Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 87

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 87
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 series will be exchangeable for other debt securities of the same series and of a like aggregate principal amount and tenor of different authorized denominations upon surrender of those debt securities at the designated place or places. In addition, subject to certain limitations imposed upon debt securities issued in book-entry form, the debt securities of any series may be surrendered for registration of transfer or exchange thereof at the designated place or places if duly endorsed or accompanied by a written instrument of transfer. No service charge shall be made for any registration of transfer or exchange, redemption or repayment of debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with certain of those transactions. Unless otherwise specified in the applicable prospectus supplement, we will not be required to:

| • |     | issue, register the transfer of or exchange debt securities of any series during a period beginning at the                                                                                  
 opening of business 15 days before any selection of debt securities of that series of like tenor and terms to be redeemed and ending at the close of business on the day of that selection; |

| • |     | register the transfer of or exchange any debt security, or portion of any debt security, called for redemption, 
 except the unredeemed portion of any debt security being redeemed in part; or                                   |

| • |     | issue, register the transfer of or exchange any debt security which has been surrendered for repurchase at the 
 option of the holder, except the portion, if any, of the debt security not to be repurchased.                  |

Outstanding Debt Securities In determining whether the holders of the requisite principal amount of outstanding debt securities have given any request, demand, authorization, direction, notice, consent, or waiver under the Indenture:

| • |     | the principal amount of an original issue discount security that shall be deemed to be outstanding for these                                                                                                                
 purposes shall be that portion of the principal amount of the original issue discount security that would be due and payable upon acceleration of the original issue discount security as of the date of the determination, |

| • |     | the principal amount of any Indexed Security that shall be deemed to be outstanding for these purposes shall be                           
 the principal amount of the Indexed Security determined on the date of its original issuance, unless otherwise provided in the Indenture, |

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| • |     | the principal amount of a debt security denominated in a foreign currency shall be the U.S. Dollar             
 equivalent, determined on the date of its original issuance