Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 75

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 75
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 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 will not be taxed, with certain limited exceptions, on the net income that we distribute currently to our shareholders. We were incorporated in California in 1980 and reorganized as a
Maryland real estate investment trust in June 2007. Our principal executive offices are located at 701 Western Avenue, Glendale, California 91201-2349. Our telephone number is (818) 244-8080.

5

RISK FACTORS

Investing in our securities involves risks. Before investing in any of our securities, you should carefully consider the risks disclosed in
the documents incorporated by reference in this prospectus and any applicable prospectus supplement. See “Where You Can Find More Information.”

6

USE OF PROCEEDS

Unless otherwise described in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities
described in this prospectus to make investments in self-storage facilities, including development, interests in partnerships and other entities and mortgage loans, and for general corporate purposes, including repayment of debt and the redemption
of outstanding securities. Pending application, we may invest the net proceeds in short-term, interest-bearing securities.

We will not
receive proceeds from any sales of our securities by selling securityholders.

7

GUARANTOR DISCLOSURES

Public Storage