Credit Facility and Commercial Paper Program	6 Months Ended
Jun. 30, 2026
Line of Credit Facility [Abstract]
Credit Facility and Commercial Paper Program	Credit Facility and Commercial Paper Program On June 25, 2026, PSOC entered into a fourth amended and restated credit agreement, which provides for (i) a $3.0 billion unsecured revolving credit facility maturing on June 25, 2030 (the “Revolver”) with outstanding borrowings thereunder bearing interest at a per annum rate ranging from SOFR plus 0.625% to SOFR plus 1.350% depending upon our credit rating (SOFR plus 0.650% at June 30, 2026) and (ii) a $500 million unsecured delayed draw term loan maturing on June 25, 2031 (the “Term Loan” and together with the Revolver, the “Credit Facilities”) that is available to be drawn in up to four advances on or prior to December 22, 2026, with drawn amounts thereunder bearing interest at a per annum rate ranging from SOFR plus 0.675% to 1.550% depending upon our credit rating (SOFR plus 0.700% at June 30, 2026). The Revolver replaces in its entirety the Company’s $1.5 billion revolving credit facility that was scheduled to mature on June 12, 2027. The Revolver includes an option to extend its maturity date by up to one additional year with the payment of an extension fee, which in the case of a full one-year extension would be in the amount of 0.125% of the extended commitment amount. The aggregate commitments under the Revolver may be increased and one or more additional term loans may be incurred by up to $1.5 billion in the aggregate pursuant to an accordion expansion feature, the exercise of which is subject to obtaining lender commitments. In addition, a quarterly facility fee ranging from 0.10% per annum to 0.30% per annum depending upon our credit rating (0.10% per annum at June 30, 2026) is payable on the aggregate commitments under the Revolver. At June 30, 2026, we had no outstanding borrowings under the Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $19.3 million at June 30, 2026 ($19.4 million at December 31, 2025). The Credit Facility contains various customary affirmative, negative and financial maintenance covenants with which we were in compliance at June 30, 2026. Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facilities. The Company has established a commercial paper note program and may issue up to $1.0 billion of unsecured commercial paper notes that bear interest at variable rates and have varying maturities (generally 30 days or less, with a maximum of 364 days). The commercial paper notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. The net proceeds from the issuances of the notes are used for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, lending or acquisition of properties. The commercial paper notes issued under the commercial paper program will rank pari passu with all of Public Storage’s other senior unsecured debt and will be fully and unconditionally guaranteed by Public Storage. Outstanding commercial paper notes have been included in unsecured credit facility and commercial paper on the Company’s consolidated balance sheets. At June 30, 2026, there were no issuances outstanding under the commercial paper program.

On June 25, 2026, PSOC entered into a fourth amended and restated credit agreement, which provides for (i) a $3.0 billion unsecured revolving credit facility maturing on June 25, 2030 (the “Revolver”) with outstanding borrowings thereunder bearing interest at a per annum rate ranging from SOFR plus 0.625% to SOFR plus 1.350% depending upon our credit rating (SOFR plus 0.650% at June 30, 2026) and (ii) a $500 million unsecured delayed draw term loan maturing on June 25, 2031 (the “Term Loan” and together with the Revolver, the “Credit Facilities”) that is available to be drawn in up to four advances on or prior to December 22, 2026, with drawn amounts thereunder bearing interest at a per annum rate ranging from SOFR plus 0.675% to 1.550% depending upon our credit rating (SOFR plus 0.700% at June 30, 2026). The Revolver replaces in its entirety the Company’s $1.5 billion revolving credit facility that was scheduled to mature on June 12, 2027. The Revolver includes an option to extend its maturity date by up to one additional year with the payment of an extension fee, which in the case of a full one-year extension would be in the amount of 0.125% of the extended commitment amount. The aggregate commitments under the Revolver may be increased and one or more additional term loans may be incurred by up to $1.5 billion in the aggregate pursuant to an accordion expansion feature, the exercise of which is subject to obtaining lender commitments. In addition, a quarterly facility fee ranging from 0.10% per annum to 0.30% per annum depending upon our credit rating (0.10% per annum at June 30, 2026) is payable on the aggregate commitments under the Revolver. At June 30, 2026, we had no outstanding borrowings under the Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $19.3 million at June 30, 2026 ($19.4 million at December 31, 2025). The Credit Facility contains various customary affirmative, negative and financial maintenance covenants with which we were in compliance at June 30, 2026. Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facilities.