Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 15

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 15
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 the notes.

In general, as market interest rates rise, notes bearing interest at a fixed rate generally decline in value because the premium,
if any, over market interest rates will decline. Consequently, if you purchase the notes and market interest rates increase, the market value of your notes may decline. We cannot predict the future level of market interest rates.

Certain proposed changes in tax law may have adverse tax consequences to certain non-U.S. holders of the notes.

On May 22, 2025, the United States House of Representatives passed a bill that, if enacted into law, may affect the U.S. federal income tax
considerations applicable to certain non-U.S. holders of the notes. In particular, the bill proposes to increase the current U.S. tax rates, including reduced rates provided under an applicable income tax treaty and increased rates of taxation under
the Foreign Investment in Real Property Tax Act, on interest payable under the notes to certain individuals and entities resident in, or owned by residents of, countries (“applicable persons”) that have enacted any unfair foreign tax, as
defined in the bill. Among other things, the bill provides for escalating rates of tax on payments to applicable persons, including applicable persons that claim a reduced rate of withholding tax under an applicable income tax treaty, up to 20%
above the current statutory rates of tax (determined without regard to any rate provided under an applicable income tax treaty in lieu of such statutory rate). Based on the Report of the Committee on the Budget of the House of Representatives, H.
Rpt. 119-106, such increased rates of tax are not intended to apply to holders that claim the portfolio interest exemption with respect to interest payments under the notes. The likelihood of the bill or other similar legislation being enacted is
uncertain, and the provisions of the bill or other similar legislation may change prior to enactment. Prospective investors in the notes should consult their legal advisors regarding the likelihood of the bill becoming law and the potential effects
of the bill to them of investing in the notes.

S-9

USE OF PROCEEDS

We expect the net proceeds from the sale of the notes in this offering, excluding accrued interest, will be approximately
$ , after deducting the underwriting discounts and estimated offering expenses payable by us.

We intend to use the
net proceeds from this offering to repay our outstanding $400 million in aggregate principal amount of our 2025 Floating Rate Notes and for general corporate purposes, including to make investments in self-storage facilities (such as