In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in our Annual Report on Form 10-K filed for the year ended December 31, 2025, in Part I, Item 1A, Risk Factors, and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results. There have been no material changes to the risk factors relating to the Company disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, and the risk factors described in the “Risk Factors” section in our Quarterly Report on Form 10-Q for the period ended March 31, 2026, other than those disclosed below. In addition, in considering the forward-looking statements contained in this Quarterly Report on Form 10-Q and elsewhere, you should refer to the qualifications and limitations on our forward-looking statements that are described in Forward-Looking Statements at the beginning of Part I, Item 2 of this Quarterly Report on Form 10-Q. We may be unable to integrate the operations of NSA successfully with ours and realize the anticipated synergies and other benefits of the Merger or do so within the anticipated time frame. Until the completion of the Merger, NSA and Public Storage operated as independent public companies with respective independent operating partnerships. We expect to benefit from the elimination of duplicative costs associated with supporting a public company platform and the leveraging of state-of-the art technology and systems. However, we will be required to devote significant management attention and resources to integrating the operations of NSA with our own. Potential difficulties we may encounter in the integration process include the following: •the inability to successfully combine the business of NSA with ours in a manner that permits us to achieve the cost savings anticipated to result from the Merger, which would result in some anticipated benefits of the Merger not being realized in the time frame currently anticipated or at all; •the failure to integrate operations and internal systems, programs and controls; •the inability to successfully realize the anticipated value from some of NSA’s assets; •lost sales, loss of customers, joint venture partners and other commercial relationships; •the complexities associated with managing the combined company, including the complexity of managing the newly formed JV; •the additional complexities of combining two companies with different histories, cultures, markets, strategies and customer bases; •the failure to retain key employees of either of the two companies that may be difficult to replace; •the disruption of ongoing businesses or inconsistencies in services, standards, controls, procedures and policies; •potential unknown liabilities and unforeseen increased expenses, delays or regulatory conditions associated with the Merger; and •performance shortfalls at as a result of the diversion of management’s attention caused by completing the Merger and integrating NSA’s and our operations. 46 Any of these risks could adversely affect our ability to maintain relationships with customers, vendors, employees and other commercial relationships. As a result, the anticipated benefits of the Merger may not be realized fully within the expected time frame or at all or may take longer to realize or cost more than expected, which could adversely affect our business, financial condition, results of operations and growth prospects. In addition, changes in laws and regulations could adversely impact our business, financial condition, results of operations and growth prospects.