Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 4

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 4
---
 direct and indirect subsidiaries, including Public Storage Operating Company. All
references to “PSOC” refer to Public Storage Operating Company.

S-iii

SUMMARY

This summary is not complete and does not contain all of the information that you should consider before deciding whether to invest in the notes guaranteed by Public Storage. To understand this offering fully prior to making an investment decision, you should carefully read this prospectus supplement, the accompanying prospectus and any free writing prospectus we file with the SEC in connection with this offering and the documents incorporated or deemed to be incorporated by reference in the prospectus supplement and accompanying prospectus. See “Where You Can Find More Information” in the accompanying prospectus. You should also carefully consider the “Risk Factors” sections in this prospectus supplement and in our Annual Report on Form 10-Kfor the year ended December 31, 2024, incorporated by reference in this prospectus supplement and the accompanying prospectus, as such may be updated in any future filings we make under the Exchange Act.

The Company

We acquire,
develop, own, and operate self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal and business use. We are the
largest owner of self-storage facilities in the U.S., with physical presence in most major markets and 40 states. At March 31, 2025, we owned interests in 3,085 self-storage facilities (with approximately 227.7 million net rentable square
feet) operating under the Public Storage name, and 1.0 million net rentable square feet of commercial and retail space. In addition, we managed 314 facilities (with approximately
24.4 million net rentable square feet) for third parties at March 31, 2025.

At March 31, 2025, we owned an
approximate 35% common equity interest in Shurgard Self Storage Limited, a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 318 self-storage facilities (with approximately 18 million net rentable
square feet) located in seven Western European countries, all operating under the Shurgard name.

As a result of an internal reorganization into an umbrella partnership real estate investment trust, which was effected in August 2023, PSOC
is the entity through which Public Storage conducts substantially all of its operations and owns substantially all of its assets. PSOC is wholly owned by Public Storage OP, L.P. (“