Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 5

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 5
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 $     aggregate principal amount of   % Senior Notes due 2030 |

| $     aggregate principal amount of   % 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 Public Storage and will: |

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

| • |     | be effectively subordinated in right of payment to Public Storage’s secured indebtedness and secured                    
 guarantees (to the extent of the value of the collateral securing such indebtedness) from time to time outstanding; and |

S-2

| • |     | be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of                                                  
 Public Storage’s subsidiaries (other than PSOC and PSA OP) and of its joint ventures to the extent of the assets of those subsidiaries or of those joint