Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 9

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 9
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 • |     | be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of                                                  
 Public Storage’s subsidiaries (other than PSOC and PSA OP) and of its joint ventures to the extent of the assets of those subsidiaries or of those joint ventures. |

| Public Storage does not have any significant operations or material assets other than its indirect ownership interests in PSOC. |

| Optional Redemption | We may redeem the notes at our option at any time in whole or from time to time in part at the applicable redemption price specified in “Description of Notes—Optional Redemption.” |

| In each case, we will also pay the accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date. See “Description of Notes—Optional Redemption.” |

| Payment of Additional Amounts | We will, subject to the exceptions and limitations set forth herein, pay as additional amounts to a holder of a note that is a United States Alien (as defined in “Description of Notes—Payment of Additional Amounts”) such                            
 amounts as may be necessary so that every net payment made in respect of each note after deduction or withholding for, or on account of, any present or future tax, duty, assessment or other governmental charge of whatever nature imposed, levied or 
 collected as a result of such payment by the United States (or any political subdivision or taxing authority thereof or therein) will not be less than the amount provided for in such note to be then due and payable. See “Description of             
 Notes—Payment of Additional Amounts.”                                                                                                                                                                                                                   |

| Redemption for Tax Reasons | We may redeem all, but not less than all, of the notes in the event of certain changes in the tax law of the United States (or any political subdivision or taxing authority thereof or therein) which would obligate us to pay additional amounts as 
 described above. This redemption would be at a redemption price equal to 100% of the principal amount of the notes being redeemed, together with accrued and unpaid interest on such notes to, but not including, the redemption date. See            
 “Description of Notes—Redemption for Tax Reasons.”                                                                                                                                                                                                    |

S-3

| Currency of Payment | All payments of principal and interest in respect of the notes, including payments made upon any redemption of the notes, and additional amounts, if any, will be made in euro. If the euro is unavailable to us due to the imposition of exchange 
 controls or other circumstances beyond our control or if the euro is