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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 10-Q\n\n☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nFor the transition period from ____________ to ____________.\n\nCommission File Number: 001-33519\n\nPublic Storage\n\n(Exact name of registrant as specified in its charter)\n\nMaryland93-2834996\n\n(State or other jurisdiction of\n\nincorporation or organization)\n(I.R.S. Employer Identification Number)\n\n  \n\n2811 Internet Boulevard, Frisco, Texas\n75034\n\n(Address of principal executive offices)(Zip Code)\n\nRegistrant’s telephone number, including area code: (469) 649-9486.\n\nFormer name, former address and former fiscal, if changed since last report: N/A\n\nSecurities registered pursuant to Section 12b of the Act:\n\nTitle of ClassTrading SymbolName of each exchange on which registered\n\nCommon Shares, $0.10 par valuePSANew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par valuePSAPrFNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par valuePSAPrGNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par valuePSAPrHNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par valuePSAPrINew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par valuePSAPrJNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par valuePSAPrKNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par valuePSAPrLNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par valuePSAPrMNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par valuePSAPrNNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par valuePSAPrONew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par valuePSAPrPNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par valuePSAPrQNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par valuePSAPrRNew York Stock Exchange\n\nDepositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par valuePSAPrSNew York Stock Exchange\n\nGuarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company\nPSA/32New York Stock Exchange\n\nGuarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company\nPSA/30New York Stock Exchange\n\nGuarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company\n\nPSA/34\nNew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.\n\n☒ Yes ☐ No\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\n☒ Yes ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filerAccelerated\nfilerNon-accelerated filerSmaller reporting companyEmerging growth company\n\n☒☐☐☐☐\n\nIf 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 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\n☐ Yes ☒ No\n\nIndicate the number of the registrant’s outstanding common shares of beneficial interest, as of April 20, 2026:\n\nCommon Shares of beneficial interest, $0.10 par value per share – 175,545,748 shares\n\nPublic Storage\n\nForm 10-Q\n\nFor the Quarterly Period Ended March 31, 2026\n\nTABLE OF CONTENTS\n\nPART I FINANCIAL INFORMATIONPages"}