Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 2

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 2
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 |     |      | 58 |
| U.S. Taxation of Non-U.S. Shareholders                                      |     |      | 58 |
| Information Reporting and Backup Withholding Tax Applicable to Shareholders |     |      | 62 |
| Other Tax Consequences for Public Storage and Our Shareholders              |     |      | 63 |
| Legislative or Other Actions Affecting REITs                                |     |      | 63 |
| Tax Shelter Reporting                                                       |     |      | 64 |
| LEGAL OPINIONS                                                              |     |      | 65 |
| EXPERTS                                                                     |     |      | 65 |

Neither we nor the underwriters have authorized anyone to provide you with additional or different information from that contained or incorporated by reference in this prospectus supplement, the accompanying prospectus or in any free writing prospectus filed by us with the Securities and Exchange Commission (the “SEC”) for use in connection with this offering. We and the underwriters are offering to sell, and seeking offers to buy, the notes and the guarantee only in jurisdictions where offers and sales are permitted. You should assume that the information appearing in this prospectus supplement, the accompanying prospectus or in any such free writing prospectus is accurate only as of their respective dates or on the date or dates which are specified in such documents, and that any information in documents that we have incorporated by reference is accurate only as of the date of such document incorporated by reference herein or any earlier date specified for such information. Our business, financial condition, liquidity, results of operations and prospects may have changed since those dates. S-ii

ABOUT THIS PROSPECTUS SUPPLEMENT

This document has two parts. The first part consists of this prospectus supplement, which describes the terms of this offering of notes and
the guarantee and also adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus. The second part, the accompanying prospectus
dated December 2, 2024, including the documents it incorporates by reference, provides more general information. Generally, when we refer to this prospectus, we are referring to both parts of this document combined. To the extent there is a
conflict between the information contained in this prospectus supplement, on the one hand, and the information contained in the accompanying prospectus or in any document incorporated by reference that was filed with the SEC before the date of this
prospectus supplement, on the other