Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 82

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 82
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 assets are distributed to holders of our common shares or any other shares of beneficial interest ranking junior to our preferred shares, liquidating distributions equal to $25.00 per share or depositary share, plus all accrued and unpaid distributions. Except as expressly required by law and in certain other limited circumstances, holders of our preferred shares are not entitled to vote. Our board of trustees will not, without the consent of holders of at least 66 2/3% of the outstanding preferred shares, voting as a single class, authorize another class of shares senior to our preferred shares. Ownership Limitations For a discussion of the ownership limitations that apply to preferred shares, see “Description of Common Shares—Ownership Limitations.” Future Series of Preferred Shares Below is a description of some general terms and provisions of our preferred shares which may be specified in a prospectus supplement. The statements below describing our preferred shares are in all respects subject to and qualified in their entirety by reference to the applicable provisions of our declaration of trust (including the applicable form of articles supplementary relating to the particular series of preferred shares) and bylaws. You should read the prospectus supplement relating to the series of preferred shares being offered for specific terms, including:

| (1) | the title and stated value of that series of our preferred shares; |

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| (2) | the number of preferred shares being offered, the liquidation preference per share and the offering price of 
 that series of our preferred shares;                                                                         |

| (3) | the distribution rate, period and payment date or method of calculation applicable to that series of our 
 preferred shares;                                                                                        |

| (4) | the date from which distributions on that series of our preferred shares accumulates, if applicable; |

| (5) | the provision for a sinking fund, if any, for that series of our preferred shares; |

| (6) | the provision for redemption, if applicable, of that series of our preferred shares; |

| (7) | any listing of that series of our preferred shares on any securities exchange; |

| (8) | the terms and conditions, if applicable, upon which that series of our preferred shares will be convertible 
 into common shares, including the conversion price (or manner of calculation);                              |

| (9) | the voting rights, if any, of that series of our preferred shares; |

| (10) | any other specific terms, preferences, rights, limitations or restrictions of that series of our preferred 
 shares;                                                                                                    |

| (11)