Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 64

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 64
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 will not be taxed, with certain limited exceptions, on the net income that we distribute currently to our shareholders. We were incorporated in California in 1980 and reorganized as a
Maryland real estate investment trust in June 2007. Our principal executive offices are located at 701 Western Avenue, Glendale, California 91201-2349. Our telephone number is (818) 244-8080.

5

RISK FACTORS

Investing in our securities involves risks. Before investing in any of our securities, you should carefully consider the risks disclosed in
the documents incorporated by reference in this prospectus and any applicable prospectus supplement. See “Where You Can Find More Information.”

6

USE OF PROCEEDS

Unless otherwise described in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities
described in this prospectus to make investments in self-storage facilities, including development, interests in partnerships and other entities and mortgage loans, and for general corporate purposes, including repayment of debt and the redemption
of outstanding securities. Pending application, we may invest the net proceeds in short-term, interest-bearing securities.

We will not
receive proceeds from any sales of our securities by selling securityholders.

7

GUARANTOR DISCLOSURES

Public Storage may guarantee the debt securities of Public Storage Operating Company, as described in “Description of Debt
Securities” in this prospectus and as may be further described in an applicable prospectus supplement. Any such guarantees by Public Storage will be full, irrevocable, unconditional and absolute joint and several guarantees to the holders of
each series of such guaranteed debt securities. Public Storage does not hold any assets directly other than membership interests in PSOP GP, LLC (which holds all the general partner interests in PSA OP) and limited partnership interests of PSA OP,
which wholly-owns Public Storage Operating Company. Public Storage Operating Company is consolidated into the financial statements of Public Storage.

Public Storage and Public Storage Operating Company have filed this prospectus with the SEC registering, among other securities, debt
securities of Public Storage Operating Company, which may be fully and unconditionally guaranteed by Public Storage. As we expect such debt securities to be guaranteed by Public Storage, pursuant to Rule 3-10
of Regulation S-X, separate consolidated financial statements of Public Storage Operating Company have not been presented. As permitted under Rule 13-01(a)(4)(vi) of
Regulation S-X, we have excluded the summarized financial information