Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 48

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 48
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 trading market for any of the series of notes or that an active public market for any of the series of notes will develop. If an active public trading market for any of the series of notes does not develop, the market price and liquidity of such series of notes may be adversely affected. We estimate our expenses for this offering, other than the underwriting discounts, to be approximately $ . We will agree with the underwriters not to, during the period from the date of the underwriting agreement until the expected delivery date upon which the notes offered hereby will be made to investors, sell, offer to sell, grant any option for the sale of, or otherwise dispose of any debt securities other than the notes, without the prior written consent of each of BofA Securities, Inc. and Wells Fargo Securities, LLC. We will agree to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act or to contribute to payments which the underwriters may be required to make in respect thereof. In order to facilitate the offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of any series of notes. Specifically, the underwriters may over-allot in connection with the offering, creating short positions in the applicable series of notes for their own accounts. In addition, to cover over-allotments or to stabilize the price of the applicable series of notes, the underwriters may bid for, and purchase, notes of such series in the open market. The underwriters may reclaim selling concessions allowed to an underwriter or dealer for distributing notes of any series in the offering if the underwriters repurchase S-30

previously distributed notes of such series in transactions to cover short positions, in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market
price of the applicable series of notes above independent market levels. The underwriters are not required to engage in these activities, and may end any of these activities at any time without notice.

The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the
underwriting discount received by it because the representatives have repurchased notes sold by or for the account of such underwriter in stabilizing or short covering transactions.

In general, purchases of a security for the purpose of stabilization or to reduce a short position could cause the price of the security to be
higher than it might be in the absence of such purchases. The imposition of a penalty bid might also have an effect on the