Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 74

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 74
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, that we may acquire preferred shares of the series 
 under a purchase or exchange offer made on the same terms to holders of all outstanding preferred shares of the series.                                                                                                                              |

If fewer than all of the outstanding preferred shares of any series being offered are to be redeemed, the number of shares to be redeemed will be determined by us and these shares may be redeemed pro rata from the 14

holders of record of these shares in proportion to the number of these shares held by such holders (with adjustments to avoid redemption of fractional shares) or any other equitable method determined by us. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of record of preferred shares of any series to be redeemed at the address shown on our share transfer books. Each notice will state:

| (1) | the redemption date; |

| (2) | the number of shares and series of our preferred shares to be redeemed; |

| (3) | the redemption price; |

| (4) | the place or places where certificates for such preferred shares are to be surrendered for payment of the 
 redemption price; and                                                                                     |

| (5) | that distributions on our preferred shares to be redeemed will cease to accrue on the redemption date. |

If fewer than all our preferred shares of any series are to be redeemed, the notice mailed to each holder will also specify the number of preferred shares to be redeemed from the holder and, upon redemption, a new certificate will be issued representing the unredeemed shares without cost to the holder. To facilitate the redemption of preferred shares, our board of trustees may fix a record date for the determination of preferred shares to be redeemed. The record date may not be less than 30 nor more than 60 days before the date fixed for redemption. If notice has been given as provided above, unless we default in providing funds for the payment of the redemption price on that date, then from and after the redemption date all distributions on our preferred shares called for redemption will cease. From and after the redemption date, unless we default, all rights of the holders of our preferred shares of such series, except the right to receive the redemption price (but without interest), will cease. Subject to applicable law and the limitation on purchases when distributions on preferred shares are in arrears, we may, at any time and from time to time, purchase any preferred shares in the open market, by tender or by private agreement. Liquidation Preference.If we voluntarily