean such registration statement as so amended. &#8220;<B>Rule 424</B>&#8221; refers to such rule under the Securities Act. Any reference herein to the Registration Statement, a Preliminary
Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein either pursuant to the terms of the Registration Statement or pursuant to Item 12 of Form
<FONT STYLE="white-space:nowrap">S-3</FONT> which were filed under the Exchange Act on or before the Effective Date of the Registration Statement or the issue date of such Preliminary Prospectus or the Prospectus, as the case may be (collectively,
the &#8220;<B>Incorporated Documents</B>&#8221;); and any reference herein to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus
shall be deemed to refer to and include the filing of any document under the Exchange Act after the Effective Date of the Registration Statement, or the issue date of any Preliminary Prospectus or the Prospectus, as the case may be, deemed to be
incorporated therein by reference. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(kk) Neither the Guarantor, the Company nor any of their respective
officers, trustees, or controlling persons has taken, directly or indirectly, any action intended, or which might reasonably be expected, to cause or result, under the Securities Act or otherwise, in, or which has constituted, stabilization or
manipulation of the price of any security of the Guarantor and the Company to facilitate the sale or resale of the Securities in violation of the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ll) (i)&nbsp;There has been no security breach or incident, unauthorized access or disclosure, or other compromise relating
to the Guarantor&#8217;s, the Company&#8217;s or their respective subsidiaries&#8217; information technology and computer systems, networks, hardware, software, data and databases (including the data and information of their respective customers,
employees, suppliers, vendors and any third party data maintained, processed or stored by the Guarantor, the Company and their respective subsidiaries, and any such data processed or stored by third parties on behalf of the Guarantor, the Company
and their respective subsidiaries), equipment or technology (collectively, &#8220;<B>IT Systems and Data</B>&#8221;), (ii)&nbsp;neither the Guarantor, the Company nor their respective subsidiaries have been notified of, and have no knowledge of any
event or condition that would result in, any security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data and (iii)&nbsp;the Guarantor, the Company and their respective subsidiaries have implemented
appropriate controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards and practices,
or as required by applicable regulatory standards, except with respect to clauses (i)&nbsp;and (ii), for any such security breach or incident, unauthorized access or disclosure, or other compromises, as would not, individually or in the aggregate,
have a Material Adverse Effect, or with respect to clause (iii), where the failure to do so would not, individually or in the aggregate, have a Material Adverse Effect. The Guarantor, the Company and their respective subsidiaries are presently in
compliance in all material respects with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to
the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. <I>Agreements to Sell and Purchase</I>. The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis
of the representations and warranties herein contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company the respective principal amounts of Notes set forth in Schedule&nbsp;II hereto
opposite its name at the purchase price set forth in Schedule&nbsp;I hereto plus any additional principal amount of Notes which such Underwriter may become obligated to purchase pursuant to the provisions of Section&nbsp;10 hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. <I>Public Offering</I>. The Company and the Guarantor have been advised by you that the
Underwriters propose to make a public offering of their respective portions of the Notes as soon after this Agreement has been entered into as in your judgment is advisable and initially to offer the Notes upon the terms set forth in the Prospectus.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. Payment and Delivery. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Payment for the Underwriters&#8217; Notes shall be made to the Company in euros by wire transfer in same day funds through
a common depositary (the &#8220;<B>Common Depositary</B>&#8221;) for Clearstream Banking, <I>soci&eacute;t&eacute; anonyme </I>(&#8220;<B>Clearstream</B>&#8221;) and Euroclear Bank S.A./N.V., as operator of the Euroclear System
(&#8220;<B>Euroclear</B>&#8221;), to an account specified in writing to the Underwriters by the Company on the closing date and time set forth in Schedule I hereto, or at such other time on the same or such other date, not later than the fifth
business day thereafter, as shall be agreed upon by you and the Company. The time and date of such payment are hereinafter referred to as the &#8220;<B>Closing Date</B>.&#8221; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Payment for the Notes shall be made against delivery to you on the Closing Date and at the closing location set forth in
Schedule I hereto for the respective accounts of the several Underwriters of the Notes registered in such names and in such denominations as you shall request in writing not later than one full business day prior to the Closing Date, with any
transfer taxes payable in connection with the transfer of the Notes to the Underwriters duly paid. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Delivery of Notes.
The Company shall make one or more global certificates (collectively, the &#8220;<B>Global Notes</B>&#8221;) representing the Notes available for inspection by the Underwriters on the business day prior to the Closing Date and, on or prior to the
Closing Date, the Company shall deliver the Global Notes to the Common Depositary in book-entry form which will be registered in the name of a nominee of the Common Depositary for Clearstream and Euroclear. Delivery of the Notes to the Managers on
the Closing Date shall be made through the facilities of the Common Depositary for Clearstream and Euroclear unless the Underwriters shall otherwise instruct. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. <I>Conditions to the Underwriters</I><I>&#8217;</I><I> Obligations</I>. The several obligations of the Underwriters are subject to the
following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) All of the representations and warranties of the Company and the Guarantor contained in this
Agreement shall be true and correct on the Closing Date with the same force and effect as if made on and as of the Closing Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Subsequent to the execution and delivery of this Agreement and prior to
the Closing Date, there shall not have occurred any downgrading, nor shall any public announcement have been made of any surveillance or review or placement on a <FONT STYLE="white-space:nowrap">so-called</FONT> &#8220;watch list,&#8221; with
possible negative implications, in the rating accorded the Company and the Guarantor or any of the securities issued or guaranteed by the Company and the Guarantor by any &#8220;nationally recognized statistical rating organization,&#8221; as such
term is defined in Section&nbsp;3(a)(62) of the Exchange Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Subsequent to the execution and delivery of this
Agreement and prior to the Closing Date, there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Guarantor, the Company
and their respective subsidiaries, taken as a whole, from that set forth in the General Disclosure Package that, in your judgment, is material and adverse and that makes it, in your judgment, impracticable to market the Securities on the terms and
in the manner contemplated in the General Disclosure Package. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Underwriters shall have received on the Closing
Date a certificate, dated the Closing Date and signed by an executive officer of the Company or the Guarantor, to the effect set forth in Section&nbsp;5(b) above and to the effect that the representations and warranties of the Company and the
Guarantor contained in this Agreement are true and correct as of the Closing Date and that each of the Company and the Guarantor has complied with all of the agreements and satisfied all of the conditions on their respective parts to be performed or
satisfied hereunder on or before the Closing Date. The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Underwriters shall have received on the Closing Date a negative assurance letter of Hogan Lovells US LLP, outside
counsel for the Company and the Guarantor, dated the Closing Date, substantially in the form set forth in Annex&nbsp;C hereto, which negative assurance letter shall be satisfactory in all respects to the Managers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Underwriters shall have received on the Closing Date opinions of Hogan Lovells US LLP, outside counsel for the Company
and the Guarantor, dated the Closing Date, substantially in the forms set forth in Annex&nbsp;D and Annex&nbsp;E hereto, which opinions shall be satisfactory in all respects to the Managers. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Underwriters shall have received on the Closing Date an opinion of
Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, counsel for the Underwriters, dated the Closing Date, which opinion shall be satisfactory in all respects to the Managers, and such counsel shall have been provided by the Company and the Guarantor
with such documents and information as they may reasonably request to enable them to pass on such matters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The
Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or the Closing Date, as the case may be, in form and substance satisfactory to the Underwriters, from Ernst&nbsp;&amp; Young LLP,
independent public accountants, containing statements and information of the type ordinarily included in accountants&#8217; &#8220;comfort letters&#8221; to underwriters with respect to the financial statements and certain financial information
contained in the Registration Statement, the General Disclosure Package and the Prospectus; <I>provided</I> that the letter delivered on the Closing Date shall use a <FONT STYLE="white-space:nowrap">&#8220;cut-off</FONT> date&#8221; not earlier than
three business days prior to the Closing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Company and the Guarantor shall have furnished or caused to be
furnished to you such further certificates and documents as you shall have requested. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The Company shall have
furnished or caused to be furnished to you an executed copy of the Paying Agency Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) On or before the Closing
Date, an application for the listing of the Securities shall have been submitted with the NYSE. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) On or before the
Closing Date, the Notes shall be eligible for clearance and settlement through Clearstream and Euroclear. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">All such opinions, certificates,
letters and other documents will be in compliance with the provisions hereof only if they are satisfactory in form and substance to you and your counsel. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Any certificate or document signed by any officer of the Company or the Guarantor and delivered to you, as Managers, or to counsel for the
Underwriters, shall be deemed a representation and warranty by the Company or the Guarantor, as applicable, to each Underwriter as to the statements made therein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. <I>Covenants of the Company and the Guarantor</I>. The Company and the Guarantor covenant
with each Underwriter as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) To furnish to you, without charge, a signed copy of the Registration Statement
(including exhibits thereto and documents incorporated by reference therein) and to deliver to each of the Underwriters during the period mentioned in Section&nbsp;6(d) or 6(e) below, as many copies of the General Disclosure Package, the Prospectus,
any documents incorporated by reference therein and any supplements and amendments thereto or to the Registration Statement as you may reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Before amending or supplementing the Registration Statement, the General Disclosure Package or the Prospectus, to furnish
to you a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which you reasonably object. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) To furnish to you a copy of each proposed free writing prospectus (as defined in Rule 405 under the Securities Act and
relating to the offering of the Securities) to be prepared by or on behalf of, used by, or referred to by the Company and not to use or refer to any proposed free writing prospectus to which you reasonably object (any such free writing prospectus
not objected to by the Managers is hereinafter referred to as a &#8220;<B>Permitted Free Writing Prospectus</B>&#8221;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If the General Disclosure Package is being used to solicit offers to buy the Securities at a time when the General
Disclosure Package is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the General Disclosure Package in order to make the statements therein, in the
light of the circumstances, not misleading, or if any event shall occur or condition exist as a result of which the General Disclosure Package conflicts with the information contained in the Registration Statement then on file, or if, in the opinion
of counsel for the Underwriters, it is necessary to amend or supplement the General Disclosure Package to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any
dealer upon request, either amendments or supplements to the General Disclosure Package so that the statements in the General Disclosure Package as so amended or supplemented will not, in the light of the circumstances when the General Disclosure
Package is delivered to a prospective purchaser, be misleading or so that the General Disclosure Package, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the General Disclosure Package, as amended or
supplemented, will comply with applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) If, during such period after the first date of the public offering of
the Securities as in the opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required by law to be delivered in connection with sales by an Underwriter or dealer,
any event shall occur </P>
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or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in
lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with
applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses you will furnish to the Company) to which Securities may have been sold by you on
behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the
Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) To cooperate with the Managers and counsel to the Underwriters in connection with the qualification of the Securities for
offer and sale under the securities or Blue Sky laws of such jurisdictions as you shall reasonably request; provided, that in no event shall the Company and the Guarantor be obligated to qualify to do business in any jurisdiction where it is not now
so qualified or to take any action which would subject it to general service of process in any jurisdiction where it is not now so subject. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) To make generally available to the Guarantor&#8217;s security holders as soon as practicable an earnings statement
covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and the rules and
regulations of the Commission thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) If this Agreement shall terminate or shall be terminated after execution
pursuant to any provisions hereof (otherwise than pursuant to the second paragraph of Section&nbsp;10 hereof or by notice given by you terminating this Agreement pursuant to Section&nbsp;9 or Section&nbsp;10 hereof) or if this Agreement shall be
terminated by the Underwriters because of any failure or refusal on the part of the Company or the Guarantor to comply with the terms or fulfill any of the conditions of this Agreement, the Company and the Guarantor agree to reimburse the Managers
for all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including fees and expenses of counsel for the Underwriters) reasonably incurred by you in connection herewith. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) (A) The Company and the Guarantor agree to pay the following costs and
expenses and all other costs and expenses incident to the performance by them of their obligations hereunder: (i)&nbsp;the preparation, printing or reproduction, and filing with the Commission of the Registration Statement (including financial
statements and exhibits thereto), the Preliminary Prospectus, the Prospectus, any Permitted Free Writing Prospectus and each amendment or supplement to any of them; (ii)&nbsp;the printing (or reproduction) and delivery (including postage, air
freight charges and charges for counting and packaging and any costs associated with electronic delivery) of such copies of the Registration Statement, the Preliminary Prospectus, the Prospectus, any Permitted Free Writing Prospectus, the
Incorporated Documents, and all amendments or supplements to any of them, as may be reasonably requested for use in connection with the offering and sale of the Securities; (iii)&nbsp;the preparation, printing, authentication, issuance and delivery
of certificates for the Securities, including any stamp taxes in connection with the original issuance and sale of the Securities; (iv)&nbsp;the printing (or reproduction) and delivery of this Agreement, the preliminary and supplemental Blue Sky
Memoranda, the Indenture, the Paying Agency Agreement and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (v)&nbsp;the fees and expenses of the Trustee, including the fees
and disbursements of counsel for the Trustee, if any, and the fees and expenses of the Paying Agent, including the fees and disbursements of counsel for the Paying Agent, if any; (vi)&nbsp;if applicable, the registration of the Securities under the
Exchange Act and the listing of the Securities on the NYSE; (vii)&nbsp;the registration or qualification of the Securities for offer and sale under the securities or Blue Sky laws of the several states as provided in Section&nbsp;6(g) hereof
(including the reasonable fees, expenses and disbursements of counsel for the Underwriters relating to the preparation, printing or reproduction, and delivery of the preliminary and supplemental Blue Sky Memoranda and such registration and
qualification) and the approval of the Securities for clearance and settlement through Clearstream and Euroclear; (viii)&nbsp;the filing fees and the fees and expenses of counsel for the Underwriters in connection with any filings required to be
made with the Financial Industry Regulatory Authority, Inc.; (ix)&nbsp;the transportation and other expenses incurred by or on behalf of Company and Guarantor representatives in connection with presentations to prospective purchasers of the
Securities; (x)&nbsp;the fees and expenses of the Company&#8217;s and the Guarantor&#8217;s accountants and the fees and expenses of counsel (including local and special counsel) for the Company and the Guarantor; and (xi)&nbsp;the costs and
expenses (including, without limitation, any damages or other amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for sale of the Securities made by the Underwriters caused by a breach of
the representation in Section&nbsp;1(c). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(B) Each Underwriter agrees to pay the portion of the expenses payable by the Underwriters
represented by such Underwriter&#8217;s pro rata share (based on the proportion that the principal amount of Notes set forth opposite each Underwriter&#8217;s name in Schedule&nbsp;II hereto bears to the aggregate principal amount of Notes set forth
opposite the names of all Underwriters) of the Notes (with respect to each Underwriter, the &#8220;<B>Pro Rata Expenses</B>&#8221;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) During the period beginning on the date hereof and continuing to and including the Closing Date, not to offer, sell,
contract to sell or otherwise dispose of any debt securities issued or guaranteed by the Company or the Guarantor or warrants to purchase or otherwise acquire debt securities of the Company substantially similar to the Securities (other than
(i)&nbsp;the Securities, (ii)&nbsp;commercial paper issued in the ordinary course of business, (iii)&nbsp;securities or warrants permitted with the prior written consent of the Managers with the authorization to release this <FONT
STYLE="white-space:nowrap">lock-up</FONT> on behalf of the Underwriters, or (iv)&nbsp;the 5.125% Senior Notes due 2029 and the 5.000% Senior Notes due 2035 each to be issued by the Company and guaranteed by the Guarantor). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) To prepare a final term sheet relating to the offering of the Securities, containing only information that describes the
final terms of the Securities or the offering in a form consented to by the Managers, and to file such final term sheet within the period required by Rule 433(d)(5)(ii) under the Securities Act following the date the final terms have been
established for the offering of the Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) To use its best efforts to permit the Notes to be eligible for
clearance and settlement through Clearstream and Euroclear. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The Company will not take, directly or indirectly, any
action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. The Company hereby authorizes Morgan Stanley&nbsp;&amp; Co. International plc as stabilizing manager (the
&#8220;<B>Stabilizing Manager</B>&#8221;) and as the central point responsible for adequate public disclosure of information, and handling any request from a competent authority, in accordance with Article 6(5) of Commission Delegated Regulation
(EU) 2016/1052 of 8&nbsp;March 2016, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the &#8220;<B>EUWA</B>&#8221;), with regard to regulatory technical standards for the conditions applicable to <FONT
STYLE="white-space:nowrap">buy-back</FONT> programmes and stabilisation measures. The Stabilizing Manager for its own account may, to the extent permitted by applicable laws and directives, over-allot and effect transactions with a view to
supporting </P>
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the market price of the Securities at a level higher than that which might otherwise prevail, but in doing so the Stabilizing Manager shall act as principal and not as agent of the Company and
any loss resulting from overallotment and stabilization shall be borne, and any profit arising therefrom shall be beneficially retained, by the Stabilizing Manager. However, there is no assurance that the Stabilizing Manager (or persons acting on
behalf of the Stabilizing Manager) will undertake any stabilization action or that stabilization will necessarily occur. Nothing contained in this paragraph shall be construed so as to require the Company to issue in excess of the aggregate
principal amount of Notes specified in Schedule I hereto. Such stabilization, if commenced, may cease at any time and shall be conducted by the Stabilizing Manager in accordance with all applicable laws and directives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) The Company will use its commercially reasonable efforts to effect the listing, subject to notice of issuance if
applicable, of the Securities on the NYSE for trading on such exchange as promptly as practicable after the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. <I>Covenants
of the Underwriters</I>. Each Underwriter severally covenants with the Company and the Guarantor not to take any action that would result in the Company or the Guarantor being required to file with the Commission under Rule 433(d) a free writing
prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company and the Guarantor hereunder, but for the action of the Underwriter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8. Indemnity and Contribution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company and the Guarantor, jointly and severally, agree to indemnify and hold harmless each of you and your respective
affiliates and each other Underwriter and their respective affiliates and each person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act from and against any and
all losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any
Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus or in any amendment or supplement thereto, or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses arise out of or are based upon any untrue statement or omission or alleged untrue statement or omission which has
been made therein or omitted therefrom in reliance upon and in conformity with the information relating to such Underwriter furnished in writing to the Company and the Guarantor by or on behalf of any Underwriter through you expressly for use in
connection therewith. The foregoing indemnity agreement shall be in addition to any liability which the Company and the Guarantor may otherwise have. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If any action, suit or proceeding shall be brought against any
Underwriter or any person controlling any Underwriter in respect of which indemnity may be sought against the Company or the Guarantor, such Underwriter or such controlling person shall promptly notify the Company or the Guarantor (but failure to so
notify the Company or the Guarantor shall not relieve either the Company or the Guarantor from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which
it may have otherwise than on account of this indemnity agreement) and the Company or the Guarantor shall assume the defense thereof, including the employment of counsel and payment of all fees and expenses; provided, however, that if the defendants
in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be one or more legal defenses available to it and/or other indemnified parties which are
different from or additional to those available to the indemnifying party, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties
shall have the right to select separate counsel to defend such action on behalf of such indemnified party or parties. Such Underwriter or any such controlling person shall have the right to employ separate counsel in any such action, suit or
proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Underwriter or such controlling person unless (i)&nbsp;the Company or the Guarantor has agreed in writing to pay such
fees and expenses, (ii)&nbsp;the Company or the Guarantor has failed promptly to assume the defense and employ counsel, or (iii)&nbsp;the named parties to any such action, suit or proceeding (including any impleaded parties) include both such
Underwriter or such controlling person and the Company or the Guarantor and such Underwriter or such controlling person shall have been advised by its counsel that representation of such indemnified party and the Company or the Guarantor by the same
counsel would be inappropriate under applicable standards of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing interests between them (in which case the Company and
the Guarantor shall not have the right to assume the defense of such action, suit or proceeding on behalf of such Underwriter or such controlling person). It is understood, however, that the Company and the Guarantor shall, in connection with any
one such action, suit or proceeding or separate but substantially similar or related actions, suits or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable
</P>
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fees and expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Underwriters and controlling persons not having actual or potential differing
interests with you or among themselves, which firm shall be designated in writing by the Managers, and that all such fees and expenses shall be reimbursed as they are incurred. The Company and the Guarantor shall not be liable for any settlement of
any such action, suit or proceeding effected without its written consent, but if settled with such written consent, or if there be a final judgment for the plaintiff in any such action, suit or proceeding, the Company and the Guarantor agree to
indemnify and hold harmless any Underwriter, to the extent provided in the preceding paragraph, and any such controlling person from and against any loss, claim, damage, liability or expense by reason of such settlement or judgment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company and the Guarantor, each of
their trustees, officers who sign the Registration Statement, and any person who controls the Company or the Guarantor within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, to the same extent as the
foregoing indemnity from the Company and the Guarantor to each Underwriter, but only with respect to information relating to such Underwriter furnished in writing by or on behalf of such Underwriter through you expressly for use in the Registration
Statement, the Prospectus, any Preliminary Prospectus or any Issuer Free Writing Prospectus, or any amendment or supplement thereto. If any action, suit or proceeding shall be brought against the Company or the Guarantor, any of its trustees, any
such officer, or any such controlling person based on the Registration Statement, the Prospectus, any Preliminary Prospectus, or any Issuer Free Writing Prospectus or any amendment or supplement thereto, and in respect of which indemnity may be
sought against any Underwriter pursuant to this paragraph (c), such Underwriter shall have the rights and duties given to the Company and the Guarantor by paragraph (b)&nbsp;above (except that if the Company or the Guarantor shall have assumed the
defense thereof such Underwriter shall not be required to do so, but may employ separate counsel therein and participate in the defense thereof, but the fees and expenses of such counsel shall be at such Underwriter&#8217;s expense), and the Company
and the Guarantor, each of their trustees, any such officer, and any such controlling person shall have the rights and duties given to the Underwriters by paragraph (b)&nbsp;above. The foregoing indemnity agreement shall be in addition to any
liability which the Underwriters may otherwise have. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If the indemnification provided for in this Section&nbsp;8 is
unavailable to an indemnified party under paragraph (a)&nbsp;or (c) hereof in respect of any losses, claims, damages, liabilities or expenses referred to therein, then an indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company or the
Guarantor on the one hand and the Underwriters on the other hand from the offering of the Notes, or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company or the Guarantor on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company or the Guarantor on the one hand and the Underwriters on the other shall be deemed to be in the
same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the
cover page of the Prospectus. The relative fault of the Company or the Guarantor on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Guarantor on the one hand or by the Underwriters on the other hand and the parties&#8217; relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Company, the Guarantor
and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;8 were determined by a pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method
of allocation that does not take account of the equitable considerations referred to in paragraph (d)&nbsp;above. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities and expenses referred to in
paragraph (d)&nbsp;above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating any claim or defending any such action, suit
or proceeding. Notwithstanding the provisions of this Section&nbsp;8, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price of the Notes underwritten by it and distributed to the public exceeds
the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any </P>
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person who was not guilty of such fraudulent misrepresentation. The Underwriters&#8217; obligations to contribute pursuant to this Section&nbsp;8 are several in proportion to the respective
aggregate principal amount of Notes set forth opposite their names in Schedule II hereto (or such principal amount of Notes increased as set forth in Section&nbsp;11 hereof) and not joint. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any
pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) If at any time an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section&nbsp;8(b) effected without its written consent if (i)&nbsp;such settlement is entered
into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and
(iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. Notwithstanding the immediately preceding sentence, if at any time an indemnified party shall
have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, an indemnifying party shall not be liable for any settlement of the nature contemplated by Section&nbsp;8(b) effected without its consent if
such indemnifying party (i)&nbsp;reimburses such indemnified party in accordance with such request to the extent such indemnifying party considers such request to be reasonable and (ii)&nbsp;provides written notice to the indemnified party
substantiating the unpaid balance as unreasonable, in each case prior to the date of such settlement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Any losses,
claims, damages, liabilities or expenses for which an indemnified party is entitled to indemnification or contribution under this Section&nbsp;8 shall be paid by the indemnifying party to the indemnified party as such losses, claims, damages,
liabilities or expenses are incurred. The indemnity and contribution agreements contained in this Section&nbsp;8 and the representations and warranties of the Company set forth in this Agreement shall remain operative and in full
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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force and effect, regardless of (i)&nbsp;any investigation made by or on behalf of any Underwriter or any person controlling any Underwriter, the Company, its trustees or officers, or any person
controlling the Company, (ii)&nbsp;acceptance of any Notes and payment therefor hereunder, and (iii)&nbsp;any termination of this Agreement. A successor to any Underwriter or any person controlling any Underwriter, or to the Company, its trustees or
officers, or any person controlling the Company, shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in this Section&nbsp;8. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9. <I>Termination</I>. This Agreement shall be subject to termination in your absolute discretion, without liability on the part of any
Underwriter to the Company by notice to the Company and the Guarantor, if prior to the Closing Date, (i)&nbsp;there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in the
Prospectus or the General Disclosure Package, any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the business, properties, net worth or results of
operations of the Company, the Guarantor, the Subsidiaries or the Partnerships, whether or not arising in the ordinary course of business, (ii)&nbsp;trading in securities generally on the NYSE, the NYSE American, Nasdaq Global Select Market or the
Nasdaq Global Market shall have been suspended or materially limited, (iii)&nbsp;a general moratorium on commercial banking activities in New York, California or the European Union shall have been declared by either federal or state authorities, or
(iv)&nbsp;there shall have occurred any outbreak or escalation of hostilities or other international or domestic calamity, crisis or change in political, financial or economic conditions, the effect of which on the financial markets of the United
States is such as to make it, in your judgment, impracticable or inadvisable to commence or continue the offering of the Notes at the offering price to the public set forth on the cover page of the Prospectus or to enforce contracts for the resale
of the Notes by the Underwriters. Notice of such termination may be given to the Company and the Guarantor by telecopy or telephone and shall be subsequently confirmed by letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10. <I>Effectiveness; Defaulting Underwriters</I>. This Agreement shall become effective upon the execution and delivery hereof by the parties
hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, on the Closing Date, any one or more of the Underwriters shall fail or refuse to purchase Notes that it has or they have
agreed to purchase hereunder on such date, and the aggregate principal amount of Underwriters&#8217; Notes which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than
<FONT STYLE="white-space:nowrap">one-tenth</FONT> of the aggregate principal amount of the Notes to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the principal amount of Notes set forth
opposite their respective names in Schedule&nbsp;II bears to the aggregate principal amount of Notes set forth opposite the names of all such <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, or in such other proportions as you
may specify, to purchase the Underwriters&#8217; Notes which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase
Underwriters&#8217; Notes and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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aggregate principal amount of Underwriters&#8217; Notes with respect to which such default occurs is more than <FONT STYLE="white-space:nowrap">one-tenth</FONT> of the aggregate principal amount
of Notes to be purchased on such date, and arrangements satisfactory to you and the Company for the purchase of such Underwriters&#8217; Notes by one or more <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters or other party or
parties approved by you and the Company are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter or the Company. In any
such case which does not result in termination of this Agreement, either you or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the
Registration Statement, in the General Disclosure Package, in the Prospectus or in any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of
any default of such Underwriter under this Agreement. The term &#8220;Underwriter&#8221; as used in this Agreement includes, for all purposes of this Agreement, any party not listed in Schedule II hereto who, with your approval and the approval of
the Company, purchases Notes which a defaulting Underwriter is obligated, but fails or refuses, to purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11. <I>Entire Agreement</I>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent
not superseded by this Agreement) that relate to the offering of the Securities, represents the entire agreement between the Company, the Guarantor and the Underwriters with respect to the preparation of any preliminary prospectus, the General
Disclosure Package, the Prospectus, the conduct of the offering, and the purchase and sale of the Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The
Company and the Guarantor acknowledge that in connection with the offering of the Securities: (i)&nbsp;the Underwriters have acted at arms length, are not agents of, and owe no fiduciary duties to, the Company, the Guarantor or any other person,
(ii)&nbsp;the Underwriters owe the Company and the Guarantor only those duties and obligations set forth in this Agreement and prior written agreements (to the extent not superseded by this Agreement), if any, and (iii)&nbsp;the Underwriters may
have interests that differ from those of the Company and the Guarantor. The Company and the Guarantor waive to the full extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary
duty in connection with the offering of the Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12. <I>Information Furnished by the Underwriters.</I> The statements set forth in the
eighth, ninth and eleventh paragraphs under the caption &#8220;Underwriting&#8221; in the Prospectus Supplement constitute the only information furnished by or on behalf of the Underwriters through you as such information is referred to in Sections
1(b), 1(c) and&nbsp;8 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">13. <I>Counterparts; Electronic Signature</I>. This Agreement may be signed in two or more counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may also be delivered by facsimile or electronic mail (including pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) with the same force and effect as if the originally executed copies of this Agreement were delivered to all parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">14. <I>Applicable Law</I>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">15. <I>Headings</I>. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be
deemed a part of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">16. <I>Notices</I>. All communications hereunder shall be in writing and effective only upon receipt and
if to the Underwriters shall be delivered, mailed or sent to you at the address set forth in Schedule&nbsp;I hereto; and if to the Company or the Guarantor shall be delivered, mailed or sent to the address set forth in Schedule&nbsp;I hereto.<SUP
STYLE="font-size:75%; vertical-align:top"> </SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">17. <I>Judgment.</I> The Company agrees to indemnify each Underwriter and each person,
if any, who controls such Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, against any loss incurred by such indemnified person as a result of any judgment or order being given or made
for any amount due hereunder and such judgment or order being expressed and paid in a currency (the &#8220;<B>judgment currency</B>&#8221;) other than U.S. dollars and as a result of any variation as between (i)&nbsp;the rate of exchange at which
the U.S. dollar amount is converted into the judgment currency for the purpose of such judgment or order, and (ii)&nbsp;the rate of exchange at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency
actually received by the indemnified person. The foregoing indemnity shall constitute a separate and independent obligation of the Company and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term
&#8220;rate of exchange&#8221; shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">18. <I>Patriot Act.</I> In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L.
<FONT STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may
include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">19. Recognition of the U.S. Special Resolution Regimes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S.
Special Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event that any Underwriter that is a Covered Entity (as defined below) or a BHC Act Affiliate (as defined below) of
such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than
such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;19, (w)&nbsp;the term &#8220;<B>BHC Act Affiliate</B>&#8221; has the meaning assigned to the term
&#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k); (x)&nbsp;the term &#8220;<B>Covered Entity</B>&#8221; means any of the following: (i)&nbsp;a &#8220;covered entity&#8221; as that term is defined in,
and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii)&nbsp;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a &#8220;covered FSI&#8221; as that term
is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b); (y)&nbsp;the term &#8220;<B>Default Right</B>&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81,
47.2 or 382.1, as applicable; and (z)&nbsp;the term &#8220;<B>U.S. Special Resolution Regime</B>&#8221; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title&nbsp;II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">20.
<I><FONT STYLE="white-space:nowrap">Co-Manufacturer</FONT> Agreement</I>. Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook (the &#8220;<B>UK MiFIR Product Governance
Rules</B>&#8221;) regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules, each of BNP PARIBAS, Goldman Sachs&nbsp;&amp; Co. LLC and Morgan Stanley&nbsp;&amp; Co. International plc (each, a &#8220;<B>UK
Manufacturer</B>&#8221; and, together, the &#8220;<B>UK Manufacturers</B>&#8221;) acknowledges to each other UK Manufacturer that it understands the responsibilities conferred upon it under the UK </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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MiFIR Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Securities and the related information
set out in the Prospectus in connection with the Securities. The Managers and the Company note the application of the UK MiFIR Product Governance Rules and acknowledge the target market and distribution channels identified as applying to the
Securities by the UK Manufacturers and the related information set out in the Prospectus in connection with the Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">21.
<I>Acknowledgment and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> Provisions</I>. Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understandings between any
Underwriter and the Company, each of the parties to this Agreement acknowledges and accepts that a UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Liability arising under this Agreement may be subject to the exercise of UK <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the effect of the exercise of UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers by the relevant UK resolution
authority in relation to any UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Liability of the Underwriters to the Company under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:
(i)&nbsp;the reduction of all, or a portion, of the UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Liability or outstanding amounts due thereon; (ii)&nbsp;the conversion of all, or a portion, of the UK
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Liability into shares, other securities or other obligations of the Underwriters or another person, and the issue to or conferral on the Company of such shares, securities or obligations;
(iii)&nbsp;the cancellation of the UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Liability; and (iv)&nbsp;the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by
suspending payment for a temporary period; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the variation of the terms of this Agreement, as deemed necessary by
the relevant UK resolution authority to give effect to the exercise of UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers by the relevant UK resolution authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;21: (i) &#8220;<B>UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Legislation</B>&#8221; means Part I of
the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation,
administration or other insolvency proceedings); (ii) &#8220;<B>UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Liability</B>&#8221; means a liability owed to another party under this Agreement in respect of which the UK <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Powers may be exercised; and (iii) &#8220;<B>UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers</B>&#8221; means the powers under the UK <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation to
cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which
that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or
to suspend any obligation in respect of that liability. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">22. <I>ICMA</I>. The execution of this Agreement by each Underwriter constitutes the
acceptance of each Underwriter of the ICMA Agreement Among Managers Version 1/New York Schedule, subject to any amendment notified to the Underwriters in writing at any time prior to the execution of this Agreement. References to the
<I>&#8220;</I><B>Managers</B><I>&#8221;</I> shall be deemed to refer to the Underwriters, references to <I>&#8220;</I><B>Stabilizing Manager</B><I>&#8221;</I> shall be deemed to refer to Morgan Stanley&nbsp;&amp; Co. International plc and references
to <I>&#8220;</I><B>Settlement Lead Manager</B><I>&#8221;</I> shall be deemed to refer to Morgan Stanley&nbsp;&amp; Co. International plc. As applicable to the Underwriters, Clause 3 of the ICMA Agreement Among Managers Version 1/New York Schedule
shall be deemed to be deleted in its entirety and replaced with Section&nbsp;10 of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of This Page
Intentionally Left Blank</I>] </P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PUBLIC STORAGE OPERATING COMPANY</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ H. Thomas Boyle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:&#8201;H. Thomas Boyle</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&#8194;Senior Vice President, Chief Financial Officer and Investment Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PUBLIC STORAGE</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ H. Thomas Boyle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:&#8201;H. Thomas Boyle</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&#8194;Senior Vice President, Chief Financial Officer and Investment Officer</TD></TR>
</TABLE></DIV>
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<TD VALIGN="top" COLSPAN="3">Accepted as of the date hereof</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BNP PARIBAS</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GOLDMAN SACHS&nbsp;&amp; CO. LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MORGAN STANLEY&nbsp;&amp; CO. INTERNATIONAL PLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Acting severally on behalf of themselves and the several Underwriters named in Schedule II hereto</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: BNP PARIBAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard Murphy</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Richard Murphy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Rafael Ribeiro</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Rachel Ribeiro</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: GOLDMAN SACHS&nbsp;&amp; CO. LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Karim Saleh</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Karim Saleh</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MORGAN STANLEY&nbsp;&amp; CO. INTERNATIONAL PLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gordon Charlton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gordon Charlton</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">I-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE I </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Managers:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BNP PARIBAS</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co.
LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. International plc</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Indenture:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indenture dated as of September&nbsp;18, 2017 (as amended and restated by the sixteenth supplemental indenture dated August&nbsp;14, 2023), between the Company, the Guarantor and the Trustee, as supplemented by the twenty-first
supplemental indenture dated as of October&nbsp;3, 2025, between the Company, the Guarantor and the Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Trustee:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Computershare Trust Company, N.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Paying Agency Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Paying Agency Agreement dated as of October&nbsp;3, 2025, between the Company and the Paying Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Paying Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">U.S. Bank Europe DAC, UK Branch</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Securities to be purchased:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.500% Senior Notes Due 2034</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Aggregate Principal Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128;425,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Purchase Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.027% of the principal amount of the Notes, plus accrued interest, if any, from October&nbsp;3, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maturity:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January&nbsp;20, 2034</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interest Rate:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.500% per annum, accruing from October&nbsp;3, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January&nbsp;20 of each year, commencing on January&nbsp;20, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Closing Date and Time:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;3, 2025 (London T+5) 10:00 a.m. London Time</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">I-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Closing Location:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2000 Avenue of the Stars</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Los Angeles, California
90067</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Address for Notices to Underwriters:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BNP PARIBAS</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16, boulevard des Italiens</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">75009 Paris</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">France</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Fixed Income Syndicate, Nicholas Hearn</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mails:</FONT> dl.syndsupportbonds@uk.bnpparibas.com;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">nicholas.hearn@us.bnpparibas.com</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">200 West Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10282-2198</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Registration Department</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> registration-syndops@ny.email.gs.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. International plc</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25 Cabot
Square</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canary Wharf</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">London E14 4QA</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Head of Transaction Management Group, Global Capital Markets</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> tmglondon@morganstanley.com</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Address for Notices to the Company and the Guarantor:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Public Storage</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">701 Western Avenue, 2nd
Floor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Glendale, California 91201-2397</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attention: Legal
Department</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">I-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE II </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Underwriter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal&nbsp;Amount&nbsp;of<BR>3.500% Senior<BR>Notes Due 2034 To<BR>Be Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BNP PARIBAS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&#128;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. International plc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Scotiabank (Ireland) Designated Activity Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53,125,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UBS AG London Branch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53,125,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&#128;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">425,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Electronic (NetRoadshow) investor presentation of the Company first used on September&nbsp;25, 2025. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">III-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE IV </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Final Term Sheet] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IV-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>ANNEX A </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Subsidiaries </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Public
Storage: </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PSOP GP, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Public Storage OP, LP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Public Storage Operating Company </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Public Storage Operating
Company: </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PS LPT Properties Investors </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PS Simply
Storage, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PS Alani Insurance Company, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PSCC, Inc.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>ANNEX B </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Partnerships </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E-1 </P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d81273dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<IMG SRC="g81273dsp48.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hogan Lovells US LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Columbia Square</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">555 Thirteenth Street, NW</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20004</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T +1 202 637 5600</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">F +1 202 637 5910</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.hoganlovells.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;29, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Board
of Trustees </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Public Storage </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Public Storage Operating Company
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">701 Western Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Glendale, CA 91201 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the addressee referred to above: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are acting as counsel to
Public Storage Operating Company, a Maryland real estate investment trust (the &#8220;<B>Company</B>&#8221;), and Public Storage, a Maryland real estate investment trust (the &#8220;<B>Guarantor</B>&#8221;), in connection with the issuance and sale
of &#128;425&nbsp;million aggregate principal amount of the Company&#8217;s 3.500% Senior Notes due 2034 (the &#8220;<B>Notes</B>&#8221;) and the guarantee of the Notes (the &#8220;<B>Guarantee</B>&#8221;) by the Guarantor pursuant to the
registration statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> (File Nos. 333-283556 and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-283556-01)</FONT></FONT> (the &#8220;<B>Registration
Statement</B>&#8221;) filed by the Company and the Guarantor with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &#8220;<B>Act</B>&#8221;), on December&nbsp;2, 2024, and the prospectus dated December&nbsp;2,
2024 (the &#8220;<B>Prospectus</B>&#8221;), as supplemented by the supplement to the Prospectus dated September&nbsp;26, 2025 (the &#8220;<B>Prospectus Supplement</B>&#8221;). The Notes are to be issued pursuant to an Indenture dated
September&nbsp;18, 2017, as supplemented by the Sixteenth Supplemental Indenture dated August&nbsp;14, 2023 (the &#8220;<B>Indenture</B>&#8221;), among the Company, the Guarantor, and Computershare Trust Company, N.A. (as successor to Wells Fargo
Bank, National Association), as trustee (the &#8220;<B>Trustee</B>&#8221;), as supplemented by a Twenty-First Supplemental Indenture to be dated October&nbsp;3, 2025 (the &#8220;<B>Supplemental Indenture</B>&#8221;), among the Company, the
Guarantor, and the Trustee. This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> 17 C.F.R. &#167; 229.601(b)(5), in connection
with the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have
deemed an appropriate basis on which to render the opinions hereinafter expressed.&nbsp;In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and
completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters of fact, we have relied on
the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;29, 2025 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this opinion letter, we have assumed that (i)&nbsp;the Trustee has and, upon execution of the
Supplemental Indenture, will have all requisite power and authority under all applicable laws, regulations and governing documents to execute, deliver and perform its obligations under the Indenture and the Supplemental Indenture and has complied
with all legal requirements pertaining to its status as such status relates to the Trustee&#8217;s right to enforce the Indenture and Supplemental Indenture against the Company and the Guarantor, (ii)&nbsp;the Trustee has authorized, executed and
delivered the Indenture and has authorized and will duly execute and deliver the Supplemental Indenture, (iii)&nbsp;the Trustee is validly existing and in good standing in all necessary jurisdictions, (iv)&nbsp;the Indenture constitutes and, upon
its execution, the Supplemental Indenture will constitute valid and binding obligations, enforceable against the Trustee in accordance with their terms, (v)&nbsp;there has been no, and in the case of the Supplemental Indenture, there will be no,
mutual mistake of fact or misunderstanding, or fraud, duress or undue influence, in connection with the negotiation, execution or delivery of the Indenture or the Supplemental Indenture, and the conduct of all parties to the Indenture and, upon
execution, the Supplemental Indenture has complied and will comply with any requirements of good faith, fair dealing and conscionability and (vi)&nbsp;there are, have been and will be no agreements or understandings among the parties, written or
oral, and there is, has been and will be no usage of trade or course of prior dealing among the parties (and no act or omission of any party) that would, in either case, define, supplement or qualify the terms of the Indenture or, upon its
execution, the Supplemental Indenture. We also have assumed the validity and constitutionality of each relevant statute, rule, regulation and agency action covered by this opinion letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter is based as to matters of law solely on the applicable provisions of the following, as currently in effect: (i)&nbsp;Title 8 of the
Corporations and Associations Article of the Annotated Code of Maryland, as amended, including applicable provisions of the Maryland General Corporation Law, as amended; and (ii)&nbsp;the laws of the State of New York (but not including any laws,
statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). We express no opinion herein as to any other statutes, rules or regulations (and in particular, we express no opinion as to any
effect that such other statutes, rules or regulations may have on the opinion expressed herein). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon, subject to and limited by the foregoing, we
are of the opinion that the Notes and the Guarantee have been duly authorized on behalf of the Company and the Guarantor, respectively, and that, following (i)&nbsp;receipt by the Company of the consideration therefor specified in the Underwriting
Agreement dated September&nbsp;26, 2025 by and among the Company, the Guarantor, BNP PARIBAS, Goldman Sachs&nbsp;&amp; Co. LLC and Morgan Stanley&nbsp;&amp; Co. International plc, as representatives of the several underwriters named therein, and
(ii)&nbsp;the due execution, authentication, issuance and delivery of the Notes and the Guarantee pursuant to the terms of the Indenture and the Supplemental Indenture, and as contemplated by the Prospectus Supplement, the Notes and the Guarantee
will constitute valid and binding obligations of the Company and the Guarantor, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The opinion expressed above with respect to the valid and
binding nature of obligations may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors&#8217; rights and remedies (including, without limitation, the effect of statutory and other law
regarding fraudulent conveyances and fraudulent, preferential or voidable transfers) and by the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality
(regardless of whether the Notes are considered in a proceeding in equity or at law). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;29, 2025 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter has been prepared for use in connection with the filing by the Guarantor of a Current
Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> on the date hereof (the &#8220;<B>Form <FONT STYLE="white-space:nowrap">8-K</FONT></B>&#8221;), which Form <FONT STYLE="white-space:nowrap">8-K</FONT> will be incorporated by reference into
the Registration Statement and Prospectus Supplement, and speaks as of the date hereof. We assume no obligation to advise of any changes in the foregoing subsequent to the delivery of this opinion letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Form <FONT STYLE="white-space:nowrap">8-K,</FONT> and to the reference to this
firm under the caption &#8220;Legal Matters&#8221; in the Prospectus Supplement, which constitutes part of the Registration Statement. In giving this consent, we do not thereby admit that we are an &#8220;expert&#8221; within the meaning of the Act.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Hogan Lovells US LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HOGAN LOVELLS US LLP </P>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Axis]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class of Stock [Axis]</link:label>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ClassOfStockDomain" xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ClassOfStockDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Domain]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_ClassOfStockDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class of Stock [Domain]</link:label>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockMember" xlink:type="locator" xlink:label="us-gaap_CommonStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Shares, $0.10 par [Member]</link:label>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SeriesFPreferredStockMember" xlink:type="locator" xlink:label="us-gaap_SeriesFPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesFPreferredStockMember" xlink:to="us-gaap_SeriesFPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SeriesFPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_SeriesFPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a&#160;5.150% Cum Pref Share, Series&#160;F, $0.01 par [Member]</link:label>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SeriesGPreferredStockMember" xlink:type="locator" xlink:label="us-gaap_SeriesGPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesGPreferredStockMember" xlink:to="us-gaap_SeriesGPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SeriesGPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_SeriesGPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series&#160;G, $0.01 par [Member]</link:label>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SeriesHPreferredStockMember" xlink:type="locator" xlink:label="us-gaap_SeriesHPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesHPreferredStockMember" xlink:to="us-gaap_SeriesHPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SeriesHPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_SeriesHPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series&#160;H, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesIPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesIPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesIPreferredStockMember" xlink:to="psa_SeriesIPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesIPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesIPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series&#160;I, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesJPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesJPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesJPreferredStockMember" xlink:to="psa_SeriesJPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesJPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesJPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series&#160;J, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesKPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesKPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesKPreferredStockMember" xlink:to="psa_SeriesKPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesKPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesKPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series&#160;K, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesLPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesLPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesLPreferredStockMember" xlink:to="psa_SeriesLPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesLPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesLPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series&#160;L, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesMPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesMPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesMPreferredStockMember" xlink:to="psa_SeriesMPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesMPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesMPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series&#160;M, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesNPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesNPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesNPreferredStockMember" xlink:to="psa_SeriesNPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesNPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesNPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series&#160;N, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesOPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesOPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesOPreferredStockMember" xlink:to="psa_SeriesOPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesOPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesOPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series&#160;O, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesPPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesPPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesPPreferredStockMember" xlink:to="psa_SeriesPPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesPPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesPPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series&#160;P, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesQPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesQPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesQPreferredStockMember" xlink:to="psa_SeriesQPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesQPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesQPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series&#160;Q, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesRPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesRPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesRPreferredStockMember" xlink:to="psa_SeriesRPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesRPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesRPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series&#160;R, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_SeriesSPreferredStockMember" xlink:type="locator" xlink:label="psa_SeriesSPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_SeriesSPreferredStockMember" xlink:to="psa_SeriesSPreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_SeriesSPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_SeriesSPreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series&#160;S, $0.01 par [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_GuaranteeNotesDue2032Member" xlink:type="locator" xlink:label="psa_GuaranteeNotesDue2032Member" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psa_GuaranteeNotesDue2032Member" xlink:to="psa_GuaranteeNotesDue2032Member_lbl" />
    <link:label xml:lang="en-US" xlink:label="psa_GuaranteeNotesDue2032Member_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_GuaranteeNotesDue2032Member_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company [Member]</link:label>
    <link:loc xlink:href="psa-20250926.xsd#psa_GuaranteeNotesDue2030Member" xlink:type="locator" xlink:label="psa_GuaranteeNotesDue2030Member" />
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    <link:label xml:lang="en-US" xlink:label="psa_GuaranteeNotesDue2030Member_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="psa_GuaranteeNotesDue2030Member_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company [Member]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
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    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address City Or Town</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>psa-20250926_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - Donnelley Financial Solutions, Inc. -->
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<!-- Creation date: 9/27/2025 3:08:31 AM Eastern Time -->
<!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Sep. 26, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 26,  2025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Public Storage<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-33519<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">93-2834996<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address Address Line 1</a></td>
<td class="text">701 Western Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address City Or Town</a></td>
<td class="text">Glendale<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address State Or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address Postal Zip Code</a></td>
<td class="text">91201-2349<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">818<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">244-8080<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001393311<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Shares, $0.10 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Shares, $0.10 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a&#160;5.150% Cum Pref Share, Series&#160;F, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrF<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series&#160;G, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrG<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesHPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series&#160;H, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesIPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series&#160;I, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesJPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series&#160;J, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrJ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesKPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series&#160;K, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrK<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesLPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series&#160;L, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesMPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series&#160;M, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrM<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesNPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series&#160;N, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesOPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series&#160;O, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesPPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series&#160;P, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrP<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesQPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series&#160;Q, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesRPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series&#160;R, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_SeriesSPreferredStockMember', window );">Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series&#160;S, $0.01 par [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSAPrS<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_GuaranteeNotesDue2032Member', window );">Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSA/32<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=psa_GuaranteeNotesDue2030Member', window );">Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PSA/30<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesHPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesHPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesIPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesIPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesJPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesJPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesKPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesKPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesLPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesLPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesMPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesMPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesNPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesNPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesOPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesOPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesPPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesPPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesQPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesQPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesRPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesRPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_SeriesSPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_SeriesSPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=psa_GuaranteeNotesDue2032Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=psa_GuaranteeNotesDue2032Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
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