Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 17

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 17
---
 the 2035 notes initially will be limited to an aggregate principal amount of $ and $ , respectively. The notes will be PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC’s 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 PSOC’s subsidiaries. As of March 31, 2025, PSOC had approximately $1.7 million of secured indebtedness, $1.7 billion of Euro-denominated unsecured indebtedness and $7.8 billion of U.S. Dollar denominated unsecured indebtedness outstanding on a consolidated basis. Of such indebtedness, $1.7 million of the secured indebtedness and none of the unsecured and unsubordinated indebtedness was attributable to PSOC’s subsidiaries. As of June 20, 2025, PSOC had no outstanding borrowings under the $1.5 billion revolving credit facility, but had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $20.0 million. The notes will be fully and unconditionally guaranteed by Public Storage. See “—Guarantee” below. Except as described below under “—Covenants” the Indenture does not contain any provisions that would limit our ability or the ability of our subsidiaries to incur indebtedness or that would give holders of the notes protection in the event of:

| • |     | a highly leveraged or similar transaction involving us or any of our affiliates; |

| • |     | a change of control; or |

| • |     | a reorganization, restructuring, merger or similar transaction involving us or any of our affiliates that may 
 adversely affect the holders of the notes.                                                                    |

Restrictions on the ownership and transfer of Public Storage’s common shares of beneficial interest designed to preserve Public Storage’s qualification as a REIT, however, may prevent or hinder a change of control. S-11

For purposes of the notes, “Business Day” means any day, other than a
Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to close.

Further Issu