Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 85

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 85
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 debt securities; |

| • |     | the terms of any guarantee of the debt securities and the identity of any guarantor or guarantors of the debt 
 securities;                                                                                                   |

| • |     | if the principal amount payable at the stated maturity of the debt securities of the series will not be                                                                    
 determinable as of any one or more dates prior to the stated maturity, the amount which shall be deemed to be the principal amount of such debt securities as of any date; |

| • |     | whether the debt securities will not be issued in a transaction registered under the Securities Act and any 
 restriction or condition on the transferability of the debt securities of such series;                      |

| • |     | the exchanges, if any, on which the debt securities of the series may be listed; |

| • |     | the price or prices at which the debt securities of the series will be sold; |

| • |     | if debt securities issuable in global form are to be issuable in definitive form, then the forms and terms 
 related to such issuance;                                                                                  |

| • |     | the person to whom any interest on any registered security shall be payable, if other than the person in whose                                                                                                                                        
 name such security is registered at the close of business on the regular record date for such payment and the manner in which any interest payable on a temporary global security will be paid if other than in the manner provided in the Indenture; |

| • |     | any additional covenants subject to waiver by the act of the holders of debt securities pursuant to the 
 Indenture; and                                                                                          |

| • |     | any other terms of debt securities of the series and any deletions from or modifications or additions to the 
 Indenture in respect of such securities.                                                                     |

As used in this prospectus, references to the principal of and premium, if any, and interest, if any, on the debt securities of a series include Additional Amounts, if any, payable on the debt securities of such series in that context. We may issue debt securities as original issue discount securities to be sold at a substantial discount below their principal amount. In the event of an acceleration of the maturity of any original issue discount security, the amount payable to the holder upon acceleration will be determined in the manner described in the applicable prospectus supplement. Important U.S. federal income tax and other considerations applicable to original issue discount securities will be described in the applicable prospectus supplement. The terms of the debt securities