Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 59

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 59
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combination of these methods, on a delayed or continuous basis. In addition, selling securityholders to be identified from time to time in a prospectus supplement may sell our securities that they own. We will not receive any of the proceeds from
the sale of our securities by selling securityholders.

We will provide the specific terms and conditions of any offered securities in
supplements to this prospectus and other filings with the Securities and Exchange Commission (the “SEC”), including their offering prices and the plan of distribution for any particular offering. You should read this prospectus and the
supplements carefully before you invest. Our common shares of beneficial interest are listed and traded on the New York Stock Exchange (“NYSE”) under the symbol “PSA.”

Our principal executive offices are located at 701 Western Avenue, Glendale, California, 91201-2349, and our telephone number there is (818) 244-8080.

You should carefully read and consider the risk factors included in our periodic reports, in prospectus supplements relating to specific offerings, and other information that we file with the SEC before you invest in our securities. See “ Risk Factors” on page 6.

Neither the SEC nor any state securities commission has approved or disapproved the securities to be issued under this prospectus or determined if this prospectus is accurate or adequate. Any representation to the contrary is a criminal offense.

December 2, 2024

You should rely only on the information contained in or incorporated by reference in this
prospectus and any accompanying prospectus supplement. We have not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer
to sell these securities in any state where the offer is not permitted. The information contained in or incorporated by reference in this prospectus is accurate only as of the date on the front of this prospectus. Our business, financial condition,
results of operations and prospects may have changed since that date.

TABLE OF CONTENTS

|                                                  |     | Page |    |
| ABOUT THIS PROSPECTUS                            |     |      |  1 |
| WHERE YOU CAN FIND MORE INFORMATION              |     |      |  2 |
| FORWARD-LOOKING STATEMENTS                       |     |      |  4 |
| THE COMPANY                                      |     |      |  5 |
| RISK FACTORS                                     |     |      |  6 |
| USE OF PROCEEDS                                  |