Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 7

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 7
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 to repay our outstanding $400 million in aggregate principal amount of our floating rate senior notes due 2025 (the “2025 Floating Rate Notes”) and for general corporate purposes, including acquisitions of 
 self-storage facilities and repayment of other debt. See “Use of Proceeds.”                                                                                                                                                               |

S-3

| No Public Market | Each series of notes is a new issue of securities with no established trading market. We do not intend to apply for listing of any of the series of notes on any securities exchange or for quotation of any of the series of notes on any automated 
 dealer quotation system. The underwriters have advised us that they intend to make a market in each series of notes, but they are not obligated to do so and may discontinue any market-making at any time without notice.                           |

| Book-Entry Form | The notes will be book-entry only and registered in the name of a nominee of DTC. Investors may elect to hold interests in the notes through Clearstream Banking, société anonyme (“Clearstream”), or Euroclear Bank                           
 S.A./N.V. (“Euroclear”), as operator of the Euroclear System, which in turn will hold interests in the notes in their capacity as participants at DTC. The notes of each series will be issued in minimum denominations of $2,000 and integral 
 multiples of $1,000 in excess thereof.                                                                                                                                                                                                         |

| Additional Notes | PSOC may, from time to time, without the consent of or notice to existing note holders, create and issue further notes having the same terms and conditions as the notes of any of the series in all respects, except for the issue date and, to the     
 extent applicable, the issue price, the payment of interest accruing prior to the issue date and the first payment of interest. Additional notes issued in this manner will be consolidated with, and will form a single series of debt securities with, 
 the previously outstanding notes of the related series; provided, however, that the issuance of such additional notes will not be so consolidated for United States federal income tax purposes unless such issuance constitutes a “qualified            
 reopening” within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations promulgated thereunder.                                                                                                        |

| Trustee and Paying Agent | Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, is the trustee and paying agent under the indenture relating to the notes. |

| Governing