Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 21

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 21
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 rating agency downgrades
our corporate ratings or otherwise indicates that its outlook for our ratings is negative, it could have a material adverse effect on the market price of the notes and our costs and availability of capital, which could in turn have a material
adverse effect on our financial condition, liquidity and results of operations and our ability to satisfy our debt service obligations (including payments on the notes).

Redemption may adversely affect your return on the notes.

The notes are redeemable at PSOC’s option and PSOC may choose to redeem some or all of the notes from time to time, especially when
prevailing interest rates are lower than the rate borne by the notes. If prevailing rates are lower at the time of redemption, you would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high
as the interest rate on the notes being redeemed. See “Description of Notes—Optional Redemption.”

S-11

An increase in interest rates could result in a decrease in the relative value of the notes.

In general, as market interest rates rise, notes bearing interest at a fixed rate generally decline in value because the premium,
if any, over market interest rates will decline. Consequently, if you purchase the notes and market interest rates increase, the market value of your notes may decline. We cannot predict the future level of market interest rates.

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CURRENCY CONVERSION

As of September 19, 2025, the euro/U.S. $ exchange rate was €1.00 = U.S. $1.1753 as announced by the U.S. Federal Reserve Board.

Investors will be subject to foreign exchange risks as to payments of principal and interest in respect of the notes, including payments made
upon any redemption of the notes, and additional amounts, if any, that may have important economic and tax consequences to them. See “Risk Factors.” You should consult your own financial and legal advisors as to the risks involved in an
investment in the notes.

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USE OF PROCEEDS

We expect the net proceeds from the sale of the notes in this offering will be approximately €419.8 million, after deducting the
underwriting discounts and estimated offering expenses payable by us. We intend to use the net proceeds from this offering to repay the outstanding €242 million in aggregate principal amount of our November 2025 Notes and for general
corporate purposes, including to make investments in self-storage facilities (such as acquisitions of facilities or interests in entities that own