Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 54

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 54
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 |     | used in connection with any offer for subscription or sale of the notes to the public in France. Such offers, 
 sales and distributions will be made in France only:                                                          |

| • |     | to qualified investors (investisseurs qualifiés) and/or to a restricted circle of investors (cercle                                                                                                  
 restreint d’investisseurs), in each case investing for their own account, all as defined in, and in accordance with articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the 
 French Code monétaire et financier;                                                                                                                                                                  |

| • |     | to investment services providers authorized to engage in portfolio management on behalf of third parties; or |

| • |     | in a transaction that, in accordance with article                                                                             
 L.411-2-II-1° -or-2° -or-3° of the French Code monétaire et financier and article 211-2 of the General Regulations (Règlement 
 Général) of the Autorité des Marchés Financiers, does not constitute a public offer (appel public à I’épargne).               |

The notes may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L.412-1and L.621-8through L.621-8-3of the French Code monétaire et financier. Notice to Prospective Investors in Hong Kong Each underwriter has represented and agreed that it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any notes other than (i) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “SFO”) and any rules made thereunder, or (ii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) or which do not constitute an offer to the public within the meaning thereof, and that it has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere,