Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 83

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 83
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 | the relative ranking and preferences of that series of our preferred shares as to distribution rights and 
 rights upon liquidation, dissolution or winding up of our affairs; and                                    |

| (12) | any limitations on issuance of any series of preferred shares ranking senior to or on a parity with that series      
 of preferred shares as to distribution rights and rights upon liquidation, dissolution or winding up of our affairs. |

Ranking.The ranking of the offered series of our preferred shares will be set forth in the applicable prospectus supplement. Unless otherwise specified in the applicable prospectus supplement, our preferred shares will, with respect to distribution rights and rights upon liquidation, dissolution or winding up of our affairs, rank:

| (1) | senior to the common shares, any additional class of common shares, existing and future equity shares and any 
 future series of preferred shares ranking junior to our preferred shares;                                     |

| (2) | on a parity with all preferred shares previously issued by us, the terms of which specifically provide that the 
 preferred shares rank on a parity with the preferred shares being offered; and                                  |

| (3) | junior to all preferred shares previously issued by us, the terms of which specifically provide that the 
 preferred shares rank senior to the preferred shares being offered.                                      |

Distributions.Holders of preferred shares of a particular series are entitled to receive, when, as and if declared by our board of trustees, out of our assets legally available for payment, cash distributions at the respective rates and on the respective dates as set forth in the articles supplementary relating to such series. Each distribution will be payable to holders of record as they appear on our share transfer books on the record dates fixed by our board of trustees. Distributions on any series of preferred shares being offered may be cumulative or non-cumulative,as provided in the applicable prospectus supplement. Distributions, if cumulative, will be cumulative from and after the date set forth in the applicable prospectus supplement. Any distribution made on shares of a series of cumulative preferred shares will first be credited against the earliest accrued but unpaid distribution due with respect to shares of the series which remains payable. If our board of trustees fails to declare a distribution on a distribution payment date on any series of the preferred shares for which distributions are non-cumulative,the holders of the series of the preferred shares will have no right to receive a distribution in respect of the distribution period ending on that distribution payment date, and we will have no obligation to pay the distribution accrued for the period, whether or