Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 8

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 8
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 terms of this offering. It does not contain all of the information that you need to consider in making your investment decision. To understand all of the terms of the offering of the notes guaranteed by Public Storage, you should carefully read this prospectus supplement and the accompanying prospectus.

| Issuer | Public Storage Operating Company |

| Legal Entity Identifier (LEI) | 549300LMZF40TKJ6DM64 |

| Notes Offered | €425,000,000 aggregate principal amount of 3.500% Senior Notes due 2034. |

| Ranking | The notes will be PSOC’s direct, unsecured and unsubordinated obligations and will: |

| • |     | rank equally in right of payment with all of PSOC’s existing and future unsecured and unsubordinated 
 indebtedness;                                                                                        |

| • |     | be effectively subordinated in right of payment to all of PSOC’s existing and future secured indebtedness 
 (to the extent of the value of the collateral securing such indebtedness); and                            |

| • |     | be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities, 
 whether secured or unsecured, of PSOC’s subsidiaries.                                                           |

| 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 its borrowing capacity.                                                            |

| Guarantee | The notes will be fully and unconditionally guaranteed by Public Storage. The guarantee will be a senior unsecured obligation of Public Storage and will: |

| • |     | rank equally in right of payment with all of Public Storage’s existing and future unsecured and 
 unsubordinated indebtedness and guarantees;                                                     |

| • |     | be effectively subordinated in right of payment to Public Storage’s secured indebtedness and secured                    
 guarantees (to the extent of the value of the collateral securing such indebtedness) from time to time outstanding; and |

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