Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 39

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 39
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 be able to make and receive deliveries, payments and other communications involving the notes through Clearstream and Euroclear on the days when those clearing systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States. In addition, because of time zone differences there may be problems with completing transactions involving Clearstream and Euroclear on the same business day as in the United States. The information in this 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. None of us, the underwriters or the Trustee 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 Book-Entry Notes for Certificated Notes A global note is exchangeable for definitive notes in registered certificated form of the same series:

| • |     | if the depositary: (i) notifies us that it is unwilling or unable or no longer qualified to continue as                                                                                                                       
 depositary for the global note or (ii) has ceased to be a clearing agency registered under the Exchange Act and, in either case, and we thereupon fail to appoint a successor depositary within 90 days after this notice; or |

| • |     | upon the occurrence and continuance of an Event of Default under the Indenture in respect of the notes of such 
 series; or                                                                                                     |

| • |     | if we, at our option and subject to the procedures of the depositary, notify the Trustee in writing that we elect 
 to cause issuance of such notes in certificated form.                                                             |

In addition, beneficial interests in a global note may be exchanged for certificated notes of the same series upon request but only upon at least 30 days’ prior written notice given to the Trustee by or on behalf of the depositary in accordance with customary procedures. In all cases, certificated notes delivered in exchange for any global note or beneficial interest therein will be registered in names, and issued of the same series in any approved denominations, requested by or on behalf of the depositary (in accordance with its customary procedures). S-24

SUPPLEMENTAL U.S. FEDERAL INCOME TAX CONSIDERATIONS This summary supplements and