Public Storage is a Maryland real estate investment trust engaged in the ownership development and operation of self-storage facilities and other related operations including tenant reinsurance third-party self-storage management and bridge lending to third-party self-storage owners. The company is the industry leading owner of self-storage properties with one of the most recognized brands in the self-storage industry.

Public Storage generates revenue primarily through the leasing of storage spaces at its self-storage facilities on a month-to-month basis for personal and business use. Additional revenue streams include tenant reinsurance programs where the company assumes risk of losses under insurance policies purchased by tenants management fees from third-party facilities it operates and interest and fee income from its bridge lending program to third-party self-storage owners.

Public Storage operates through the following segments: self-storage operations and other operations.

• Self-storage operations involve acquiring developing owning and operating self-storage facilities that offer storage spaces for lease on a month-to-month basis for personal and business use. At December 31 2025 Public Storage held interests in and consolidated 3171 self-storage facilities comprising 229 million net rentable square feet of space operating under the Public Storage name.

• Other operations include managing insurance programs whereby tenants at facilities including those managed for third parties can purchase insurance from a non-affiliated insurer with the company fully reinsuring these policies managing 362 facilities for third parties with approximately 28.2 million net rentable square feet and were under contract to manage 84 additional facilities including 78 under construction offering merchandise such as locks and cardboard boxes at facilities and providing bridge lending financing to third-party self-storage owners with a bridge loan receivable balance of $142.1 million and unfunded loan commitments of $43.9 million at December 31 2025.

Public Storage believes it owns approximately 9% of the self-storage square footage in the United States and that collectively the four largest self-storage owners in the U. S. own approximately 22% with the remaining 78% owned by regional and local operators. The company believes its Public Storage brand awareness and innovative improvements to the customer experience provide a competitive advantage in acquiring and retaining customers relative to other self-storage operators.

Public Storage serves personal and business customers seeking storage solutions. Specific customer names are not disclosed in the filing.