Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 47

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 47
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 those procedures at any time. The information in this “Book-Entry Procedures” section concerning the depositary, Clearstream and Euroclear and their book-entry systems has been obtained from sources that we believe to be reliable, but neither we nor any underwriter takes any responsibility for the accuracy or completeness thereof. In addition, the description of the clearing systems in this section reflects our understanding of the rules and procedures of Clearstream or Euroclear as they are currently in effect. Those systems could change their rules and procedures at any time. None of us, the underwriters, the Trustee or the Paying Agent will have any responsibility for the performance by the depositary, Clearstream and Euroclear or their respective participants or indirect participants of their respective obligations under the rules and procedures governing their operations. Exchange of Global Notes for Certificated Notes Subject to certain conditions, the notes represented by the global notes are exchangeable for certificated notes in definitive form of like tenor in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof if:

| (1) | the depositary notifies us that it is unwilling or unable or no longer qualified to continue as depositary for 
 the global notes and we fail to appoint a successor depositary within 90 days after this notice;               |

| (2) | we, at our option, notify the Trustee in writing that we elect to cause the issuance of certificated notes in 
 definitive form; or                                                                                           |

| (3) | there has occurred and is continuing an Event of Default with respect to the notes. |

In all cases, certificated notes delivered in exchange for any global note or beneficial interest therein will be registered in names, and issued in any approved denominations, requested by or on behalf of the depositary (in accordance with its customary procedures). S-29

Payments (including principal and interest) and transfers with respect to notes in
certificated form may be executed at the office or agency maintained for such purpose in London (initially the corporate trust office of the Paying Agent) or, at our option, by check mailed to the holders thereof at the respective addresses set
forth in the register of holders of the notes, provided that all payments (including principal and interest) on notes in certificated form, for which the holders thereof have given wire transfer instructions at least ten calendar days prior to the
applicable payment date, will be required to be made by wire transfer of immediately available funds