Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 63

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 63
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 or incorporated by reference in this prospectus. These factors
should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included or incorporated by reference in this prospectus and any applicable prospectus supplement. We undertake no obligation to
publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

4

THE COMPANY

We acquire, develop, own, and operate self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal and business use. We are the largest owner of self-storage facilities in the U.S., with physical presence in most major markets and 40 states. At September 30, 2024, we
owned interests in 3,053 self-storage facilities (with approximately 219.5 million net rentable square feet) operating under the Public Storage name, and 1.1 million net rentable
square feet of commercial and retail space. In addition, we managed 280 facilities (with approximately 21.0 million net rentable square feet) for third parties at September 30, 2024.

At September 30, 2024, we owned an approximate 35% common equity interest in Shurgard Self Storage Limited (“Shurgard”), a
public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 315 self-storage facilities (with approximately 17 million net rentable square feet) located in seven Western European countries, all operating under
the Shurgard name.

As a result of an internal reorganization into an umbrella
partnership real estate investment trust, which was effected in August 2023, Public Storage Operating Company is the entity through which Public Storage conducts substantially all of its operations and owns substantially all of its assets. Public
Storage Operating Company is wholly owned by Public Storage OP, L.P. (“PSA OP”), a Delaware limited partnership. As of September 30, 2024, Public Storage owned all of the general partner interests and approximately 99.87% of the
limited partnership interests of PSA OP, with the remaining 0.13% of limited partnership interests owned by certain trustees and officers of Public Storage.

We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes (a “REIT”) beginning with our 1981
taxable year. So long as we continue to qualify as a REIT, we