Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 58

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 58
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2025 and June 3, 2025 (with respect to Item 8.01 only)                               |
| Definitive Proxy Statement on Schedule 14A                                                                                                                                             |     | Filed March 28, 2025                                                                    |
| All subsequent documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act of 1934 (other than those “furnished” pursuant to Item 2.02 or Item 7.01 of Form 8-K 
 or other information furnished to the SEC)                                                                                                                                             |     | After the date of this prospectus supplement and before the termination of the offering |

You may request a copy of each of our filings at no cost, by writing or telephoning us at the following address, telephone or facsimile number: Investor Services Department Public Storage 701 Western Avenue Glendale, California 91201-2349 S-37

Telephone: (800) 421-2856

(818) 244-8080

Facsimile: (800) 291-1015

Exhibits to a document will not be provided unless they are specifically incorporated by reference in that document.

S-38

LEGAL MATTERS

Certain legal and tax matters will be passed upon for us by Hogan Lovells US LLP. Certain legal matters will be passed upon for the
underwriters by Skadden, Arps, Slate, Meagher & Flom LLP, Los Angeles, California and Chicago, Illinois.

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EXPERTS

Ernst & Young LLP, independent registered public accounting firm, has audited our consolidated financial statements and schedule
included in our Annual Report on Form 10-K for the year ended December 31, 2024, and the effectiveness of our internal control over financial reporting as of December 31, 2024, as set forth in their
reports, which are incorporated by reference in this prospectus supplement and elsewhere in the registration statement. Our financial statements and schedule are incorporated by reference in reliance on Ernst & Young LLP’s reports,
given on their authority as experts in accounting and auditing.

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Prospectus

Public Storage

Common Shares of Beneficial Interest

Preferred Shares of Beneficial Interest

Depositary Shares

Warrants

Units

Guarantees

Public Storage Operating Company

Debt Securities

We may offer and sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, or through