Public Storage announced The first tranche of $700 million aggregate principal amount of floating rate senior notes due 2024 will bear interest at a rate equal to Compounded SOFR (as defined in the preliminary prospectus supplement relating to the offering), reset quarterly, plus 47 basis points, will be issued at 100.000% of par value and will mature on April 23, 2024. The company will pay interest on the floating rate notes quarterly on January 23, April 23, July 23 and October 23 of each year, commencing July 23, 2021. The second tranche of $650 million aggregate principal amount of fixed rate senior notes due 2028 will bear interest at an annual rate of 1.850%, will be issued at 99.928% of par value and will mature on May 1, 2028. The third tranche of $650 million aggregate principal amount of fixed rate senior notes due 2031 will bear interest at an annual rate of 2.300%, will be issued at 99.653% of par value and will mature on May 1, 2031. The Company will pay interest on the fixed rate notes semi-annually on May 1 and November 1 of each year, commencing November 1, 2021. The offering of the Notes was made pursuant to a shelf registration statement on Form S-3 (File No. 333-231510) filed by the Company with the Securities and Exchange Commission (the “SEC”) on May 15, 2019. A preliminary prospectus supplement, dated April 14, 2021, 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 Underwriters have performed investment banking and advisory services for the Company 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 in the ordinary course of their business.