Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 82

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 82
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60 days after delivery of the notice for resignation or removal and must be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at least $150,000,000. U.S. Federal Income Tax Considerations Owners of the depositary shares will be treated for U.S. federal income tax purposes as if they were owners of the preferred shares or equity shares represented by those depositary shares. Accordingly, the owners will be entitled to take into account, for U.S. federal income tax purposes, income and deductions to which they would be entitled if they were holders of such preferred shares or equity shares. In addition:

| (1) | no gain or loss will be recognized for U.S. federal income tax purposes upon the withdrawal of preferred shares 
 or equity shares in exchange for depositary shares;                                                             |

| (2) | the aggregate tax basis of the preferred or equity shares to an exchanging owner of depositary shares will, 
 upon such exchange, be the same as the aggregate tax basis of the depositary shares being exchanged; and    |

| (3) | the holding period for preferred shares or equity shares in the hands of an exchanging owner of depositary 
 shares will include the period during which that person owned those depositary shares.                     |

20

DESCRIPTION OF WARRANTS In this description, all references to “we,” “us” or “our” refer only to Public Storage and not to any of its subsidiaries. We have no warrants outstanding (other than options issued under our equity incentive plan). We may issue warrants for the purchase of common shares, preferred shares, equity shares or debt securities. Warrants may be issued independently or together with any other securities offered by any prospectus supplement and may be attached to or separate from those securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between a warrant agent specified in the applicable prospectus supplement and us. The warrant agent will act solely as our agent in connection with the warrants of that series and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants. The following sets forth certain general terms and provisions of the warrants being offered. Further terms of the warrants and the applicable warrant agreement will be set forth in the applicable prospectus supplement. The applicable prospectus supplement will describe the terms of the warrants in respect of which this prospectus is being delivered, including, where applicable, the following:

| (1) | the title of those