Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 7

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 7
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, the accompanying prospectus and any free writing prospectus we file with the SEC in connection with this offering and the documents incorporated or deemed to be incorporated by reference in the prospectus supplement and accompanying prospectus. See “Where You Can Find More Information” in the accompanying prospectus. You should also carefully consider the “Risk Factors” sections in this prospectus supplement and in our Annual Report on Form 10-Kfor the year ended December 31, 2024, incorporated by reference in this prospectus supplement and the accompanying prospectus, as such may be updated in any future filings we make under the Exchange Act.

The Company

We acquire,
develop, own, and operate self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal and business use. We are the largest
owner of self-storage facilities in the U.S., with physical presence in most major markets and 40 states. At June 30, 2025, we owned interests in 3,103 self-storage facilities (with approximately 224.1 million net rentable
square feet) operating under the Public Storage name, and 1.0 million net rentable square feet of commercial and retail space. In addition, we managed 329 facilities (with
approximately 25.4 million net rentable square feet) for third parties at June 30, 2025.

At June 30, 2025, we owned
an approximate 35% common equity interest in Shurgard Self Storage Limited, a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 321 self-storage facilities (with
approximately 18 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard name.

As a result of an internal reorganization into an umbrella partnership real estate investment trust, which was effected in August 2023, PSOC
is the entity through which Public Storage conducts substantially all of its operations and owns substantially all of its assets. PSOC is wholly owned by Public Storage OP, L.P. (“PSA OP”), a Delaware limited partnership. As of
June 30, 2025, Public Storage owned all of the general partner interests and approximately 99.80% of the limited partnership interests of PSA OP, with the remaining 0.20% of limited partnership interests owned by certain trustees and
officers of Public Storage.

S-1

The Offering The following is a brief summary of some of the