Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 18

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 18
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ances

PSOC may, from time
to time, without the consent of or notice to existing note holders, create and issue further notes having the same terms and conditions as the notes of any series in all respects, except for the issue date and, to the extent applicable, the issue
price, the payment of interest accruing prior to the issue date and the first payment of interest. Additional notes issued in this manner will be consolidated with, and will form a single series of debt securities with, the previously outstanding
notes of the related series; provided, however, that the issuance of such additional notes will not be so consolidated for United States federal income tax purposes unless such issuance constitutes a “qualified reopening” within the
meaning of the Code and the Treasury regulations promulgated thereunder.

The Notes

The entire principal amount of the 2030 notes will mature and become payable, together with accrued and unpaid interest,
on , 2030, and the entire principal amount of the 2035 notes will mature and become payable, together with accrued and unpaid interest, on , 2035 (each, the “Maturity Date” with
respect to the applicable series of notes), unless, in each case, the notes are redeemed earlier as described below under “—Optional Redemption.” The notes will not be subject to, or entitled to the benefit of, any sinking fund
provisions and will not be convertible into or exchangeable for any of our equity interests. The notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Principal and Interest

The 2030 notes will bear interest at % per year and the 2035 notes will bear interest at % per year, in each
case, from , 2025 or from the immediately preceding interest payment date to which interest has been paid. Interest is payable semi-annually in arrears on and , commencing on
, 20 (each, an “Interest Payment Date”). Interest on an Interest Payment Date will be paid to the persons, or “holders”, in whose names the notes are registered
on the security register at the close of business on the regular record date. The regular record date will be the fifteenth calendar day, whether or not a Business Day, immediately preceding the related Interest Payment Date. Interest on the notes
will be computed on the basis of a 360-day year of twelve 30-day months.

The principal and interest, if any, of each note payable at