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

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 29
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 payable. However, we will not be required to make any payment of additional amounts for or on account of:

| (a) | any tax, assessment or other governmental charge that would not have been imposed but for (i) the                                                                                                                                                       
 existence of any present or former connection (other than a connection arising solely as a result of the ownership of the notes, the receipt of any payment in respect of the notes or the enforcement of any rights hereunder) between such holder (or 
 between a fiduciary, settlor or beneficiary of, or a                                                                                                                                                                                                    |

S-18

| person holding a power over, such holder, if such holder is an estate or a trust, or a member or shareholder of such holder, if such holder is a partnership or corporation) and the United States,                                                  
 including, without limitation, such holder (or such fiduciary, settlor, beneficiary, person holding a power, member or shareholder) being or having been a citizen or resident or treated as a resident of the United States or being or having been 
 engaged in trade or business in the United States or having or having had a permanent establishment therein, or (ii) the presentation by the holder of the note for payment more than 30 days after the date on which the payment became due and     
 payable or the date on which payment thereof is duly provided for and notice thereof given to holders, whichever occurs later;                                                                                                                       |

| (b) | any estate, inheritance, gift, sales, transfer, personal property or any similar tax, assessment or other 
 governmental charge;                                                                                      |

| (c) | any tax, assessment or other governmental charge that would not have been imposed but for such holder’s                                                                                                                                                   
 past or present status as a controlled foreign corporation, passive foreign investment company (including a qualified electing fund) or foreign private foundation or other tax exempt organization with respect to the United States or as a corporation 
 that accumulates earnings to avoid United States Federal income tax;                                                                                                                                                                                      |

| (d) | any tax, assessment or other governmental charge that is payable otherwise than by deduction or withholding 
 from a payment on a note;                                                                                   |

| (e) | any tax, assessment or other governmental charge required to be deducted or withheld by any paying agent from       
 any payment on a note, if such payment can be made without such deduction or withholding by any other paying agent; |

| (f) | any tax, assessment or other governmental charge that would not have been imposed but for the holder’s