Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 1

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 1
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 Public Storage does not have any significant operations or material assets other than its indirect ownership interests in PSOC. Each series of notes is a new issue of securities with no established trading market. We do not intend to apply to list any of the series of notes on any securities exchange or on any automated dealer quotation system. The notes of each series will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. See “ Risk Factors” beginning on page S-5of this prospectus supplement and in our other filings with the Securities and Exchange Commission incorporated by reference in this prospectus supplement and the accompanying prospectus to read about factors you should consider before making a decision to invest in the notes. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

|                                           |     | Per 2030 Note |        |   |     | Total |             |     | Per 2035 Note |        |   |     | Total |             |
|:------------------------------------------|:----|:--------------|-------:|:--|:----|:------|------------:|:----|:--------------|-------:|:--|:----|:------|------------:|
| Public offering price (1)                 |     |               | 99.707 | % |     | $     | 473,608,250 |     |               | 99.557 | % |     | $     | 398,228,000 |
| Underwriting discount                     |     |               |  0.350 | % |     | $     |   1,662,500 |     |               |  0.450 | % |     | $     |   1,800,000 |
| Proceeds (before offering expenses) to us |     |               | 99.357 | % |     | $     | 471,945,750 |     |               | 99.107 | % |     | $     | 396,428,000 |

| (1) | Plus accrued interest from June 30, 2025, if settlement occurs after that date. |

We expect that delivery of the notes will be made to investors in book-entry form through the facilities of The Depository Trust Company and its participants, including Clearstream Banking, société anonymeand