Public Storage : Regulation FD Disclosure (Form 8-K)

Regulation FD Disclosure

On June 7, 2021, Public Storage posted on the Investor Relations section of its website a presentation (the 'Investor Presentation') it intends to use at an upcoming investor conference.

Other Events

The Investor Presentation includes the following operating update for the two months ended May 31, 2021.

Same Store Facilities Operating Update (a)

		Two months ended May 31,
		2021			2020			Percentage Change
Move-In Customers:
Square feet moved in (millions)			15.9				18.3				(13.1	%)
Annual contract rent per square foot moved in (b)		$	17.11			$	11.13				53.7	%
Move-Out Customers:
Square feet moved out (millions)			14.9				16.2				(8.0	%)
Annual contract rent per square foot moved out (b)		$	16.74			$	15.26				9.7	%
At May 31:
Square foot occupancy			96.5	%			94.0	%			2.7	%
Annual contract rent per occupied square foot (b)		$	18.54			$	17.42				6.4	%

Please see 'Analysis of Same Store Revenue' under 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in our March 31, 2021 Form 10-Q forfurther information with respect to the various factors that affect our revenues.

(a)

The Same Store Facilities consist of 2,278 facilities (148.9 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2019. These facilities represented approximately 85% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at March 31, 2021.

(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-inand we adjust them from time to time with notice. Contract rent excludes other fees that are charged on a per-itembasis, 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.

Forward-Looking Statements

This Form 8-K, includingthe sections of our most recent Form 10-Q filedwith the Securities and Exchange Commission (the 'SEC') on April 28, 2021 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, otherthan statements of historical fact, are forward-looking statements which may be identified by the use of the words 'outlook,' 'guidance,' 'expects,' 'believes,' '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 filedwith the SEC on February 24, 2021 and in our other filings with the SEC.