On September 9, 2021, Public Storage completed the previously announced offering of €700,000,000 0.500% Senior Notes due 2030. The Notes have been issued pursuant to an Indenture, dated as of September 18, 2017, between the company, as issuer, and Wells Fargo Bank, National Association, as trustee, as supplemented by the Eighth Supplemental Indenture, dated as of September 9, 2021, between the Company and the Trustee. The Notes bear interest at a rate of 0.500% per annum. Interest on the Notes is payable annually on September 9 of each year, commencing on September 9, 2022. The Notes will mature on September 9, 2030. The Notes are the Company’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of the Company’s existing and future unsecured and unsubordinated indebtedness. The Company may redeem the Notes at any time in whole, or from time to time in part, at a redemption price equal to the greater of (x) 100 of the aggregate principal amount of the Notes being redeemed and (y) the applicable make-whole amount specified in the Indenture, plus, in each case, accrued and unpaid interest thereon to, but not including, the redemption date. If the Notes are redeemed on or after June 9, 2030 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The Company may also redeem all, but not less than all, of the Notes in the event of certain changes in the tax law of the United States (or any political subdivision or taxing authority thereof or therein) which would obligate the Company to pay additional amounts as may be necessary so that every net payment made in respect of each Note after deduction or withholding for, or on account of, any present or future tax, duty, assessment or other governmental charge of whatever nature imposed, levied or collected as a result of such payment by the United States (or any political subdivision or taxing authority thereof or therein) will not be less than the amount provided for in such Note to be then due and payable. This redemption would be at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The Indenture contains certain covenants that, among other things, limit the ability of the Company, subject to exceptions, to incur secured and unsecured indebtedness and to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, the Indenture requires the Company to maintain total unencumbered assets of at least 125% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Notes to become or to be declared due and payable.