Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 10

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 10
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 no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public    
 institutions of or within the international banking community, then all payments in respect of the notes will be made in U.S. dollars until the euro is again available to us or so used. See “Description of Notes—Issuance in Euro.”             |

| Certain Covenants | The indenture that will govern the notes contains certain covenants that, among other things, limit: |

| • |     | PSOC’s ability to incur secured and unsecured indebtedness; and |

| • |     | PSOC’s or Public Storage’s ability to consummate a merger, consolidation or sale of all or 
 substantially all of their respective assets.                                              |

| In addition, PSOC will be required to maintain total unencumbered assets of at least 125% of its total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. See 
 “Description of Notes.”                                                                                                                                                                                                |

| Use of Proceeds | We expect the net proceeds from the sale of the notes in this offering will be approximately €419.8 million, after deducting the underwriting discount and estimated offering expenses payable by us. We intend to use the net proceeds from             
 this offering to repay the outstanding €242 million in aggregate principal amount of our 2.175% senior notes due November 2025 (the “November 2025 Notes”) and for general corporate purposes, including to make investments in                          
 self-storage facilities (such as acquisitions of facilities or interests in entities that own facilities, development, and mortgage loans secured by facilities), repayment of debt and the redemption of outstanding securities. See “Use of Proceeds.” |

| Listing and Trading | The notes are a new issue of securities with no established trading market. We intend to apply to list the notes on the New York Stock Exchange. We expect listing of the notes to occur within 30 days after the original issue date. Settlement of 
 the notes is not conditional on obtaining the listing. If such listing is obtained, we have no obligation to maintain such listing and the notes may be delisted at any time.                                                                        |

| The underwriters have advised us that they intend to make a market in the notes, but they are not obligated to do so and may discontinue any market-making at any time without notice. |

| Book-Entry Form; Denominations | The notes will be