Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 6

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 6
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 ventures. |

| Public Storage does not have any significant operations or material assets other than its indirect ownership interests in PSOC. |

| Interest | The 2030 notes will bear interest at a rate of   % per year. The 2035 notes will bear interest at a rate of   % per year. Interest on the notes will be payable semi-annually in arrears on     and 
 of each year, beginning on     , 20 .                                                                                                                                                               |

| Maturity | The 2030 notes will mature on     , 2030. The 2035 notes will mature on     , 2035. |

| Optional Redemption | We may redeem the notes at our option at any time in whole or from time to time in part at the applicable redemption prices specified below in this prospectus supplement. If the 2030 notes or the 2035 notes are redeemed on or after 
 , 2030 (    months prior to the maturity date) or on or after     , 2035 (    months prior to the maturity date), respectively, the redemption price will be                                                                            
 equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but not including, the redemption date. See “Description of Notes—Optional Redemption.”                                          |

| Certain Covenants | The indenture that will govern the notes contains certain covenants that, among other things, limit: |

| • |     | PSOC’s ability to incur secured and unsecured indebtedness; and |

| • |     | PSOC or Public Storage’s ability to consummate a merger, consolidation or sale of all or substantially all 
 of their respective assets.                                                                                |

| In addition, PSOC will be required to maintain total unencumbered assets of at least 125% of its total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. See 
 “Description of Notes.”                                                                                                                                                                                                |

| Use of Proceeds | We expect the net proceeds from the sale of the notes in this offering will be approximately $    , after deducting the underwriting discounts and estimated offering expenses payable by us. We intend to use the net                    
 proceeds from this offering