Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 0

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 0
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Filed under Rule 424(b)(5)
File No. 333-283556 The information contained in this preliminary prospectus supplement is not complete and may be changed. Subject to Completion, dated June 26, 2025 P R E L I M I N A R Y P R O S P E C T U S S U P P L E M E N T (To Prospectus dated December 2, 2024) $ Public Storage Operating Company $ % Senior Notes due 2030 $ % Senior Notes due 2035 Fully and Unconditionally Guaranteed by Public Storage Public Storage Operating Company, a Maryland real estate investment trust, which we refer to as PSOC, is offering $ aggregate principal amount of % Senior Notes due , 2030 (the “2030 notes”) and $ aggregate principal amount of % Senior Notes due , 2035 (the “2035 notes”). We refer to the 2030 notes and the 2035 notes together as the “notes.” PSOC will pay interest on the notes semi-annually in arrears on and of each year, beginning on , 20 . The 2030 notes will mature on , 2030 and the 2035 notes will mature on , 2035. PSOC may redeem the notes prior to maturity at its option, at any time in whole or from time to time in part, at the redemption prices described in this prospectus supplement under “Description of Notes—Optional Redemption.” The notes will be PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The notes will be effectively subordinated in right of payment to all of PSOC’s existing and future secured indebtedness (to the extent of the value of the collateral securing such indebtedness). The notes will also be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities, whether secured or unsecured, of its subsidiaries. The notes will be fully and unconditionally guaranteed by Public Storage, a Maryland real estate investment trust. The guarantee will be a senior unsecured obligation of Public Storage and will rank equally in right of payment with any of Public Storage’s existing and future unsecured and unsubordinated indebtedness and guarantees. Public Storage does not currently have any direct indebtedness but guarantees certain other PSOC indebtedness. Public Storage does not have any significant operations or material assets other than its indirect ownership interests in PSOC. Each series