Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 76

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 76
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 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 for Public Storage Operating Company because the assets, liabilities and results of operations of Public Storage Operating Company are not
materially different than the corresponding amounts in Public Storage’s consolidated financial statements incorporated by reference herein, and management believes such summarized financial information would be repetitive and would not provide
incremental value to investors.

8

DESCRIPTION OF COMMON SHARES Common Shares In this description, all references to “we,” “us” or “our” refer only to Public Storage and not to any of its subsidiaries. We are authorized to issue up to 650,000,000 common shares of beneficial interest, par value $0.10 per share. At November 29, 2024, we had outstanding 175,182,782 common shares. The following description of our common shares sets forth certain general terms and provisions of our common shares to which any prospectus supplement may relate, including a prospectus supplement providing that common shares will be issuable upon conversion of other securities or upon the exercise of warrants. The statements below describing our common shares are in all respects subject to and qualified in their entirety by reference to the applicable provisions of our declaration of trust and bylaws, which have been filed as exhibits to the registration statement of which this prospectus forms a part. Holders of our common shares will be entitled to receive distributions when