Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 47

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 47
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 disposition of notes.

S-29

UNDERWRITING Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus supplement, the underwriters named below, for whom BofA Securities, Inc. and Wells Fargo Securities, LLC are acting as representatives, have severally, and not jointly, agreed to purchase, and we have agreed to sell to them, the principal amount of notes of each series set forth opposite its name below.

| Underwriters                |     | Principal Amount 
 of the           
 2030 Notes       |     | Principal Amount 
 of the           
 2035 Notes       |
|:----------------------------|:----|:-----------------|:----|:-----------------|
| BofA Securities, Inc.       |     | $                |     | $                |
| Wells Fargo Securities, LLC |     | $                |     | $                |
| Total                       |     | $                |     | $                |

The underwriters have agreed, subject to the terms and conditions set forth in the underwriting agreement, to purchase all of the principal amount of the notes if any of the notes are purchased. The underwriters propose to offer the notes directly to the public at the applicable public offering price specified on the cover page to this prospectus supplement and may also offer the notes to certain dealers at the respective public offering prices less a concession not to exceed % of the principal amount of the 2030 notes and % of the principal amount of the 2035 notes. The underwriters may allow, and these dealers may reallow, concession to certain brokers and dealers not to exceed % of the principal amount of the 2030 notes and % of the principal amount of the 2035 notes. After the initial offering of the notes, the underwriters may change the public offering price and other selling terms. The offering of the notes by the underwriters is subject to receipt and acceptance and subject to the underwriters right to reject any order in whole or in part. Each series of notes is a new issue of securities with no established trading market. We do not intend to apply for listing of any of the series of notes on any securities exchange or for quotation of any of the series of notes on any automated dealer quotation system. The underwriters have advised us that they intend to make a market in each series of notes, but they are not obligated to do so and may discontinue any market-making at any time without notice. No assurance can be given as to the liquidity of the