Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 16

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 16
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acquisitions of facilities or interests in entities that own facilities, development, and mortgage loans secured by facilities), repayment of debt and the redemption of outstanding securities. The 2025 Floating Rate Notes bear interest at a rate
equal to Compounded SOFR (as defined in the Twelfth Supplemental Indenture, dated as of July 26, 2023), reset quarterly, plus 60 basis points per annum and mature on July 25, 2025.

Pending application of the net proceeds as described above, we expect to deposit the net proceeds of this offering in interest bearing
accounts or invest them in certificates of deposit, United States government obligations or other short-term, high-quality debt instruments selected at our discretion.

S-10

DESCRIPTION OF NOTES The notes will be issued under the indenture dated as of September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture, dated as of August 14, 2023, between PSOC, Public Storage, as guarantor, and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), as further supplemented by supplemental indentures for each series of notes, each to be dated as of , 2025 (as supplemented, and as further supplemented, the “Indenture”). The terms of the notes include those provisions contained in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). We have summarized selected terms and provisions of the Indenture and the Trust Indenture Act below. The following summary of specified provisions of the Indenture, the notes and the guarantee does not purport to be complete and is subject to, and qualified in its entirety by reference to, the actual provisions of the Indenture, including the definitions contained in the Indenture of some of the terms used below and the notes. If you would like more information on any of these provisions, you should read the relevant sections of the Indenture. Copies of the Indenture are available from us upon request. Capitalized terms used but not otherwise defined herein have the meanings specified in the Indenture. For purposes of this Description of Notes, references to “we,” “our,” “us” and “PSOC” refer only to Public Storage Operating Company and not to its subsidiaries or to Public Storage. General The 2030 notes and