PSA.PRH / Public Storage - Preferred Stock - Depositi SEC, Relazione annuale, dichiarazione di delega

Public Storage Reports Results for the Three and Six Months Ended June 30, 2025

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date July 30, 2025 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Three and Six Months Ended June 30, 2025 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three and six months ended June 30, 2025. “We ar

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 30, 2025 Public Storage (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 30, 2025 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 30, 2025 Public Storage (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 30, 2025 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

Nineteenth Supplemental Indenture, dated as of June 30, 2025, among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee.

Exhibit 4.2 PUBLIC STORAGE OPERATING COMPANY AS ISSUER PUBLIC STORAGE AS GUARANTOR AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE NINETEENTH SUPPLEMENTAL INDENTURE Dated as of June 30, 2025 $475,000,000 4.375% SENIOR NOTES DUE 2030 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, AS SUPPLEMENTED BY THE SIXTEENTH SUPPLEMENTAL INDENTU

Twentieth Supplemental Indenture, dated as of June 30, 2025, among Public Storage Operating Company, Public Storage, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee.

Exhibit 4.3 PUBLIC STORAGE OPERATING COMPANY AS ISSUER PUBLIC STORAGE AS GUARANTOR AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE TWENTIETH SUPPLEMENTAL INDENTURE Dated as of June 30, 2025 $400,000,000 5.000% SENIOR NOTES DUE 2035 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, AS SUPPLEMENTED BY THE SIXTEENTH SUPPLEMENTAL INDENTUR

Public Storage Operating Company $475,000,000 4.375% Senior Notes due 2030 $400,000,000 5.000% Senior Notes due 2035 Fully and Unconditionally Guaranteed by Public Storage

Filed under Rule 424(b)(5) File No. 333-283556 P R O S P E C T U S S U P P L E M E N T (To Prospectus dated December 2, 2024) $875,000,000 Public Storage Operating Company $475,000,000 4.375% Senior Notes due 2030 $400,000,000 5.000% Senior Notes due 2035 Fully and Unconditionally Guaranteed by Public Storage Public Storage Operating Company, a Maryland real estate investment trust, which we refer

Underwriting Agreement, dated as of June 26, 2025, by and among PSOC, the Company, BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint book-running managers of the several underwriters named therein.

Exhibit 1.1 Execution Version PUBLIC STORAGE OPERATING COMPANY 4.375% Senior Notes due 2030 5.000% Senior Notes due 2035 UNDERWRITING AGREEMENT June 26, 2025 June 26, 2025 To the Managers named in Schedule I hereto for the Underwriters named in Schedule II hereto Ladies and Gentlemen: Public Storage Operating Company (the “Company”), a Maryland real estate investment trust, proposes to issue and s

Calculation of Filing Fee Tables (Form Type) Public Storage Operating Company Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities

Exhibit 107 Calculation of Filing Fee Tables 424(b)(5) (Form Type) Public Storage Operating Company Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities Security Type Security Class Title Fee Calculation or Carry Forward Rule Amount Registered Proposed Maximum Offering Price Per Unit Maximum Aggregate Offering Price Fee Rate Amount of Registration Fee Carry Forward  Form Type Carry Forward  File Number Carry Forward Initial Effective  Date Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward Newly Registered Securities Fees to Be Paid Debt 4.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 26, 2025 Public Storage (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 26, 2025 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

Subject to Completion, dated June 26, 2025

Table of Contents Filed under Rule 424(b)(5) File No. 333-283556 The information contained in this preliminary prospectus supplement is not complete and may be changed. Subject to Completion, dated June 26, 2025 P R E L I M I N A R Y P R O S P E C T U S S U P P L E M E N T (To Prospectus dated December 2, 2024) $     Public Storage Operating Company $       % Senior Notes due 2030 $       % Senior

PUBLIC STORAGE $475,000,000 4.375% Senior Notes due 2030 (the “2030 Notes”) $400,000,000 5.000% Senior Notes due 2035 (the “2035 Notes”) Final Term Sheet Issuer: Public Storage Operating Company Guarantor: Public Storage (PSA) Security: 4.375% Senior

FWP Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 2, 2025 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Number

As filed with the Securities and Exchange Commission on May 14, 2025

As filed with the Securities and Exchange Commission on May 14, 2025 Registration No.

Filing Fee Table. Filed herewith.

Exhibit 107 Calculation of Filing Fee Tables Form S-8 (Form Type) Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1.

Current Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 7, 2025 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 93-2834996 (State or other jurisdiction of incorporation) (Commission File Number)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage (Ex

Public Storage Reports Results for the Three Months Ended March 31, 2025

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date April 30, 2025 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Three Months Ended March 31, 2025 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three months ended March 31, 2025. “Public Storage’s f

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 30, 2025 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numb

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 ☒ Filed by the Registrant ☐ Filed by a Party other than the Registrant Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy State

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 ☒ Filed by the Registrant ☐ Filed by a Party other than the Registrant Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☐ Definitive Proxy State

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 24, 2025 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File N

Listing of Subsidiaries. Filed herewith.

Exhibit 21 SUBSIDIARIES OF THE REGISTRANT The Registrant’s principal subsidiaries are listed below.

Public Storage Reports Results for the Fourth Quarter and Year Ended December 31, 2024

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date February 24, 2025 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Fourth Quarter and Year Ended December 31, 2024 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the fourth quarter and year ended Decembe

Public Storage Securities Trading Policy. Filed herewith.

Exhibit 19.1 SECURITIES TRADING POLICY Effective May 2, 2023 1.Purpose This Securities Trading Policy (the “Policy”) sets forth the Company’s policies with respect to transactions in the securities of Public Storage (including its subsidiaries, the “Company”) and the handling of confidential information about the Company and the companies with which the Company does business. The Company’s Board o

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2024. ☐ Transition Report Pursuant to Sect

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2024. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 PUBLIC STORAGE (Exact

Calculation of Filing Fee Tables (Form Type) Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities

Exhibit 107 Calculation of Filing Fee Tables 424(b)(5) (Form Type) Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities Security  Type  Security  Class Title  Fee  Calculation  or Carry  Forward  Rule  Amount Registered  Proposed  Maximum  Offering  Price Per  Unit  Maximum  Aggregate  Offering Price  Fee Rate  Amount of  Registration  Fee (1)   Carry  Forward  Form  Type  Carry  Forward  File  Number  Carry  Forward  Initial  Effective  Date  Filing Fee  Previously  Paid in  Connection  with Unsold  Securities  to be  Carried  Forward  Newly Registered Securities Fees to be Paid Equity Common Shares , par value $0.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): December 2, 2024 Public Storage (

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): December 2, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Nu

Equity Distribution Agreement by and among the Company, PSOC, the Managers and the Forward Purchasers dated December 2, 2024

Exhibit 1.1 PUBLIC STORAGE (A Maryland real estate investment trust) COMMON SHARES ($0.10 PAR VALUE PER SHARE) Equity Distribution Agreement December 2, 2024 As Managers Morgan Stanley & Co. LLC 1585 Broadway New York, New York 10036 Scotia Capital (USA) Inc. 250 Vesey Street, 24th Floor New York, New York 10281 BNP Paribas Securities Corp. 787 Seventh Avenue New York, New York 10019 SMBC Nikko Se

$2,000,000,000 Public Storage Common Shares of Beneficial Interest

Table of Contents Filed Pursuant to Rule 424(b)(5) Registration No. 333-283556 P R O S P E C T U S S U P P L E M E N T (To Prospectus dated December 2, 2024) $2,000,000,000 Public Storage Common Shares of Beneficial Interest Public Storage and Public Storage Operating Company entered into an equity distribution agreement, dated December 2, 2024 (the “equity distribution agreement”), with Morgan St

Filing Fee Tables.

Exhibit 107 Calculation of Filing Fee Tables Form S-3 (Form Type) Public Storage Public Storage Operating Company (Exact Name of Registrants as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities Security  Type Security Class Title Fee Calculation or Carry Forward Rule(1) Amount Registered(2) Proposed Maximum  Offering Price Per Unit(2) Maximum  Aggregate Offering Price(2) Fee Rate(1) Amount of Registration  Fee(1) Carry Forward  Form Type Carry Forward  File Number Carry Forward Initial Effective Date Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward Newly Registered Securities Public Storage Fees to Be Paid Equity Common Shares of Beneficial Interest, $.

Statement of Eligibility of Trustee. Filed herewith.

Exhibit 25.1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM T-1 STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE ☐ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION (Exact name of trustee as specified in its charter) N

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 2, 2024

Table of Contents AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 2, 2024 REGISTRATION NO.

Current Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 30, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Nu

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 30, 2024 Public Storage (

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 30, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Nu

Public Storage Reports Results for the Three and Nine Months Ended September 30, 2024

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date October 30, 2024 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Three and Nine Months Ended September 30, 2024 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three and nine months ended September 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 9, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File N

Public Storage Reports Results for the Three and Six Months Ended June 30, 2024

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date July 30, 2024 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Three and Six Months Ended June 30, 2024 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three and six months ended June 30, 2024. “The P

Form of 2021 Plan Trustee Non-Qualified Stock Option Agreement (2024). Filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and incorporated herein by reference.

Exhibit 10.3 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN NON-QUALIFIED STOCK OPTION AGREEMENT (TRUSTEES) THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the “Option Agreement”) is made as of [Grant#Date] (the “Grant Date”), by and between Public Storage (the “Trust”) and [Participant#Name], a Trustee of the Trust or one of its Affiliates (the “Optionee”). Capitalized te

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 30, 2024 Public Storage (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 30, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage (Exa

Form of Time-Based Public Storage OP, L.P. AO LTIP Unit Agreement (Trustees). Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and incorporated herein by reference.

Exhibit 10.2 PUBLIC STORAGE OP, L.P. AO LTIP UNIT AGREEMENT (TRUSTEES) THIS APPRECIATION-ONLY LTIP UNIT AGREEMENT (this “Agreement”) dated as of the Effective Date set forth in the Award Certificate attached hereto (the “Award Certificate”) is made by and between Public Storage OP, L.P. (the “Partnership”) and Public Storage (together with its Subsidiaries and any successors thereto, the “Company”

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 25, 2024 Public Storage (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 25, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

Public Storage Appoints New Independent Trustee

EX-99.1 Exhibit 99.1 News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.com For Release: Immediately Date: July 25, 2024 Contact: Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Appoints New Independent Trustee GLENDALE, California–Public Storage (NYSE:PSA) (the “Company”) announced today the appointment of Maria R. Hawthorne to its Board of Trustees, effectiv

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 3, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Number

Current Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 7, 2024 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 93-2834996 (State or other jurisdiction of incorporation) (Commission File Number)

Form of Performance-Based Public Storage OP, L.P. AO LTIP Unit Agreement. Filed as Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and incorporated herein by reference.

Exhibit 10.6 PUBLIC STORAGE OP, L.P. AO LTIP UNIT AGREEMENT THIS APPRECIATION-ONLY LTIP UNIT AGREEMENT (this “Agreement”) dated as of the Effective Date set forth in the Award Certificate attached hereto (the “Award Certificate”) is made by and between Public Storage OP, L.P. (the “Partnership”) and Public Storage (together with its Subsidiaries and any successors thereto, the “Company”) and the P

Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan (2021 Plan). Filed as Exhibit 10.2

Exhibit 10.2 RESTATED PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN1 1.GENERAL PURPOSES OF THE PLAN; DEFINITIONS The purposes of this Plan are to enhance the Company’s ability to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate such persons to serve the Company and its Affiliates to improve the business result

Amended and Restated Agreement of Limited Partnership of Public Storage OP, L.P., dated as of February 14, 2024. Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and incorporated herein by reference.

Exhibit 10.1 AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF PUBLIC STORAGE OP, L.P. Dated as of February 14, 2024 TABLE OF CONTENTS Page ARTICLE I DEFINED TERMS 4 ARTICLE II ORGANIZATIONAL MATTERS 20 Section 2.1. Organization 20 Section 2.2. Name 20 Section 2.3. Registered Office And Agent; Principal Office 20 Section 2.4. Term 21 ARTICLE III PURPOSE 21 Section 3.1. Purpose And Business

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage (Ex

Form of Time-Based Public Storage OP, L.P. AO LTIP Unit Agreement. Filed as Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and incorporated herein by reference.

Exhibit 10.5 PUBLIC STORAGE OP, L.P. AO LTIP UNIT AGREEMENT THIS APPRECIATION-ONLY LTIP UNIT AGREEMENT (this “Agreement”) dated as of the Effective Date set forth in the Award Certificate attached hereto (the “Award Certificate”) is made by and between Public Storage OP, L.P. (the “Partnership”) and Public Storage (together with its Subsidiaries and any successors thereto, the “Company”) and the P

Form of Performance-Based Public Storage OP, L.P. LTIP Unit Agreement. Filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and incorporated herein by reference.

Exhibit 10.4 PUBLIC STORAGE OP, L.P. LTIP UNIT AGREEMENT THIS LTIP UNIT AGREEMENT (this “Agreement”) dated as of the Effective Date set forth in the Award Certificate attached hereto (the “Award Certificate”) is made by and between Public Storage OP, L.P. (the “Partnership”) and Public Storage (together with its Subsidiaries and any successors thereto, the “Company”) and the Participant set forth

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 30, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numb

Form of Time-Based Public Storage OP, L.P. LTIP Unit Agreement. Filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and incorporated herein by reference.

Exhibit 10.3 PUBLIC STORAGE OP, L.P. LTIP UNIT AGREEMENT THIS LTIP UNIT AGREEMENT (this “Agreement”) dated as of the Effective Date set forth in the Award Certificate attached hereto (the “Award Certificate”) is made by and between Public Storage OP, L.P. (the “Partnership”) and Public Storage (together with its Subsidiaries and any successors thereto, the “Company”) and the Participant set forth

Public Storage Reports Results for the Three Months Ended March 31, 2024

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date April 30, 2024 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Three Months Ended March 31, 2024 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three months ended March 31, 2024. “With first quarter

Eighteenth Supplemental Indenture, dated as of April 16, 2024, among Public Storage Operating Company, Public Storage, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. Filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K dated April 11, 2024 and incorporated herein by reference.

EX-4.3 Exhibit 4.3 Execution Version PUBLIC STORAGE OPERATING COMPANY AS ISSUER PUBLIC STORAGE AS GUARANTOR AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE EIGHTEENTH SUPPLEMENTAL INDENTURE Dated as of April 16, 2024 $300,000,000 5.350% SENIOR NOTES DUE 2053 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, AS SUPPLEMENTED BY THE SIXT

Seventeenth Supplemental Indenture, dated as of April 16, 2024, among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. Filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated April 11, 2024 and incorporated herein by reference.

EX-4.2 Exhibit 4.2 Execution Version PUBLIC STORAGE OPERATING COMPANY AS ISSUER PUBLIC STORAGE AS GUARANTOR AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE SEVENTEENTH SUPPLEMENTAL INDENTURE Dated as of April 16, 2024 $700,000,000 FLOATING RATE SENIOR NOTES DUE 2027 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, AS SUPPLEMENTED BY

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 11, 2024 Public Storage (Ex

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 11, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numb

Note Purchase Agreement, dated as of April 11, 2024, by and among Public Storage Operating Company and the Purchasers party thereto. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated April 11, 2024 and incorporated herein by reference.

EX-10.1 Exhibit 10.1 EXECUTION VERSION PUBLIC STORAGE OPERATING COMPANY €150,000,000 4.08% Senior Notes due April 11, 2039 NOTE PURCHASE AGREEMENT Dated as of April 11, 2024 TABLE OF CONTENTS Page 1. AUTHORIZATION OF NOTES; GUARANTEES 1 1.1. Authorization of Notes 1 1.2. Parent Guaranty 1 1.3. Possible Future Guarantees 1 2. SALE AND PURCHASE OF NOTES 2 3. CLOSING 2 4. CONDITIONS TO CLOSING 2 4.1.

Underwriting Agreement, dated as of April 9, 2024, by and among PSOC, the Company, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as joint book-running managers of the several underwriters named therein.

Exhibit 1.1 Execution Version PUBLIC STORAGE OPERATING COMPANY Floating Rate Senior Notes due 2027 5.350% Senior Notes due 2053 UNDERWRITING AGREEMENT April 9, 2024 April 9, 2024 To the Managers named in Schedule I hereto for the Underwriters named in Schedule II hereto Ladies and Gentlemen: Public Storage Operating Company (the “Company”), a Maryland real estate investment trust, proposes to issu

Calculation of Filing Fee Tables (Form Type) Public Storage Operating Company Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities Security Type Security Class Title Fee Calculat

Exhibit 107 Calculation of Filing Fee Tables 424(b)(5) (Form Type) Public Storage Operating Company Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities Security Type Security Class Title Fee Calculation or Carry Forward Rule Amount Registered Proposed Maximum Offering Price Per Unit Maximum Aggregate Offering Price Fee Rate Amount of Registration Fee Carry Forward Form Type Carry Forward File Number Carry Forward Initial Effective Date Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward Newly Registered Securities Fees to Be Paid Debt Floating Rate Notes due 2027 457(r) $700,000,000 100.

Public Storage Operating Company $700,000,000 Floating Rate Senior Notes due 2027 $300,000,000 5.350% Senior Notes due 2053 Fully and Unconditionally Guaranteed by Public Storage

424B5 Table of Contents Filed under Rule 424(b)(5) File No. 333-273970 P R O S P E C T U S S U P P L E M E N T (To Prospectus dated August 14, 2023) $1,000,000,000 Public Storage Operating Company $700,000,000 Floating Rate Senior Notes due 2027 $300,000,000 5.350% Senior Notes due 2053 Fully and Unconditionally Guaranteed by Public Storage Public Storage Operating Company, a Maryland real estate

Current Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 9, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

PUBLIC STORAGE $700,000,000 Floating Rate Senior Notes due 2027 (the “Floating Rate Notes”) $300,000,000 5.350% Senior Notes due 2053 (the “additional 2053 Notes”) Final Term Sheet Issuer: Public Storage Operating Company Guarantor: Public Storage (P

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

Subject to Completion, dated April 9, 2024

Table of Contents Filed under Rule 424(b)(5) File No. 333-273970 Subject to Completion, dated April 9, 2024 P R E L I M I N A R Y P R O S P E C T U S S U P P L E M E N T (To Prospectus dated August 14, 2023) $     Public Storage Operating Company $   Floating Rate Senior Notes due 2027 $   5.350% Senior Notes due 2053 Fully and Unconditionally Guaranteed by Public Storage Public Storage Operating

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 ☒ Filed by the Registrant ☐ Filed by a Party other than the Registrant Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☐ Definitive Proxy State

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 ☒ Filed by the Registrant ☐ Filed by a Party other than the Registrant Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy State

Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2023

Exhibit 4.1 DESCRIPTION OF COMMON SHARES Unless the context otherwise requires, the terms “we,” “our,” “us,” and the “Company” refer to Public Storage, a Maryland real estate investment trust. We are authorized to issue up to 650,000,000 common shares of beneficial interest, par value $0.10 per share. Common Shares The following description of our common shares sets forth certain general terms and

Public Storage Reports Results for the Fourth Quarter and Year Ended December 31, 2023

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date February 20, 2024 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Fourth Quarter and Year Ended December 31, 2023 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the fourth quarter and year ended Decembe

Listing of Subsidiaries. Filed herewith.

Exhibit 21 SUBSIDIARIES OF THE REGISTRANT The Registrant’s principal subsidiaries are listed below.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023. ☐ Transition Report Pursuant to Sect

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 PUBLIC STORAGE (Exact

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 20, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File N

as Exhibit 97.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and incorporated herein by reference.

Exhibit 97.1 INCENTIVE COMPENSATION RECOUPMENT POLICY Effective September 13, 2023 Effective Date and Scope This Policy shall apply to any Incentive Compensation received on or after October 2, 2023. Incentive Compensation received prior to that date shall remain subject to the Incentive Compensation Recoupment Policy approved by the Board of Trustees (the “Board”) of Public Storage (the “Company”

PSA / Public Storage / COHEN & STEERS, INC. Passive Investment

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G* (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2 (EXIT FILING)* Public Storage Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 74460D109 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Fili

PSA / Public Storage / VANGUARD GROUP INC - SCHEDULE 13G/A Passive Investment

SC 13G/A 1 tv01755-publicstorage.htm SCHEDULE 13G/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 16)* Name of issuer: Public Storage Title of Class of Securities: Common Stock CUSIP Number: 74460D109 Date of Event Which Requires Filing of this Statement: December 29, 2023 Check the appropriate box to designate the

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 9, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Num

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): November 8, 2023 PUBLIC STORAGE (Ex

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): November 8, 2023 PUBLIC STORAGE (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-2834996 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.

Amended and Restated Bylaws of Public Storage. Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated November 13, 2023 and incorporated herein by reference.

Exhibit 3.1 PUBLIC STORAGE AMENDED AND RESTATED BYLAWS The following constitutes the Amended and Restated Bylaws of Public Storage, a Maryland real estate investment trust (the “Trust”): ARTICLE I DEFINITIONS AND USAGE Section 1. DEFINITIONS. For the purpose of these bylaws: (a) “bylaws” shall mean these Amended and Restated Bylaws as may be further amended, restated or modified from time to time.

Amendment No. 1 to 2015 Note Purchase Agreement, dated as of July 28, 2023, by and among Public Storage and the signatories thereto. Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 and incorporated herein by reference.

Exhibit 10.2 Execution Version AMENDMENT NO. 1 TO NOTE PURCHASE AGREEMENT This AMENDMENT NO. 1 (this “Agreement”), dated as of July 28, 2023 is made by and among PUBLIC STORAGE, a real estate investment trust formed under the laws of the State of Maryland (the “Company”), and certain holders of Notes (the “Consenting Noteholders”) party to the Note Purchase Agreement (as defined below). Each of th

Public Storage Reports Results for the Three and Nine Months Ended September 30, 2023

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date October 30, 2023 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Three and Nine Months Ended September 30, 2023 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three and nine months ended September 3

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 30, 2023 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Nu

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage

Amendment No. 1 to 2016 Note Purchase Agreement, dated as of July 28, 2023, by and among Public Storage and the signatories thereto. Filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 and incorporated herein by reference.

Exhibit 10.3 Execution Version AMENDMENT NO. 1 TO NOTE PURCHASE AGREEMENT This AMENDMENT NO. 1 (this “Agreement”), dated as of July 28, 2023 is made by and among PUBLIC STORAGE, a real estate investment trust formed under the laws of the State of Maryland (the “Company”), and certain holders of Notes (the “Consenting Noteholders”) party to the Note Purchase Agreement (as defined below). Each of th

Regulation FD Disclosure, Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 13, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 93-2834996 (State or other jurisdiction of incorporation) (Commission File

Public Storage Announces Closing of Simply Self Storage Acquisition

Exhibit 99.1 News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.com For Release: Immediately Date: September 13, 2023 Public Storage Announces Closing of Simply Self Storage Acquisition GLENDALE, California & New York – Public Storage (NYSE:PSA) (the “Company”) announced today that it has completed the previously announced acquisition of Simply Self Storage (“Simp

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 11, 2023 Public Storage

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 11, 2023 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 15 CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 15 CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number: 1-33519 PUBLIC STORAGE OPERATING COMPANY (Exact name of registrant as speci

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on August 28, 2023, pursuant to the provisions of Rule 12d2-2 (a).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 14, 2023 PUBLIC STORAGE (E

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 14, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 93-2834996 (State or other jurisdiction of incorporation) (Commission File Num

As filed with the Securities and Exchange Commission on August 14, 2023

As filed with the Securities and Exchange Commission on August 14, 2023 Registration No.

Amended and Restated Declaration of Trust of Public Storage Operating Company. Filed herewith.

EX-3.3 Exhibit 3.3 PSA OPERATING REIT ARTICLES OF AMENDMENT AND RESTATEMENT OF DECLARATION OF TRUST FIRST: PSA Operating REIT, a Maryland real estate investment trust (the “Trust”), desires to amend and restate its declaration of trust (as so amended and restated, the “Declaration of Trust”) as currently in effect. SECOND: The following provisions are all the provisions of the Declaration of Trust

Amended and Restated Bylaws of Public Storage. Filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K dated August 14, 2023 and incorporated by reference herein.

EX-3.2 Exhibit 3.2 PUBLIC STORAGE AMENDED AND RESTATED BYLAWS The following constitutes the Amended and Restated Bylaws of Public Storage, a Maryland real estate investment trust (the “Trust”): ARTICLE I DEFINITIONS AND USAGE Section 1. DEFINITIONS. For the purpose of these bylaws: (a) “bylaws” shall mean these Amended and Restated Bylaws as may be further amended, restated or modified from time t

Amended and Restated Bylaws of Public Storage Operating Company. Filed as Exhibit 3.4 to the Company’s Registration Statement on Form S-3 (No. 333-273970) dated August 14, 2023 and incorporated by reference herein.

EX-3.4 Exhibit 3.4 BYLAWS OF PUBLIC STORAGE OPERATING COMPANY ARTICLE I OFFICES Section 1. Principal Office The principal office of Public Storage Operating Company (the “Trust”) in the State of Maryland shall be as designated by the Board of Trustees from time to time. The name of the resident agent of the Trust in the State of Maryland is CSC-Lawyers Incorporating Service Company, and the post o

As filed with the Securities and Exchange Commission on August 14, 2023

As filed with the Securities and Exchange Commission on August 14, 2023 Registration No.

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 14, 2023

S-3ASR Table of Contents AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 14, 2023 REGISTRATION NO.

Filing Fee Tables.

Exhibit 107 Calculation of Filing Fee Tables Form S-3 (Form Type) Public Storage Public Storage Operating Company (Exact Name of Registrants as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities Security Type Security Class Title Fee Calculation or Carry Forward Rule(1) Amount Registered(2) Proposed Maximum Offering Price Per Unit(2) Maximum Aggregate Offering Price(2) Fee Rate(1) Amount of Registration Fee(1) Carry Forward Form Type Carry Forward File Number Carry Forward Initial Effective Date Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward Newly Registered Securities Public Storage Fees to Be Paid Equity Common Shares of Beneficial Interest, $.

Parent Guarantee, dated as of August 14, 2023, by Public Storage. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated August 14, 2023 and incorporated herein by reference.

EX-10.1 Exhibit 10.1 Execution Version GUARANTY THIS GUARANTY (“Guaranty”) is made as of August 14, 2023 by PUBLIC STORAGE, a real estate investment trust formed under the laws of the State of Maryland (“Guarantor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent (“Agent”) for itself and the financial institutions from time to time a party to the Credit Agreement referenced below as

As filed with the Securities and Exchange Commission on August 14, 2023

S-8 POS As filed with the Securities and Exchange Commission on August 14, 2023 Registration No.

As filed with the Securities and Exchange Commission on August 14, 2023

As filed with the Securities and Exchange Commission on August 14, 2023 Registration No.

Amended and Restated Indenture, dated as of August 14, 2023, among Public Storage, Public Storage Operating Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. Filed as Exhibit A to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated August 14, 2023 and incorporated herein by reference.

EX-4.1 Exhibit 4.1 PUBLIC STORAGE OPERATING COMPANY AS ISSUER, PUBLIC STORAGE AS GUARANTOR, AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE SIXTEENTH SUPPLEMENTAL INDENTURE Dated as of August 14, 2023 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE OPERATING COMPANY (AS ISSUER) AND COMPUTERSHARE TRUST COMPANY,

Articles of Merger. Filed as Exhibit 3.3 to the Company’s Current Report on Form 8-K dated August 14, 2023 and incorporated herein by reference.

EX-3.3 Exhibit 3.3 ARTICLES OF MERGER MERGING PSA MERGER SUB (a Maryland real estate investment trust) WITH AND INTO PUBLIC STORAGE (a Maryland real estate investment trust) August 8, 2023 PSA Merger Sub, a Maryland real estate investment trust (the “Merging Trust”), and Public Storage, a Maryland real estate investment trust (the “Surviving Trust”), hereby certify to the State Department of Asses

Amended and Restated Declaration of Trust of Public Storage. Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated August 14, 2023 and incorporated by reference herein.

EX-3.1 Exhibit 3.1 NEW PSA ARTICLES OF AMENDMENT AND RESTATEMENT OF DECLARATION OF TRUST FIRST: New PSA, a Maryland real estate investment trust (the “Trust”), desires to amend and restate its declaration of trust (as so amended and restated, the “Declaration of Trust”) as currently in effect. SECOND: The following provisions and Annexes A through N are all the provisions of the Declaration of Tru

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 14, 2023

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 14, 2023 REGISTRATION NO.

As filed with the Securities and Exchange Commission on August 14, 2023

As filed with the Securities and Exchange Commission on August 14, 2023 Registration No.

Statement of Eligibility of Trustee. Filed herewith.

EX-25.1 Exhibit 25.1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM T-1 STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE ☐ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION (Exact name of trustee as specified in its ch

Frequently Asked Questions About the Public Storage UPREIT Reorganization

Exhibit 99.1 August 2, 2023 Frequently Asked Questions About the Public Storage UPREIT Reorganization 1. What is an UPREIT structure? An umbrella partnership real estate investment trust (UPREIT) structure, which is used by most publicly-traded property REITs, is a holding-company structure in which the publicly-traded REIT (typically formed as a corporation or a Maryland real estate investment tr

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage (Exa

Articles Supplementary of Public Storage, dated August 2, 2023. Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated August 2, 2023 and incorporated herein by reference.

EX-3.1 Exhibit 3.1 PUBLIC STORAGE ARTICLES SUPPLEMENTARY PUBLIC STORAGE, a Maryland real estate investment trust (the “Trust”), hereby certifies to the State Department of Assessments and Taxation of Maryland that: FIRST: Under a power contained in Article VI of the articles of amendment and restatement of the Trust’s declaration of trust (the “Declaration of Trust”), the Board of Trustees, by dul

Agreement and Plan of Merger, dated August 2, 2023, by and among Old PSA, New PSA and Merger Sub. Filed as Exhibit 2.1 to the Company’s Current Report on For 8-K dated August 2, 2023 and incorporated herein by reference.

Exhibit 2.1 AGREEMENT AND PLAN OF MERGER by and among PUBLIC STORAGE, NEW PSA, and PSA MERGER SUB Dated as of August 2, 2023 AGREEMENT AND PLAN OF MERGER This AGREEMENT AND PLAN OF MERGER (this “Agreement”) is entered into as of August 2, 2023 by and among Public Storage, a Maryland real estate investment trust (the “Company”), New PSA, a Maryland real estate investment trust (“Holdco”), and PSA M

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 2, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Numb

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 2, 2023 Public Storage (Ex

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 2, 2023 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Numb

Public Storage Reports Results for the Three and Six Months Ended June 30, 2023

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date August 2, 2023 Contact Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Reports Results for the Three and Six Months Ended June 30, 2023 GLENDALE, California – Public Storage (NYSE:PSA) announced today operating results for the three and six months ended June 30, 2023. “Publ

Thirteenth Supplemental Indenture, dated as of July 26, 2023, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the 2029 Notes. Filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K dated July 26, 2023 and incorporated herein by reference.

EX-4.3 Exhibit 4.3 PUBLIC STORAGE AS ISSUER AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE THIRTEENTH SUPPLEMENTAL INDENTURE Dated as of July 26, 2023 $500,000,000 5.125% SENIOR NOTES DUE 2029 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE (AS ISSUER) AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WE

Twelfth Supplemental Indenture, dated as of July 26, 2023, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the 2033 Notes. Filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated July 26, 2023 and incorporated herein by reference.

Exhibit 4.2 PUBLIC STORAGE AS ISSUER AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE TWELFTH SUPPLEMENTAL INDENTURE Dated as of July 26, 2023 $400,000,000 FLOATING RATE SENIOR NOTES DUE 2025 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE (AS ISSUER) AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 24, 2023 PUBLIC STORAGE (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 24, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Numbe

Fourteenth Supplemental Indenture, dated as of July 26, 2023, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the 2033 Notes. Filed as Exhibit 4.4 to the Company’s Current Report on Form 8-K dated July 26, 2023 and incorporated herein by reference.

EX-4.4 Exhibit 4.4 PUBLIC STORAGE AS ISSUER AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE FOURTEENTH SUPPLEMENTAL INDENTURE Dated as of July 26, 2023 $700,000,000 5.100% SENIOR NOTES DUE 2033 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE (AS ISSUER) AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WE

Entry into a Material Definitive Agreement, Financial Statements and Exhibits, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 26, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Numbe

Fifteenth Supplemental Indenture, dated as of July 26, 2023, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the 2053 Notes. Filed as Exhibit 4.5 to the Company’s Current Report on Form 8-K dated July 26, 2023 and incorporated herein by reference.

Exhibit 4.5 PUBLIC STORAGE AS ISSUER AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE FIFTEENTH SUPPLEMENTAL INDENTURE Dated as of July 26, 2023 $600,000,000 5.350% SENIOR NOTES DUE 2053 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE (AS ISSUER) AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARG

Underwriting Agreement, dated as of July 24, 2023, by and between the Company and BofA Securities, Inc. and J.P. Morgan Securities LLC, as managers of the several underwriters named therein.

Exhibit 1.1 Execution Version PUBLIC STORAGE Floating Rate Senior Notes due 2025 5.125% Senior Notes due 2029 5.100% Senior Notes due 2033 5.350% Senior Notes due 2053 UNDERWRITING AGREEMENT July 24, 2023 July 24, 2023 To the Managers named in Schedule I hereto for the Underwriters named in Schedule II hereto Ladies and Gentlemen: Public Storage (the “Company”), a Maryland real estate investment t

Calculation of Filing Fee Tables (Form Type) Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities

EX-FILING FEES Exhibit 107 Calculation of Filing Fee Tables 424(b)(5) (Form Type) Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities Security Type Security Class Title Fee Calculation or Carry Forward Rule Amount Registered Proposed Maximum Offering Price Per Unit Maximum Aggregate Offering Price Fee Rate Amount of Registration Fee Carry Forward Form Type Carry Forward File Number Carry Forward Initial Effective Date Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward Newly Registered Securities Fees to Be Paid Debt Floating Rate Notes due 2025 457(r) $400,000,000 100.

Public Storage $400,000,000 Floating Rate Senior Notes due 2025 $500,000,000 5.125% Senior Notes due 2029 $700,000,000 5.100% Senior Notes due 2033 $600,000,000 5.350% Senior Notes due 2053

Table of Contents Filed Pursuant to Rule 424(b)(5) Registration No. 333-264750 P R O S P E C T U S S U P P L E M E N T (To Prospectus dated May 6, 2022) $2,200,000,000 Public Storage $400,000,000 Floating Rate Senior Notes due 2025 $500,000,000 5.125% Senior Notes due 2029 $700,000,000 5.100% Senior Notes due 2033 $600,000,000 5.350% Senior Notes due 2053 We are offering $400,000,000 aggregate pri

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 24, 2023 PUBLIC STORAGE (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 24, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Numbe

Subject to Completion, dated July 24, 2023

424B5 Table of Contents Filed Pursuant to Rule 424(b)(5) Registration No. 333-264750 The information contained in this preliminary prospectus supplement is not complete and may be changed. Subject to Completion, dated July 24, 2023 P R E L I M I N A R Y P R O S P E C T U S S U P P L E M E N T (To Prospectus dated May 6, 2022) $ Public Storage $ Floating Rate Senior Notes due 20 $ % Senior Notes du

PUBLIC STORAGE $400,000,000 Floating Rate Senior Notes due 2025 $500,000,000 5.125% Senior Notes due 2029 $700,000,000 5.100% Senior Notes due 2033 $600,000,000 5.350% Senior Notes due 2053 Final Term Sheet Issuer: Public Storage (PSA) Security: Floa

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

FORWARD-LOOKING STATEMENTS: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2023 outlook and all underlyin

EX-99.1 Simply Self Storage Acquisition Overview July 2023 Exhibit 99.1 FORWARD-LOOKING STATEMENTS: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2023 outlook and all underlying assumptions, our expected acquisition, disposition, development, and redevel

Public Storage Accelerates Growth with Simply Self Storage Acquisition

EX-99.2 Exhibit 99.2 News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.com For Release: Immediately Date: July 24, 2023 Public Storage Accelerates Growth with Simply Self Storage Acquisition GLENDALE, California and New York – Public Storage (NYSE:PSA) (the “Company”) and Blackstone Real Estate Income Trust, Inc. (“BREIT”) announced today an agreement for Public

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 21, 2023 PUBLIC STORAGE (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 21, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Numbe

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 28, 2023 PUBLIC STORAGE (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 28, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Numbe

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 12, 2023 PUBLIC STORAGE (Exa

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 12, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Numbe

Third Amended and Restated Credit Agreement, dated as of June 12, 2023, by and among the Company, the financial institutions party thereto, Wells Fargo Securities, LLC, BofA Securities, Inc. and JPMorgan Chase Bank, N.A., as Joint Bookrunners, Wells Fargo Securities, LLC, BofA Securities, Inc., JPMorgan Chase Bank, N.A., The Bank of Nova Scotia, BNP Paribas and Sumitomo Mitsui Banking Corporation, as Joint Lead Arrangers, Wells Fargo Bank, National Association, as Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, and PNC Bank, National Association, TD Bank, N.A., The Bank of Nova Scotia, BNP Paribas and Sumitomo Mitsui Banking Corporation, as Documentation Agents. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated June 12, 2023 and incorporated herein by reference.

EX-10.1 Exhibit 10.1 Loan Number: 1013670 EXECUTION VERSION THIRD AMENDED AND RESTATED CREDIT AGREEMENT Dated as of June 12, 2023 by and among PUBLIC STORAGE, as Borrower, THE FINANCIAL INSTITUTIONS PARTY HERETO AND THEIR ASSIGNEES UNDER SECTION 13.5, as Lenders, WELLS FARGO SECURITIES, LLC, BOFA SECURITIES, INC. and JPMORGAN CHASE BANK, N.A., as Joint Bookrunners, WELLS FARGO SECURITIES, LLC, BOF

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 5, 2023 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Number

Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 2, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Number)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage (Ex

Public Storage Reports Results for the Three Months Ended March 31, 2023

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 3, 2023 Public Storage (Exact

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 3, 2023 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Number)

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the app

DEFA14A United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) o Definitive Pro

Public Storage (PSA) Vote Yes: Item #5 – Shareholder Proposal Regarding Greenhouse Gas Reduction Targets Annual Meeting: May 2, 2023

Main Post Office, P.O. Box 751 www.asyousow.org Berkeley, CA 94704 BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992 Notice of Exempt Solicitation Pursuant to Rule 14a-103 Name of the Registrant: Public Storage (PSA) Name of persons relying on exemption: As You Sow Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704 Written materials are submitted purs

United States Securities and Exchange Commission Washington , D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934

Table of Contents United States Securities and Exchange Commission Washington , D.

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the app

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) o Definitive Proxy State

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425 Filed by Public Storage (Commission File No. 001-33519) Pursuant to Rule 425 of the Securities Act of 1933 and deemed filed Pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject Companies: Life Storage, Inc. (Commission File No. 001-13820) and Life Storage LP (Commission File No. 000-24071) The following is an excerpt from a transcript of Public Storage’s Q4 2022 Earnings Call

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 21, 2023 Public Storage

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 21, 2023 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File N

Public Storage 2016 Equity and Performance-Based Incentive Compensation Plan (2016 Plan). Filed as Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and incorporated herein by reference.

Exhibit 10.6 PUBLIC STORAGE 2016 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN Effective April 25, 2016 1.GENERAL PURPOSES OF THE PLAN; DEFINITIONS The purposes of this Plan are to enhance the Company’s ability to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate such persons to serve the Company and its Affiliates to improve the

Public Storage Reports Results for the Fourth Quarter and Year Ended December 31, 2022

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.

Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan (2021 Plan). Filed as Exhibit 10.7 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and incorporated herein by reference.

Exhibit 10.7 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN Effective April 26, 2021 1.GENERAL PURPOSES OF THE PLAN; DEFINITIONS The purposes of this Plan are to enhance the Company’s ability to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate such persons to serve the Company and its Affiliates to improve the

Year ended December 31, 2022 (filed February 21, 2023)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 PUBLIC STORAGE (Exact

Listing of Subsidiaries. Filed herewith.

Exhibit 21 SUBSIDIARIES OF THE REGISTRANT The Registrant’s principal subsidiaries are listed below.

Restated Declaration of Trust of Public Storage, a Maryland real estate investment trust. Filed

Exhibit 3.1 PUBLIC STORAGE RESTATED DECLARATION OF TRUST1 ARTICLE I FORMATION Public Storage (the “Trust”) is a real estate investment trust within the meaning of the Maryland REIT Law. The Trust shall not be deemed to be a general partnership, limited partnership, joint venture, joint stock company or a corporation (but nothing herein shall preclude the Trust from being treated for tax purposes a

PSA / Public Storage / COHEN & STEERS, INC. Passive Investment

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G* (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2 (AMENDMENT NO. 2)* Public Storage Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 74460D109 (CUSIP Number) December 31, 2022 (Date of Event Which Requires

PSA / Public Storage / VANGUARD GROUP INC - SCHEDULE 13G/A Passive Investment

SC 13G/A 1 tv01727-publicstorage.htm SCHEDULE 13G/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 15)* Name of issuer: Public Storage Title of Class of Securities: REIT CUSIP Number: 74460D109 Date of Event Which Requires Filing of this Statement: December 30, 2022 Check the appropriate box to designate the rule pur

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425 Filed by Public Storage (Commission File No. 001-33519) Pursuant to Rule 425 of the Securities Act of 1933 and deemed filed Pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject Companies: Life Storage, Inc. (Commission File No. 001-13820) and Life Storage LP (Commission File No. 000-24071) The below email from Public Storage’s CEO, Joe Russell, was distributed to Public Stora

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 5, 2023 PUBLIC STORAGE (

425 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 5, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission Fil

Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 5, 2023 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Nu

Public Storage Proposes to Acquire Life Storage in All-Stock Transaction Proposed Exchange Ratio of 0.4192 represents 19% VWAP premium; provides Life Storage shareholders with an immediate equity premium and ability to participate in enhanced growth,

Exhibit 99.1 News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.com For Release: Immediately Date: February 5, 2023 Contact: Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Proposes to Acquire Life Storage in All-Stock Transaction Proposed Exchange Ratio of 0.4192 represents 19% VWAP premium; provides Life Storage shareholders with an immediate equity premium

PSA / Public Storage / BlackRock Inc. Passive Investment

SC 13G 1 us74460d1090012423.txt us74460d1090012423.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No: ) PUBLIC STORAGE - (Name of Issuer) Common Stock - (Title of Class of Securities) 74460D109 - (CUSIP Number) December 31, 2022 - (Date of Event Which Requires Filing of this Statement) Check the appropriate box to des

Regulation FD Disclosure, Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 3, 2023 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Num

Tom Boyle, Public Storage Chief Financial Officer, to Also Serve as Chief Investment Officer

Exhibit 99.1 News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.com For Release: Immediately Date: January 3, 2023 Contact: Ryan Burke (818)244-8080, Ext. 1141 Tom Boyle, Public Storage Chief Financial Officer, to Also Serve as Chief Investment Officer GLENDALE, California?Public Storage (NYSE:PSA), the nation?s leading owner, acquirer, developer, and operator of

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 1, 2022 Public Storage (

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 1, 2022 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Nu

Public Storage Reports Results for the Three and Nine Months Ended September 30, 2022

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 6, 2022 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File N

Form of 2021 Plan Performance-Based Non-Qualified Stock Option Agreement (2022). Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and incorporated herein by reference.

Exhibit 10.2 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN NON-QUALIFIED PERFORMANCE STOCK OPTION AGREEMENT THIS NON-QUALIFIED PERFORMANCE STOCK OPTION AGREEMENT (the ?Agreement?) is made as of [Grant#Date] (the ?Grant Date?), by and between Public Storage (the ?Company?) and [Participant#Name] (the ?Participant?). Capitalized terms not otherwise defined herein shall

Form of 2021 Plan Performance-Based Stock Unit Agreement (2022). Filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and incorporated herein by reference.

Exhibit 10.3 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN PERFORMANCE-BASED STOCK UNIT AGREEMENT THIS PERFORMANCE-BASED STOCK UNIT AGREEMENT (the ?Agreement?) is made as of [Grant#Date] (the ?Grant Date?), by and between Public Storage (the ?Company?) and [Participant#Name] (the ?Participant?). Capitalized terms not otherwise defined herein shall have the meanings a

Form of 2021 Plan Trustee Non-Qualified Stock Option Agreement. Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and incorporated herein by reference.

Exhibit 10.1 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN NON-QUALIFIED STOCK OPTION AGREEMENT THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the ?Option Agreement?) is made as of [Grant#Date] (the ?Grant Date?), by and between Public Storage (the ?Trust?) and [Participant#Name], a Trustee of the Trust or one of its Affiliates (the ?Optionee?). Capitalized terms not oth

Public Storage Reports Results for the Three and Six Months Ended June 30, 2022

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 4, 2022 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Numb

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ? Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 or ? Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage (Exa

PSB / PS Business Parks Inc / Public Storage - SC 13D/A Activist Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A (Amendment No. 11)* Under the Securities Exchange Act of 1934 PS Business Parks, Inc. (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 69360J107 (CUSIP Number) Nathaniel A. Vitan Senior Vice President, Chief Legal Officer and Corporate Secretary Public Storage 701 Western A

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 6, 2022 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Number

Filing Fee Tables.

Exhibit 107 Calculation of Filing Fee Tables Form S-3 (Form Type) Public Storage (Exact Name of Registrant as Specified in its Charter) Table 1: Newly Registered and Carry Forward Securities Security Type Security Class Title Fee Calculation or Carry Forward Rule(1) Amount Registered(2) Proposed Maximum Offering Price Per Unit(2) Maximum Aggregate Offering Price(2) Fee Rate(1) Amount of Registration Fee(1) Carry Forward Form Type Carry Forward File Number Carry Forward Initial Effective Date Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward Newly Registered Securities Fees to Be Paid Equity Common Shares of Beneficial Interest, $.

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 6, 2022

Table of Contents AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 6, 2022 REGISTRATION NO.

Statement of Eligibility of Trustee. Filed herewith.

Exhibit 25.1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM T-1 STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE ? CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION (Exact name of trustee as specified in its charter) N

Form of 2021 Plan Employee Stock Unit Agreement (2022). Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and incorporated herein by reference.

Exhibit 10.1 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN STOCK UNIT AGREEMENT THIS STOCK UNIT AGREEMENT (the ?Agreement?) is made as of [Grant#Date] (the ?Grant Date?), by and between Public Storage (the ?Company?) and [Participant#Name] (the ?Participant?). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Company?s 202

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ? Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 or ? Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage (Ex

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 3, 2022 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Number)

Public Storage Reports Results for the Three Months Ended March 31, 2022

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.

Articles of Amendment to Restated Declaration of Trust of Public Storage, filed with the Maryland State Department of Assessments and Taxation on April 28, 2022 (Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated April 29, 2022 and incorporated herein by reference).

Exhibit 3.1 PUBLIC STORAGE ARTICLES OF AMENDMENT OF DELCARATION OF TRUST Public Storage, a Maryland real estate investment trust formed under the Maryland REIT Law (the ?Trust?), hereby certifies to the State Department of Assessments and Taxation of Maryland that: FIRST: Article X, Section 10.3 of the Trust?s declaration of trust (the ?Declaration of Trust?) is hereby amended and restated in its

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits, Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 28, 2022 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Numb

PSB / PS Business Parks Inc / Public Storage - SC 13D/A Activist Investment

SC 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A (Amendment No. 10) Under the Securities Exchange Act of 1934 PS Business Parks, Inc. (Name of Issuer) COMMON STOCK $0.01 PAR VALUE (Title of Class of Securities) 69360J107 (CUSIP Number) Nathaniel A. Vitan Senior Vice President, Chief Legal Officer and Corporate Secretary Public Storage 701 Western Aven

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the app

DEF 14A 1 d167026ddef14a.htm DEF 14A Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the app

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) o Definitive Proxy State

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the app

United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act of 1934 x Filed by the Registrant o Filed by a Party other than the Registrant Check the appropriate box: x Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) o Definitive Proxy State

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021. ☐ Transition Report Pursuant to Sect

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ? Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021. or ? Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 PUBLIC STORAGE (Exact

Exhibit 4.1 to its Annual Report on Form 10-K for the year ended December 31, 2022

Exhibit 4.2 DESCRIPTION OF COMMON SHARES Unless the context otherwise requires, the terms ?we,? ?our,? ?us,? and the ?Company? refer to Public Storage, a Maryland real estate investment trust. We are authorized to issue up to 650,000,000 common shares of beneficial interest, par value $0.10 per share. Common Shares The following description of our common shares sets forth certain general terms and

Public Storage Reports Results for the Fourth Quarter and Year Ended December 31, 2021

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.

Listing of Subsidiaries. Filed herewith.

EX-21 3 psa-123121xex21.htm EX-21 Exhibit 21 SUBSIDIARIES OF THE REGISTRANT The Registrant’s principal subsidiaries are listed below. In addition, the Registrant has approximately 227 subsidiaries that are not required to be listed pursuant to SEC rules. Name Location of Formation PS LPT Properties Investors Maryland PS California Holdings, Inc Delaware The Registrant directly or indirectly owns 1

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 22, 2022 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File N

PSA / Public Storage / COHEN & STEERS, INC. Passive Investment

SC 13G/A 1 psa13gbody-123121.htm SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G* (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2 (AMENDMENT NO. 1)* Public Storage Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 74460D109 (CUSIP Number) December 31, 20

PSA / Public Storage / VANGUARD GROUP INC - SCHEDULE 13G/A Passive Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 14)* Name of issuer: Public Storage Title of Class of Securities: REIT CUSIP Number: 74460D109 Date of Event Which Requires Filing of this Statement: December 31, 2021 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ Rule 13d-1(

Underwriting Agreement relating to the Company’s depositary shares each representing 1/1,000 of a 4.100% Cumulative Preferred Share of beneficial interest, Series S

Exhibit 1.1 Execution Version PUBLIC STORAGE 10,000,000 Depositary Shares Each Representing 1/1,000 of a 4.100% Cumulative Preferred Share of Beneficial Interest, Series S Liquidation Preference Equivalent to $25.00 Per Depositary Share UNDERWRITING AGREEMENT January 4, 2022 BOFA SECURITIES, INC. MORGAN STANLEY & CO. LLC UBS SECURITIES LLC WELLS FARGO SECURITIES, LLC As Representatives of the Seve

Articles Supplementary for Public Storage 4.100% Cumulative Preferred Shares, Series S. Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated January 4, 2022 and incorporated by reference herein.

Exhibit 3.1 PUBLIC STORAGE 4.100% CUMULATIVE PREFERRED SHARES, SERIES S ARTICLES SUPPLEMENTARY PUBLIC STORAGE, a Maryland real estate investment trust (the ?Trust?), hereby certifies to the State Department of Assessments and Taxation of Maryland that: FIRST: The articles of amendment and restatement of the Trust?s declaration of trust (the ?Declaration of Trust?) authorize the issuance of 100,000

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PUBLIC STORAGE (Exact name of registrant as spe

8-A12B 1 d287494d8a12b.htm 8-A12B UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 95-3551121 (State or other jurisdiction of incorporation or organization) (IRS Emplo

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 5, 2022 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Num

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Entry into a Material Definitive Agreement, Material Modification to Rights of Security Holders, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 4, 2022 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Num

CALCULATION OF REGISTRATION FEE Title of each class of securities offered Amount to be registered Proposed maximum offering price per unit Proposed maximum aggregate offering price Amount of registration fee(1) Depositary Shares Each Representing 1/1

Table of Contents Filed under Rule 424(b)(5) File No. 333-231510 CALCULATION OF REGISTRATION FEE Title of each class of securities offered Amount to be registered Proposed maximum offering price per unit Proposed maximum aggregate offering price Amount of registration fee(1) Depositary Shares Each Representing 1/1,000 of a 4.100% Cumulative Preferred Share of Beneficial Interest, Series S 11,500,0

Subject to Completion dated January 4, 2022 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) Public Storage Depositary Shares Each Representing 1/1,000 of a % Cumulative Preferred Share of Beneficial Interest, Series S Liquidation

Table of Contents Filed under Rule 424(b)(5) File No. 333-231510 The information in this preliminary prospectus supplement is not complete and may be changed. Subject to Completion dated January 4, 2022 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) Shares Public Storage Depositary Shares Each Representing 1/1,000 of a % Cumulative Preferred Share of Beneficial Interest, Seri

PUBLIC STORAGE 10,000,000 DEPOSITARY SHARES EACH REPRESENTING 1/1000 OF A 4.100% CUMULATIVE PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES S Final Term Sheet Issuer: Public Storage (PSA) Security: Depositary Shares Each Representing 1/1000 of a 4.100

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on January 10, 2022, pursuant to the provisions of Rule 12d2-2 (a).

Underwriting Agreement relating to the Company’s depositary shares each representing 1/1,000 of a 4.00% Cumulative Preferred Share of beneficial interest, Series R

Exhibit 1.1 Execution Version PUBLIC STORAGE 17,400,000 Depositary Shares Each Representing 1/1,000 of a 4.00% Cumulative Preferred Share of Beneficial Interest, Series R Liquidation Preference Equivalent to $25.00 Per Depositary Share UNDERWRITING AGREEMENT November 9, 2021 BOFA SECURITIES, INC. MORGAN STANLEY & CO. LLC UBS SECURITIES LLC WELLS FARGO SECURITIES, LLC As Representatives of the Seve

Articles Supplementary for Public Storage 4.000% Cumulative Preferred Shares, Series R. Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated November 9, 2021 and incorporated by reference herein.

Exhibit 3.1 PUBLIC STORAGE 4.00% CUMULATIVE PREFERRED SHARES, SERIES R ARTICLES SUPPLEMENTARY PUBLIC STORAGE, a Maryland real estate investment trust (the ?Trust?), hereby certifies to the State Department of Assessments and Taxation of Maryland that: FIRST: The articles of amendment and restatement of the Trust?s declaration of trust (the ?Declaration of Trust?) authorize the issuance of 100,000,

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PUBLIC STORAGE (Exact name of registrant as spe

8-A12B 1 d259794d8a12b.htm 8-A12B UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 95-3551121 (State or other jurisdiction of incorporation or organization) (IRS Emplo

CALCULATION OF REGISTRATION FEE Title of each class of securities offered Amount to be registered Proposed maximum offering price per unit Proposed maximum aggregate offering price Amount of registration fee(1) Depositary Shares Each Representing 1/1

424B5 1 d219342d424b5.htm 424B5 Table of Contents Filed under Rule 424(b)(5) File No. 333-231510 CALCULATION OF REGISTRATION FEE Title of each class of securities offered Amount to be registered Proposed maximum offering price per unit Proposed maximum aggregate offering price Amount of registration fee(1) Depositary Shares Each Representing 1/1,000 of a 4.00% Cumulative Preferred Share of Benefic

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Entry into a Material Definitive Agreement, Material Modification to Rights of Security Holders, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 9, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Nu

Entry into a Material Definitive Agreement, Financial Statements and Exhibits, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 9, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Nu

Eleventh Supplemental Indenture, dated as of November 9, 2021, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the 2031 Notes. Filed as Exhibit 4.4 to the Company’s Current Report on Form 8-K dated November 9, 2021 and incorporated herein by reference.

Exhibit 4.4 EXECUTION VERSION PUBLIC STORAGE AS ISSUER AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE ELEVENTH SUPPLEMENTAL INDENTURE Dated as of November 9, 2021 $550,000,000 2.250% SENIOR NOTES DUE 2031 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE (AS ISSUER) AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUC

Tenth Supplemental Indenture, dated as of November 9, 2021, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the 2028 Notes. Filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K dated November 9, 2021 and incorporated herein by reference.

Exhibit 4.3 EXECUTION VERSION PUBLIC STORAGE AS ISSUER AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE TENTH SUPPLEMENTAL INDENTURE Dated as of November 9, 2021 $550,000,000 1.950% SENIOR NOTES DUE 2028 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE (AS ISSUER) AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCES

Subject to Completion dated November 9, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) Public Storage Depositary Shares Each Representing 1/1,000 of a % Cumulative Preferred Share of Beneficial Interest, Series R Liquidatio

Table of Contents Filed under Rule 424(b)(5) File No. 333-231510 The information in this preliminary prospectus supplement is not complete and may be changed. Subject to Completion dated November 9, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) Shares Public Storage Depositary Shares Each Representing 1/1,000 of a % Cumulative Preferred Share of Beneficial Interest, Ser

PUBLIC STORAGE 17,400,000 DEPOSITARY SHARES EACH REPRESENTING 1/1000 OF A 4.00% CUMULATIVE PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES R Final Term Sheet Issuer: Public Storage (PSA) Security: Depositary Shares Each Representing 1/1000 of a 4.00%

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

Ninth Supplemental Indenture, dated as of November 9, 2021, between Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, including the form of Global Note representing the 2026 Notes. Filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated November 9, 2021 and incorporated herein by reference.

Exhibit 4.2 EXECUTION VERSION PUBLIC STORAGE AS ISSUER AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION) AS TRUSTEE NINTH SUPPLEMENTAL INDENTURE Dated as of November 9, 2021 $650,000,000 1.500% SENIOR NOTES DUE 2026 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE (AS ISSUER) AND COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCES

Underwriting Agreement, dated as of November 4, 2021, by and among the Company and Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as managers of the several underwriters named therein.

Exhibit 1.1 Execution Version PUBLIC STORAGE 1.500% Senior Notes due 2026 1.950% Senior Notes due 2028 2.250% Senior Notes due 2031 UNDERWRITING AGREEMENT November 4, 2021 November 4, 2021 To the Managers named in Schedule I hereto for the Underwriters named in Schedule II hereto Ladies and Gentlemen: Public Storage (the ?Company?), a Maryland real estate investment trust (?REIT?), proposes to iss

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 4, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Nu

CALCULATION OF REGISTRATION FEE Title of securities to be registered Amount to be registered Maximum Offering Price per Note Maximum Aggregate Offering Price Amount of registration fee(1) 1.500% Senior Notes due 2026 $650,000,000 99.847% $649,005,500

Table of Contents Filed Pursuant to Rule 424(b)(5) Registration No. 333-231510 CALCULATION OF REGISTRATION FEE Title of securities to be registered Amount to be registered Maximum Offering Price per Note Maximum Aggregate Offering Price Amount of registration fee(1) 1.500% Senior Notes due 2026 $650,000,000 99.847% $649,005,500 $60,162.81 1.950% Senior Notes due 2028 $550,000,000 99.954% $549,747,

Subject to Completion, dated November 4, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) Public Storage $ % Senior Notes due 20 $ % Senior Notes due 20 $ % Senior Notes due 20

Table of Contents Filed Pursuant to Rule 424(b)(5) Registration No. 333-231510 The information contained in this preliminary prospectus supplement is not complete and may be changed. Subject to Completion, dated November 4, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) $ Public Storage $ % Senior Notes due 20 $ % Senior Notes due 20 $ % Senior Notes due 20 We are offeri

PUBLIC STORAGE $650,000,000 1.500% Senior Notes due 2026 $550,000,000 1.950% Senior Notes due 2028 $550,000,000 2.250% Senior Notes due 2031 Final Term Sheet Issuer: Public Storage (PSA) Security: 1.500% Senior Notes due 2026 (the “2026 Notes”) 1.950

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ? Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 or ? Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 1, 2021 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Nu

Public Storage Reports Results for the Three and Nine Months Ended September 30, 2021

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.

Eighth Supplemental Indenture, dated as of September 9, 2021, between Public Storage and Wells Fargo Bank, National Association, as trustee, including the form of Global Note representing the 2030 Notes. Filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated September 9, 2021 and incorporated herein by reference.

Exhibit 4.2 Execution Version PUBLIC STORAGE AS ISSUER AND WELLS FARGO BANK, NATIONAL ASSOCIATION AS TRUSTEE EIGHTH SUPPLEMENTAL INDENTURE Dated as of September 9, 2021 ?700,000,000 0.500% SENIOR NOTES DUE 2030 SUPPLEMENT TO INDENTURE DATED AS OF SEPTEMBER 18, 2017, BETWEEN PUBLIC STORAGE (AS ISSUER) AND WELLS FARGO BANK, NATIONAL ASSOCIATION (AS TRUSTEE) EIGHTH SUPPLEMENTAL INDENTURE, dated as of

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PUBLIC STORAGE (Exact name of registrant as spe

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 95-3551121 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 701 Wester

Entry into a Material Definitive Agreement, Financial Statements and Exhibits, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 9, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File N

Regulation FD Disclosure, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 7, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File N

Underwriting Agreement, dated September 2, 2021, by and among the Company and Merrill Lynch International, Morgan Stanley & Co. International plc and UBS AG London Branch, as representatives of the several underwriters named therein

Exhibit 1.1 Execution Version PUBLIC STORAGE 0.500% Senior Notes due 2030 UNDERWRITING AGREEMENT September 2, 2021 September 2, 2021 To the Managers named in Schedule I hereto for the Underwriters named in Schedule II hereto Ladies and Gentlemen: Public Storage (the ?Company?), a Maryland real estate investment trust (?REIT?), proposes to issue and sell to the several underwriters named in Schedul

CALCULATION OF REGISTRATION FEE Title of securities to be registered Amount to be registered Maximum Offering Price per Note Maximum Aggregate Offering Price Amount of registration fee (1) 0.500% Senior Notes due 2030 €700,000,000 99.388% €695,716,00

Table of Contents Filed Pursuant to Rule 424(b)(5) Registration No. 333-231510 CALCULATION OF REGISTRATION FEE Title of securities to be registered Amount to be registered Maximum Offering Price per Note Maximum Aggregate Offering Price Amount of registration fee (1) 0.500% Senior Notes due 2030 ?700,000,000 99.388% ?695,716,000 $89.519.54 (1) Calculated pursuant to Rule 457(r) under the Securitie

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 2, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File N

Public Storage Prices Public Offering of Euro-Denominated Senior Notes

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

Subject to Completion, dated September 2, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) Public Storage % Senior Notes due 20

424B5 1 d209624d424b5.htm 424B5 Table of Contents The information contained in this preliminary prospectus supplement is not complete and may be changed. Filed Pursuant to Rule 424(b)(5) Registration No. 333-231510 Subject to Completion, dated September 2, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) € Public Storage % Senior Notes due 20 We are offering € aggregate pr

Public Storage Prices Public Offering of Euro-Denominated Senior Notes

Exhibit 99.1 News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.com For Release: Immediately Date: September 2, 2021 Contact: Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Prices Public Offering of Euro-Denominated Senior Notes GLENDALE, Calif. ? Tom Boyle, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA, the ?Company?), announc

September 2, 2021 PUBLIC STORAGE €700,000,000 0.500% Senior Notes due 2030 Final Term Sheet Issuer: Public Storage (PSA) Security: 0.500% Senior Notes due 2030 (the “Notes”) Offering Format: SEC Registered; Classic Global Notes Trade Date: September

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 2, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File N

PSA / Public Storage / GUSTAVSON TAMARA HUGHES - SC 13D Activist Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. ) Public Storage (Name of Issuer) Common Shares of Beneficial Interest, $.10 par value (Title of Class of Securities) 74460D-10-9 (CUSIP Number)

PSA / Public Storage / HUGHES B WAYNE ET AL - SC 13D/A #34 Activist Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 34) Public Storage (Name of Issuer) Common Shares of Beneficial Interest, $.10 par value (Title of Class of Securities) 74460D-10-9 (CUSIP Num

Underwriting Agreement relating to the Company’s depositary shares each representing 1/1,000 of a 3.950% Cumulative Preferred Share of beneficial interest, Series Q

Exhibit 1.1 Execution Version PUBLIC STORAGE 5,000,000 Depositary Shares Each Representing 1/1,000 of a 3.950% Cumulative Preferred Share of Beneficial Interest, Series Q Liquidation Preference Equivalent to $25.00 Per Depositary Share UNDERWRITING AGREEMENT August 10, 2021 BOFA SECURITIES, INC. MORGAN STANLEY & CO. LLC UBS SECURITIES LLC WELLS FARGO SECURITIES, LLC As Representatives of the Sever

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PUBLIC STORAGE (Exact name of registrant as spe

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 95-3551121 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 701 Wester

Articles Supplementary for Public Storage 3.950% Cumulative Preferred Shares, Series Q. Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated August 10, 2021 and incorporated by reference herein.

Exhibit 3.1 PUBLIC STORAGE 3.950% CUMULATIVE PREFERRED SHARES, SERIES Q ARTICLES SUPPLEMENTARY PUBLIC STORAGE, a Maryland real estate investment trust (the ?Trust?), hereby certifies to the State Department of Assessments and Taxation of Maryland that: FIRST: The articles of amendment and restatement of the Trust?s declaration of trust (the ?Declaration of Trust?) authorize the issuance of 100,000

CALCULATION OF REGISTRATION FEE Title of each class of securities offered Amount to be registered Proposed maximum offering price per unit Proposed maximum aggregate offering price Amount of registration fee(1) Depositary Shares Each Representing 1/1

Table of Contents Filed under Rule 424(b)(5) File No. 333-231510 CALCULATION OF REGISTRATION FEE Title of each class of securities offered Amount to be registered Proposed maximum offering price per unit Proposed maximum aggregate offering price Amount of registration fee(1) Depositary Shares Each Representing 1/1,000 of a 3.950% Cumulative Preferred Share of Beneficial Interest, Series Q 5,750,00

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Entry into a Material Definitive Agreement, Material Modification to Rights of Security Holders, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 10, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Num

Public Storage Announces Pricing of 3.950% Cumulative Preferred Shares of Beneficial Interest, Series Q

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

Subject to Completion dated August 10, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) Public Storage Depositary Shares Each Representing 1/1,000 of a % Cumulative Preferred Share of Beneficial Interest, Series Q Liquidation

Table of Contents Filed under Rule 424(b)(5) File No. 333-231510 The information in this preliminary prospectus supplement is not complete and may be changed. Subject to Completion dated August 10, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated May 15, 2019) Shares Public Storage Depositary Shares Each Representing 1/1,000 of a % Cumulative Preferred Share of Beneficial Interest, Seri

PUBLIC STORAGE 5,000,000 DEPOSITARY SHARES EACH REPRESENTING 1/1000 OF A 3.950% CUMULATIVE PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES Q Final Term Sheet Issuer: Public Storage (PSA) Security: Depositary Shares Each Representing 1/1000 of a 3.950%

Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.

Financial Statements and Exhibits, Other Events

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 10, 2021 PUBLIC STORAGE (Exact name of registrant as specified in its charter) Maryland 001-33519 95-3551121 (State or other jurisdiction of incorporation) (Commission File Num

Public Storage Announces Pricing of 3.950% Cumulative Preferred Shares of Beneficial Interest, Series Q

Exhibit 99.1 News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.com For Release: Immediately Date: August 10, 2021 Contact: Ryan Burke (818) 244-8080, Ext. 1141 Public Storage Announces Pricing of 3.950% Cumulative Preferred Shares of Beneficial Interest, Series Q GLENDALE, Calif.?Tom Boyle, Chief Financial Officer of Public Storage (NYSE:PSA, the ?Company?), anno

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 3, 2021 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 95-3551121 (State or Other Jurisdiction of Incorporation) (Commission File Numb

Form of 2021 Plan Performance-Based Non-Qualified Stock Option Agreement. Filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and incorporated herein by reference.

Exhibit 10.3 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN NON-QUALIFIED PERFORMANCE STOCK OPTION AGREEMENT THIS NON-QUALIFIED PERFORMANCE STOCK OPTION AGREEMENT (the ?Agreement?) is made as of [Grant#Date] (the ?Grant Date?), by and between Public Storage (the ?Company?) and [Participant#Name] (the ?Participant?). Capitalized terms not otherwise defined herein shall

Form of 2021 Plan Employee Non-Qualified Stock Option Agreement. Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and incorporated herein by reference.

Exhibit 10.2 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN NON-QUALIFIED STOCK OPTION AGREEMENT THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the ?Agreement?) is made as of [Grant#Date] (the ?Grant Date?), by and between Public Storage (the ?Company?) and [Participant#Name] (the ?Participant?). Capitalized terms not otherwise defined herein shall have the meanings ascri

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X]Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 or [ ]Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-33519 Public Storage ?(

Public Storage Reports Results for the Three and Six Months Ended June 30, 2021

News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 PublicStorage.

Form of 2021 Plan Employee Stock Unit Agreement (2021). Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and incorporated herein by reference.

Exhibit 10.1 PUBLIC STORAGE 2021 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN STOCK UNIT AGREEMENT ? THIS STOCK UNIT AGREEMENT (the ?Agreement?) is made as of [Grant#Date] (the ?Grant Date?), by and between Public Storage (the ?Company?) and [Participant#Name] (the ?Participant?). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Company?s 2

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on August 02, 2021, pursuant to the provisions of Rule 12d2-2 (a).

As filed with the Securities and Exchange Commission on July 9, 2021

As filed with the Securities and Exchange Commission on July 9, 2021 Registration No.

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on July 12, 2021, pursuant to the provisions of Rule 12d2-2 (a).