Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 62

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 62
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 to our Annual Report on Form 10-K for the year ended December 31, 2023 and the description contained in this prospectus |     |                                                                         |

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| All subsequent documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than those “furnished” pursuant to Item 2.02 or Item 7.01 of Form 8-K or 
 other information furnished to the SEC)                                                                                                                                           |     | After the date of this prospectus and before the termination of the offering |

You may request a copy of each of our filings at no cost, by writing or telephoning us at the following address, telephone or facsimile number: Investor Services Department Public Storage 701 Western Avenue Glendale, California 91201-2349 Telephone: (800) 421-2856 (818) 244-8080 Facsimile: (818) 291-1015 Exhibits to a document will not be provided unless they are specifically incorporated by reference in that document. 3

FORWARD-LOOKING STATEMENTS

This prospectus contains or incorporates by reference forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act, that reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all
statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates” or the negative version of these words or other comparable words. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially
different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A “Risk Factors” in our most
recent Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC, as well as the other information contained