Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 7

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 7
---
 to do so and may discontinue any market-making at any time without notice.                           |

| Book-Entry Form | The notes will be book-entry only and registered in the name of a nominee of DTC. Investors may elect to hold interests in the notes through Clearstream Banking, société anonyme (“Clearstream”), or Euroclear Bank                           
 S.A./N.V. (“Euroclear”), as operator of the Euroclear System, which in turn will hold interests in the notes in their capacity as participants at DTC. The notes of each series will be issued in minimum denominations of $2,000 and integral 
 multiples of $1,000 in excess thereof.                                                                                                                                                                                                         |

| Additional Notes | PSOC may, from time to time, without the consent of or notice to existing note holders, create and issue further notes having the same terms and conditions as the notes of any of the series in all respects, except for the issue date and, to the     
 extent applicable, the issue price, the payment of interest accruing prior to the issue date and the first payment of interest. Additional notes issued in this manner will be consolidated with, and will form a single series of debt securities with, 
 the previously outstanding notes of the related series; provided, however, that the issuance of such additional notes will not be so consolidated for United States federal income tax purposes unless such issuance constitutes a “qualified            
 reopening” within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations promulgated thereunder.                                                                                                        |

| Trustee and Paying Agent | Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, is the trustee and paying agent under the indenture relating to the notes. |

| Governing Law | The indenture, the notes and the guarantee will be governed by the laws of the State of New York. |

S-4

RISK FACTORS You should carefully consider the risks and uncertainties described below and other information contained in this prospectus supplement and the accompanying prospectus and in the documents incorporated or deemed to be incorporated by reference in this prospectus supplement and the accompanying prospectus before you decide whether to invest in the notes guaranteed by Public Storage. In particular, we urge you to consider carefully the factors set forth under “Risk Factors” 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