Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 0

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 0
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Filed Pursuant to Rule 424(b)(5)
Registration No. 333-283556 PROSPECTUS SUPPLEMENT (To Prospectus dated December 2, 2024) €425,000,000 Public Storage Operating Company 3.500% Senior Notes due 2034 Fully and Unconditionally Guaranteed by Public Storage Public Storage Operating Company, a Maryland real estate investment trust (“PSOC”), is offering €425,000,000 aggregate principal amount of 3.500% Senior Notes due, 2034 (the “notes”). PSOC will pay interest on the notes annually in arrears on January 20 of each year, beginning on January 20, 2026. The notes will mature on January 20, 2034. PSOC may redeem the notes prior to maturity at its option, at any time in whole or from time to time in part, at the applicable redemption price described in this prospectus supplement under “Description of Notes—Optional Redemption” and it may redeem the notes prior to maturity at its option, in whole but not in part, if certain changes occur involving U.S. taxation as described in this prospectus supplement under “Description of Notes—Redemption for Tax Reasons.” The notes will be PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The notes will be effectively subordinated in right of payment to all of PSOC’s existing and future secured indebtedness (to the extent of the value of the collateral securing such indebtedness). The notes will also be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities, whether secured or unsecured, of its subsidiaries. The notes will be fully and unconditionally guaranteed by Public Storage, a Maryland real estate investment trust. The guarantee will be a senior unsecured obligation of Public Storage and will rank equally in right of payment with any of Public Storage’s existing and future unsecured and unsubordinated indebtedness and guarantees. Public Storage does not currently have any direct indebtedness but guarantees certain other PSOC indebtedness. Public Storage does not have any significant operations or material assets other than its indirect ownership interests in PSOC. The notes are a new issue of securities with no established trading market. We intend to apply to list the notes on the New York Stock Exchange. The listing application will be subject to approval by the New York Stock Exchange. We expect listing of the notes to occur within