Item 7.01. Regulation FD Disclosure.

Public Storage announced today the following operating update for the two months ended May 31, 2020. The Company's nearly 2,500 self-storage facilities qualify as "essential" businesses under applicable business closure orders, and thus remain open to serve customers.

Same Store Facilities Operating Update (a)



                                                               Two months ended May 31,
                                                                                    Percentage
                                                         2020          2019           Change
Move-In Customers:
Square feet moved in (millions)                             17.6         18.9              (6.9 %)
Annual contract rent per square foot moved in (b)      $   11.18      $ 13.79             (18.9 %)
Move-Out Customers:
Square feet moved out (millions)                            15.7         16.8              (6.5 %)
Annual contract rent per square foot moved out (b)     $   15.32      $ 15.93              (3.8 %)
At May 31:
Square foot occupancy (c)                                   94.0 %       93.6 %             0.4 %
Annual contract rent per occupied square foot (b)      $   17.52      $ 17.86              (1.9 %)

We have observed no material degradation in rent collections in the two months ended May 31, 2020.

Please see "Analysis of Same Store Revenue" under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our March 31, 2020 Form 10-Q for further information with respect to the various factors we see affecting our revenues in the year ended December 31, 2020.



    (a) The Same Store Facilities consist of 2,224 facilities (143.9 million net
        rentable square feet) that have been owned and operated on a stabilized
        basis since January 1, 2018. These facilities represented approximately
        85% of the aggregate net rentable square feet of our U.S. consolidated
        self-storage portfolio at March 31, 2020.


    (b) Annual contract rent represents the agreed upon monthly rate that is paid
        by our tenants in place at the time of measurement. Contract rates are
        initially set in the lease agreement upon move-in and we adjust them from
        time to time with notice. Contract rent excludes other fees that are
        charged on a per-item basis, such as late charges and administrative fees,
        does not reflect the impact of promotional discounts, and does not reflect
        the impact of rents that are written off as uncollectible.


    (c) Occupancy levels include delinquent tenants for whom auctions have been
        delayed, with occupancies at May 31, 2020 reflecting a similar level of
        such tenants as at March 31, 2020.

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Forward-Looking Statements

This Form 8-K, including the sections of our most recent Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on April 30, 2020 that are referenced herein, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Form 8-K, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words "expects," "believes," "intends," "anticipates," "should," "estimates" and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, "Risk Factors" in our most recent Annual Report on Form 10-K filed with the SEC on February 25, 2020, our most recent Form 10-Q filed with the SEC on April 30, 2020, and in our other filings with the SEC.

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