Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 121

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 121
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 the proceeds of an offering of shares or certain long-term debt obligations.                                                                                                                                  |

| (2) | Not more than 25% of our total assets may be represented by securities, other than those securities includable 
 in the 75% asset class (e.g., securities that qualify as real estate assets and government securities);        |

| (3) | Except for equity investments in REITs, certain debt investments in REITs, debt or equity investments in                                                                  
 qualified REIT subsidiaries and taxable REIT subsidiaries, and other securities that qualify as “real estate assets” for purpose of the 75% test described in clause (1): |

| • |     | the value of any one issuer’s securities owned by us may not exceed 5% of the value of our total assets; |

| • |     | we may not own more than 10% of any one issuer’s outstanding voting securities; |

| • |     | we may not own more than 10% of the total value of the outstanding securities of any one issuer, other than 
 securities that qualify for the “straight debt” exception discussed below;                                  |

| (4) | Not more than 20% of the value of our total assets may be represented by the securities of one or more taxable 
 REIT subsidiaries; and                                                                                         |

| (5) | Not more than 25% of the value of our total assets may be represented by debt instruments issued by publicly                                                                                                                    
 offered REITs that are “nonqualified” debt instruments (a “nonqualified publicly offered REIT debt instrument” is any real estate asset that would cease to be a real estate asset if the definition of a real estate asset was 
 applied without regard to the reference to debt instruments issued by publicly offered REITs).                                                                                                                                  |

Securities for purposes of the asset tests may include debt securities. However, the Code specifically provides that the following types of debt will not be taken into account for purposes of the 10% value test: (1) securities that meet the “straight debt” safe-harbor, as discussed in the next paragraph; (2) loans to individuals or estates; (3) obligations to pay rent from real property; (4) rental agreements described in Section 467 of the Code; (5) any security issued by other REITs; (6) certain securities issued by a state, the District of Columbia, a foreign government, or a political subdivision of any of the foregoing, or the Commonwealth