Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 1

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 1
---
30 days after the original issue date. If such listing is obtained we have no obligation to maintain such listing and the notes may be delisted at any time. The notes will be issued in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. See “ Risk Factors” beginning on page S-6of this prospectus supplement and in our other filings with the Securities and Exchange Commission incorporated by reference in this prospectus supplement and the accompanying prospectus to read about factors you should consider before making a decision to invest in the notes. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

|                                           |     | Per  
 Note |        |   |     | Total |             |
| Public offering price (1)                 |     |      | 99.447 | % |     | €     | 422,649,750 |
| Underwriting discount                     |     |      |  0.420 | % |     | €     |   1,785,000 |
| Proceeds (before offering expenses) to us |     |      | 99.027 | % |     | €     | 420,864,750 |

| (1) | Plus accrued interest from October 3, 2025, if settlement occurs after that date. |

We expect that delivery of the notes will be made to investors in book-entry form through the facilities of Clearstream Banking, société anonyme, and Euroclear Bank S.A./N.V., as operator of the Euroclear System, on or about October 3, 2025, which is the fifth business day following the date of this prospectus supplement. See “Underwriting.” Joint Book-Running Managers

| BNP PARIBAS |     | Goldman Sachs & Co. LLC |     | Morgan Stanley |

| Scotiabank |     | UBS Investment Bank |

September 26, 2025

TABLE OF CONTENTS Prospectus Supplement

| SUMMARY                                             |     | S-1  |
| RISK FACTORS                                        |     | S-6  |
| CURRENCY CONVERSION                                 |     | S-13 |
| USE OF PROCEEDS                                     |     | S-14 |
| DESCRIPTION OF NOTES                                |     | S-15 |
| SUPPLEMENTAL U.S. FEDERAL INCOME TAX