Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 22

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 22
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 facilities, development, and mortgage loans secured by facilities), repayment of debt and the
redemption of outstanding securities. The November 2025 Notes bear interest at a rate of 2.175% per annum and mature on November 3, 2025.

Pending application of the net proceeds as described above, we expect to deposit the net proceeds of this offering in interest bearing
accounts or invest them in certificates of deposit, United States government obligations or other short-term, high-quality debt instruments selected at our discretion.

We currently intend to issue approximately $350 million in aggregate principal amount of additional senior notes (the “USD Notes
Offering”) in the near future and intend to use the net proceeds of the USD Notes Offering for general corporate purposes, including to make investments in self-storage facilities (such as acquisitions of facilities or interests in entities
that own facilities, development, and mortgage loans secured by facilities). Although we expect that such USD Notes Offering will occur in the near future, this offering is not conditioned on the USD Notes Offering, and we may decide to delay or not
pursue such USD Notes Offering, or change the size of such USD Notes Offering, based on market conditions or other factors.

S-14

DESCRIPTION OF NOTES The notes will constitute a new series of debt securities to be issued under the indenture, dated as of September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture, dated as of August 14, 2023, between PSOC, Public Storage, as guarantor, and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), as further supplemented by a supplemental indenture for the notes, to be dated as of October 3, 2025 (as supplemented and as further supplemented, the “Indenture”). The terms of the notes include those provisions contained in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). We have summarized selected terms and provisions of the Indenture and the Trust Indenture Act below. The following summary of specified provisions of the Indenture, the notes and the guarantee does not purport to be complete and is subject to, and qualified in its entirety by reference to, the actual provisions of the Indenture, including the definitions contained in the Indenture of some of the terms used below,