大众仓储美股招股说明书(2025-06-27版)

$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 to as PSOC, is offering $475,000,000 aggregate principal amount of 4.375% SeniorNotes due July 1, 2030 (the “2030 notes”) and $400,000,000 aggregate principal amount of 5.000% Senior Notes due July 1, 2035 (the “2035 notes”). We refer to the 2030 notes and the 2035notes together as the “notes.” PSOC will pay interest on the notes semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2026. The 2030 notes will mature onJuly 1, 2030 and the 2035 notes will mature on July1, 2035. PSOC may redeem the notes prior to maturity at its option, at any time in whole or from time to time in part, at the redemption prices described in this prospectus supplementunder “Description of Notes—Optional Redemption.” The notes will be PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of its existing and future unsecured andunsubordinated indebtedness. The notes will be effectively subordinated in right of payment to all of PSOC’s existing and future secured indebtedness (to the extent of the value of thecollateral securing such indebtedness). The notes will also be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities, whether secured orunsecured, of its subsidiaries. The notes will be fully and unconditionally guaranteed by Public Storage, a Maryland real estate investment trust. The guarantee will be a senior unsecured obligation of PublicStorage and will rank equally in right of payment with any of Public Storage’s existing and future unsecured and unsubordinated indebtedness and guarantees. Public Storage does notcurrently have any direct indebtedness but guarantees certain other PSOC indebtedness. Public Storage does not have any significant operations or material assets other than its indirectownership interests in PSOC. Each series of notes is a new issue of securities with no established trading market. We do not intend to apply to list any of the series of notes on any securities exchange or onany automated dealer quotation system. The notes of each series will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. See “Risk Factors” beginning on pageS-5of this prospectus supplement and in our other filings with the Securities and Exchange Commission incorporated byreference in this prospectus supplement and the accompanying prospectus to read about factors you should consider before making a decision to invest in the notes. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if thisprospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. We expect that delivery of the notes will be made to investors in book-entry form through the facilities of The Depository Trust Company and its participants, including Clearstream Banking,société anonymeand Euroclear Bank S.A./N.V., as operator of the Euroclear System, on or about June 30, 2025. Scotiabank TABLE OF CONTENTS Prospectus Supplement SUMMARYRISK FACTORSUSE OF PROCEEDSDESCRIPTION OF NOTESSUPPLEMENTAL U.S. FEDERAL INCOME TAX CONSIDERATIONSUNDERWRITINGWHERE YOU CAN FIND MORE INFORMATIONLEGAL MATTERSEXPERTS ABOUT THIS PROSPECTUSWHERE YOU CAN FIND MORE INFORMATIONFORWARD-LOOKING STATEMENTSTHE COMPANYRISK FACTORSUSE OF PROCEEDSGUARANTOR DISCLOSURESDESCRIPTION OF COMMON SHARESCommon SharesOwnership LimitationsDESCRIPTION OF PREFERRED SHARESOutstanding Preferred SharesOwnership LimitationsFuture Series of Preferred SharesDESCRIPTION OF EQUITY SHARESOwnership LimitationsDESCRIPTION OF DEPOSITARY SHARESDistributionsLiquidation RightsRedemptionConversionVotingWithdrawal of Preferred Shares or Equity SharesAmendment and Termination of Deposit AgreementCharges of DepositaryMiscellaneousResignation and Removal of DepositaryU.S. Federal Income Tax ConsiderationsDESCRIPTION OF WARRANTSDESCRIPTION OF DEBT SECURITIESGeneralRegistration, Transfer, Payment and Paying AgentOutstanding Debt SecuritiesRedemption and RepurchaseCovenants Prospectus Events of DefaultModification, Waivers and MeetingsGuaranteesMerger, Consolidation and SaleDischarge, Defeasance and Covenant DefeasanceConcerning the TrusteeGoverning LawNoticesDESCRIPTION OF UNITSBOOK-ENTRY SECURITIESSELLING SECURITYHOLDERSMATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONSTaxation of Public Storage as a REITTaxation of U.S. ShareholdersTaxation ofTax-ExemptShareholdersU.S. Taxation of Non-U.S. ShareholdersInformation Reporting and Backup Withholding Tax Applicable to ShareholdersOther Tax Consequences for Public Storage and Our ShareholdersLegisl