Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 12

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 12
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 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, as such may be updated in any future filings we make under the Exchange Act. If any of the risk factors were to occur, our business, financial condition, liquidity, results of operations, and prospects could be materially adversely affected. This may adversely affect our ability to pay interest on the notes or repay the principal when due, and you may lose part or all of your investment. Risks Related to the Notes and the Guarantee Our indebtedness could materially and adversely affect our ability to meet our debt service obligations under the notes. As of June 30, 2025, PSOC had approximately $1.6 million of secured indebtedness, $1.9 billion of Euro-denominated unsecured indebtedness and $8.6 billion of U.S. Dollar denominated unsecured indebtedness outstanding on a consolidated basis. Of such indebtedness, all of the secured indebtedness and none of the unsecured and unsubordinated indebtedness was attributable to PSOC’s subsidiaries. As of September 22, 2025, PSOC had no outstanding borrowings under the $1.5 billion revolving credit facility, but had undrawn standby letters of credit totaling $19.9 million, which reduce our borrowing capacity. Our level of indebtedness and the limitations imposed on us by our debt agreements could have significant adverse consequences to holders of the notes, including the following:

| • |     | our cash flow may be insufficient to meet our debt service obligations with respect to the notes and our other                                                                                                
 indebtedness, which would enable the lenders and other debtholders to accelerate the maturity of their indebtedness, or be insufficient to fund other important business uses after meeting such obligations; |

| • |     | we may be unable to borrow additional funds as needed or on favorable terms; |

| • |     | we may be unable to refinance our indebtedness at maturity or earlier acceleration, if applicable, or the                  
 refinancing terms may be less favorable than the terms of our original indebtedness or otherwise be generally unfavorable; |

| • |     | because a portion of our debt bears