Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 5

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 5
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PSA OP”), a Delaware limited partnership. As of
March 31, 2025, Public Storage owned all of the general partner interests and approximately 99.81% of the limited partnership interests of PSA OP, with the remaining 0.19% of limited partnership interests owned by certain trustees and officers
of Public Storage.

S-1

THE OFFERING The following is a brief summary of some of the terms of this offering. It does not contain all of the information that you need to consider in making your investment decision. To understand all of the terms of the offering of the notes guaranteed by Public Storage, you should carefully read this prospectus supplement and the accompanying prospectus.

| Issuer | Public Storage Operating Company |

| Notes Offered | $475,000,000 aggregate principal amount of 4.375% Senior Notes due 2030 |

| $400,000,000 aggregate principal amount of 5.000% Senior Notes due 2035 |

| Ranking | The notes will be PSOC’s direct, unsecured and unsubordinated obligations and will: |

| • |     | rank equally in right of payment with all of PSOC’s existing and future unsecured and unsubordinated 
 indebtedness;                                                                                        |

| • |     | 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); and                            |

| • |     | be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities, 
 whether secured or unsecured, of PSOC’s subsidiaries.                                                           |

| As of March 31, 2025, PSOC had approximately $1.7 million of secured indebtedness, $1.7 billion of Euro-denominated unsecured indebtedness and $7.8 billion of U.S. Dollar denominated unsecured                                         
 indebtedness outstanding on a consolidated basis. Of such indebtedness, $1.7 million of the secured indebtedness and none of the unsecured and unsubordinated indebtedness was attributable to PSOC’s subsidiaries. As of June 20, 2025, 
 PSOC had no outstanding borrowings under the $1.5 billion revolving credit facility, but had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $20.0 million.                                             |

| Guarantee | The notes will be fully and unconditionally guaranteed by Public Storage. The guarantee will be a senior unsecured obligation of