Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 24

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 24
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 York Stock Exchange. There can be no assurance that the notes will be listed (or if listed, that such listing will be maintained), and settlement of the notes is not conditional on obtaining the listing. See “Risk Factors—An active trading market for the notes may not develop, or if it develops, may not be maintained.” 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.                                                                    |

S-15

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.

Principal and Interest

The notes will bear interest at 3.500% per year from October 3, 2025 or from the immediately preceding interest
payment date to which interest has been paid. Interest is payable annually in arrears on January 20, commencing January 20, 2026 (each, an “Interest Payment Date”). Interest on an Interest Payment Date will be paid to the
persons, or “holders”, in whose names the notes are registered on the security register at the close of business on the regular record date. The regular record date will be the fifteenth calendar day, whether or not a Business
Day, immediately preceding the related Interest Payment Date. Interest on the notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the
last date on which interest was paid on the notes (or October 3, 2025 if no interest has been paid on the notes), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as
defined in the rulebook of the International Capital Market Association.

The principal and interest, if any, of each note payable at
maturity or the principal, Make Whole Amount (as defined below), if any, and interest, if any, payable upon