Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 115

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 115
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 of New York without regard to conflicts of law principles of such state other than New York General Obligations Law Section 5-1401.

Notices

All
notices to holders of debt securities shall be validly given if in writing and mailed, first-class postage prepaid, or delivered electronically pursuant to the applicable procedures of the depositary, to them at their respective addresses in the
register maintained by the trustee.

35

DESCRIPTION OF UNITS In this description, all references to “we,” “us” or “our” refer only to Public Storage and not to any of its subsidiaries. We may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit may also include debt obligations of third parties, such as U.S. Treasury securities. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The prospectus supplement will describe:

| • |     | the designation and terms of the units and of the securities comprising the units, including whether and under 
 what circumstances the securities comprising the units may be held or transferred separately;                  |

| • |     | a description of the terms of any unit agreement governing the units; |

| • |     | a description of the provisions for the payment, settlement, transfer or exchange of the units; |

| • |     | a discussion of material U.S. federal income tax considerations, if applicable; and |

| • |     | whether the units will be issued in fully registered or global form. |

The descriptions of the units and any applicable underlying security or pledge or depository arrangements in this prospectus and in any prospectus supplement are summaries of the material provisions of the applicable agreements. These descriptions do not restate those agreements in their entirety and may not contain all the information that you may find useful. We urge you to read the applicable agreements because they, and not the summaries, define many of your rights as holders of the units. For more information, please review the form of the relevant agreements, which will be filed with the SEC promptly after the offering of units and will be available as described under the heading “Where You Can Find More Information.” 36

BOOK-ENTRY SECURITIES

The securities offered by means of this prospectus and any related prospectus supplement may be issued in whole or in part in book-entry form,
meaning that beneficial owners