Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 4

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 4
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us 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 March 31, 2025, we owned interests in 3,085 self-storage facilities (with approximately 227.7 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 314 facilities (with approximately
24.4 million net rentable square feet) for third parties at March 31, 2025.

At March 31, 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 318 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
March 31, 2025, Public Storage owned all of the general partner interests and approximately 99.81% of the limited partnership interests of PSA OP, with the remaining 0.19% 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 terms of this offering. It does not contain all of the information that you need to consider in making your investment decision. To understand all of the terms of the offering of the notes guaranteed by Public Storage, you should carefully read this prospectus supplement and the accompanying prospectus.

| Issuer | Public Storage Operating Company |

| Notes Offered |