Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 60

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 60
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| LEGAL OPINIONS                                                 |     | 65 |
| EXPERTS                                                        |     | 65 |

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When used in this prospectus, all references to “the Company,” “we,” “us,” or “our” refers to Public Storage, a Maryland real estate investment trust, and its direct and indirect subsidiaries, including Public Storage Operating Company, a Maryland real estate investment trust, on a consolidated basis, and including, where context requires, the predecessor entity also known as Public Storage. In statements regarding qualification as a REIT, such terms refer solely to Public Storage and, where context requires, the predecessor entity also known as Public Storage. All references to “Public Storage” mean Public Storage and, where context requires, the predecessor entity also known as Public Storage, and not to any of their subsidiaries.

ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement that we filed with the SEC using a “shelf” registration process. Under this
shelf process, Public Storage or any selling securityholder to be named in a prospectus supplement may sell from time to time an unlimited amount of Public Storage’s common shares of beneficial interest, preferred shares of beneficial interest,
depositary shares, warrants, units and guarantees of Public Storage Operating Company’s debt securities, and Public Storage Operating Company or any selling securityholder to be named in a prospectus supplement may sell from time to time an
unlimited amount of Public Storage Operating Company’s debt securities, or any combination of the foregoing may be sold. This prospectus provides a general description of the securities that we or any selling securityholder may offer. Each time
we or any selling securityholder offers any of the types of securities described in this prospectus, we will prepare and distribute a prospectus supplement that will contain a description of the specific terms of the securities being offered and of
the offering. The prospectus supplement also may supplement the information contained in this prospectus. You should read both this prospectus and the applicable prospectus supplement, together with the additional information described under the
heading “Where You Can Find More Information,” before purchasing any securities. If information varies between this prospectus and the applicable prospectus supplement, you should rely on the information in the applicable prospectus
supplement.

Unless otherwise indicated or unless the context requires otherwise, all references in this prospectus to “the
Company,” “we,” “us,” “our” and similar references mean Public Storage and its subsidiaries.

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WHERE YOU CAN FIND MORE INFORMATION