Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 60

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 60
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                           |     |      | 35 |
| Governing Law                                    |     |      | 35 |
| Notices                                          |     |      | 35 |
| DESCRIPTION OF UNITS                             |     |      | 36 |
| BOOK-ENTRY SECURITIES                            |     |      | 37 |
| SELLING SECURITYHOLDERS                          |     |      | 38 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS  |     |      | 39 |
| Taxation of Public Storage as a REIT             |     |      | 40 |
| Taxation of U.S. Shareholders                    |     |      | 55 |
| Taxation of Tax-Exempt                           
 Shareholders                                     |     |      | 58 |

i

| U.S. Taxation of Non-U.S. Shareholders                         |     | 58 |
| Information Reporting and Backup Withholding Tax Applicable to 
 Shareholders                                                   |     | 62 |
| Other Tax Consequences for Public Storage and Our Shareholders |     | 63 |
| Legislative or Other Actions Affecting REITs                   |     | 63 |
| Tax Shelter Reporting                                          |     | 64 |
| LEGAL OPINIONS                                                 |     | 65 |
| EXPERTS                                                        |     | 65 |

ii

When used in this prospectus, all references to “the Company,” “we,” “us,” or “our” refers to Public Storage, a Maryland real estate investment trust, and its direct and indirect subsidiaries, including Public Storage Operating Company, a Maryland real estate investment trust, on a consolidated basis, and including, where context requires, the predecessor entity also known as Public Storage. In statements regarding qualification as a REIT, such terms refer solely to Public Storage and, where context requires, the predecessor entity also known as Public Storage. All references to “Public Storage” mean Public Storage and, where context requires, the predecessor entity also known as Public Storage, and not to any of their subsidiaries.

ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement that we filed with the SEC using a “shelf” registration process. Under this
shelf process, Public Storage or any selling securityholder to be named in a prospectus supplement may sell from time to time an unlimited amount of Public Storage’s common shares of beneficial interest, preferred shares of beneficial interest,
depositary shares, warrants, units and guarantees of Public Storage Operating Company’s debt securities,