Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 50

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 50
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 into transactions which
consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the notes offered hereby. Any such credit default swaps or short positions could adversely affect future trading
prices of the notes offered hereby. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments.

Additionally, affiliates of BofA Securities, Inc. and Wells Fargo Securities, LLC are lenders, and in some cases agents or managers for the
lenders, under our revolving credit facility.

S-31

Selling Restrictions Notice to Prospective Investors in Canada The notes may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptionsor subsection 73.3(1) of the Securities Act(Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the notes must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement and the accompanying prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor. Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts(NI 33-105),the underwriters are not required to comply with the disclosure requirements of NI 33-105regarding underwriter conflicts of interest in connection with this offering. Notice to Prospective Investors in the European Economic Area Prohibition of Sales to EEA Retail Investors Each underwriter has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in any Member State of the European Economic Area (“EEA”) (in each case, a “Relevant State”). For the purposes of this provision:

| (a) | the expression “retail investor” means a person who is one (