Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 6

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 6
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 Public Storage and will: |

| • |     | rank equally in right of payment with all of Public Storage’s existing and future unsecured and 
 unsubordinated indebtedness and guarantees;                                                     |

| • |     | be effectively subordinated in right of payment to Public Storage’s secured indebtedness and secured                    
 guarantees (to the extent of the value of the collateral securing such indebtedness) from time to time outstanding; and |

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| • |     | be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of                                                  
 Public Storage’s subsidiaries (other than PSOC and PSA OP) and of its joint ventures to the extent of the assets of those subsidiaries or of those joint ventures. |

| Public Storage does not have any significant operations or material assets other than its indirect ownership interests in PSOC. |

| Certain Covenants | The indenture that will govern the notes contains certain covenants that, among other things, limit: |

| • |     | PSOC’s ability to incur secured and unsecured indebtedness; and |

| • |     | PSOC or Public Storage’s ability to consummate a merger, consolidation or sale of all or substantially all 
 of their respective assets.                                                                                |

| In addition, PSOC will be required to maintain total unencumbered assets of at least 125% of its total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. See 
 “Description of Notes.”                                                                                                                                                                                                |

| Use of Proceeds | We expect the net proceeds from the sale of the notes in this offering will be approximately $866.6 million, after deducting the underwriting discounts and estimated offering expenses payable by us. We intend to use the net proceeds from this 
 offering 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.”                                                                                                                                                                                     |

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| 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