Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 60

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 60
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 based on the euro/U.S. dollar exchange rate as of September 19, 2025. See “Currency Conversion.” 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 BNP PARIBAS, Goldman Sachs & Co. LLC, Morgan Stanley & Co. International plc, The Bank of Nova Scotia, an affiliate of Scotiabank (Ireland) Designated Activity Company and UBS AG, Stamford Branch, an affiliate of UBS AG London Branch. 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 connection with the issuance of the notes, Morgan Stanley & Co. International plc (in this capacity, the “Stabilizing Manager”) (or any person acting on its behalf) may, to the extent permitted by applicable laws S-37

and directives, over-allot notes or effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilizing Manager (or persons acting on behalf of the Stabilizing Manager) will undertake any stabilization action. Any stabilization action or over-allotment may begin on or after the date on which adequate public disclosure of
the terms of the offer of the notes is made, and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue of the notes and 60 days after the date of the allotment of the notes. Any stabilization action
commenced will be carried out in accordance with applicable laws and regulations.

Any stabilization action may have the effect of
preventing or retarding a decline in the market price of the notes. They may also cause the price of the notes to be higher than the price that would otherwise exist in the open market in the absence of stabilization actions. The Stabilizing Manager
may conduct these transactions in the over-the-counter market or otherwise. If the Stabilizing Manager commences any stabilization action, it may discontinue them at any
time.

Any underwriter that is not a broker-dealer registered with