Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 73

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 73
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 October 30, 2024) |
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| Current Reports on Form 8-K                                                                                                                                                                             |     | Filed January 9, 2024 (with respect to Item 8.01 only),                 
 April 11, 2024,                                                         
 April 16, 2024,                                                         
 May 8, 2024,                                                            
 June 3, 2024 (with respect to Item 8.01 only),                          
 July 26, 2024,                                                          
 September 9, 2024                                                       
 (with respect to Item 8.01 only), and October 31, 2024                  |
| The portions of our Definitive Proxy Statement on Schedule 14A that are incorporated by reference in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023                         |     | Filed March 25, 2024                                                    |
| Description of Public Storage’s common shares of beneficial interest contained in our Current Report on Form 8-K(12B),                                                                                  
 filed June 6, 2007, as supplemented by the description contained in Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2023 and the description contained in this prospectus |     |                                                                         |

2

| All subsequent documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than those “furnished” pursuant to Item 2.02 or Item 7.01 of Form 8-K or 
 other information furnished to the SEC)                                                                                                                                           |     | After the date of this prospectus and before the termination of the offering |

You may request a copy of each of our filings at no cost, by writing or telephoning us at the following address, telephone or facsimile number: Investor Services Department Public Storage 701 Western Avenue Glendale, California 91201-2349 Telephone: (800) 421-2856 (818) 244-8080 Facsimile: (818) 291-1015 Exhibits to a document will not be provided unless they are specifically incorporated by reference in that document. 3

FORWARD-LOOKING STATEMENTS

This prospectus contains or incorporates by reference forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A