Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 0

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 0
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<div align='center'>United States

Securities and Exchange Commission

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934</div>

| ☒ Filed by the Registrant |     | ☐ Filed by a Party other than the Registrant |

| Check the appropriate box: |     |                                                                                 |
| ☐                          |     | Preliminary Proxy Statement                                                     |
| ☐                          |     | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒                          |     | Definitive Proxy Statement                                                      |
| ☐                          |     | Definitive Additional Materials                                                 |
| ☐                          |     | Soliciting Material under § 240.14a-12                                          |

### PUBLIC STORAGE
<div align='center'>(Name of Registrant as Specified in Its Charter)</div>

| Payment of Filing Fee (Check all boxes that apply): |     |                                                                                                      |
| ☒                                                   |     | No fee required.                                                                                     |
| ☐                                                   |     | Fee paid previously with preliminary materials.                                                      |
| ☐                                                   |     | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |

701 Western Avenue

Glendale, California 91201

March 28, 2025

Dear Fellow Shareholders:

In 2024, our Company had another successful year. We achieved record performance once again while navigating a period of significant industry-wide operational stabilization. We realized record revenues of $4.7 billion and record net operating income of $3.4 billion. We also achieved the highest direct operating margin and revenue per available square foot among public self-storage real estate investment trusts.

Although the acquisitions market was quiet for much of the year, we continued to make progress on our organic and external growth strategies. Our best-in-class development program delivered 1.5 million square feet, with an additional 4.0 million square feet in our pipeline. For 2024, we increased our portfolio by 3.2 million square feet through acquisitions, development, and redevelopment (at a cost of $610.9 million).

Operationally, we continued to enhance the customer experience and transform our operating model. We are the first public self-storage company to offer digital property access at 100% of