大众仓储美股招股说明书(2025-09-29版)

3.500% Senior Notes due 2034 Fully and Unconditionally Guaranteed by Public Storage Public Storage Operating Company, a Maryland real estate investment trust (“PSOC”), is offering €425,000,000aggregate principal amount of 3.500% Senior Notes due, 2034(the “notes”). PSOC will pay interest on the notes annually in arrears on January20 of each year, beginning on January20, 2026. The notes will mature on January20, 2034. PSOC mayredeem the notes prior to maturity at its option, at any time in whole or from time to time in part, at the applicable redemption price described in this prospectus supplement under“Description of Notes—Optional Redemption” and it may redeem the notes prior to maturity at its option, in whole but not in part, if certain changes occur involving U.S. taxation asdescribed in this prospectus supplement under “Description of Notes—Redemption for Tax Reasons.” 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. The notes are a new issue of securities with no established trading market. We intend to apply to list the notes on the New York Stock Exchange. The listing application will besubject to approval by the New York Stock Exchange. We expect listing of the notes to occur within 30 days after the original issue date. If such listing is obtained we have no obligation tomaintain such listing and the notes may be delisted at any time. The notes will be issued in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. See “Risk Factors” beginning on pageS-6of 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 Clearstream Banking,société anonyme, and Euroclear Bank S.A./N.V., as operator ofthe Euroclear System, on or about October3, 2025, which is the fifth business day following the date of this prospectus supplement. See “Underwriting.” BNP PARIBASScotiabank Morgan StanleyUBS Investment Bank Table of Contents TABLE OF CONTENTS Prospectus Supplement SUMMARYRISK FACTORSCURRENCY CONVERSIONUSE 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 Agent Prospectus Outstanding Debt SecuritiesRedemption and RepurchaseCovenants Table of Contents 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 o