Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 65

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 65
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 for Public Storage Operating Company because the assets, liabilities and results of operations of Public Storage Operating Company are not
materially different than the corresponding amounts in Public Storage’s consolidated financial statements incorporated by reference herein, and management believes such summarized financial information would be repetitive and would not provide
incremental value to investors.

8

DESCRIPTION OF COMMON SHARES Common Shares In this description, all references to “we,” “us” or “our” refer only to Public Storage and not to any of its subsidiaries. We are authorized to issue up to 650,000,000 common shares of beneficial interest, par value $0.10 per share. At November 29, 2024, we had outstanding 175,182,782 common shares. The following description of our common shares sets forth certain general terms and provisions of our common shares to which any prospectus supplement may relate, including a prospectus supplement providing that common shares will be issuable upon conversion of other securities or upon the exercise of warrants. The statements below describing our common shares are in all respects subject to and qualified in their entirety by reference to the applicable provisions of our declaration of trust and bylaws, which have been filed as exhibits to the registration statement of which this prospectus forms a part. Holders of our common shares will be entitled to receive distributions when, as and if declared by our board of trustees, out of funds legally available for distribution. If we fail to pay distributions on our outstanding preferred shares of beneficial interest, generally we may not pay distributions on or repurchase our common shares. If we were to liquidate, dissolve or wind-upour affairs, holders of common shares will be entitled to share equally and ratably in any assets available for distribution to them, after payment or provision for payment of our debts and other liabilities and the preferential amounts owing with respect to any of our outstanding preferred shares. Holders of common shares have no preemptive rights, which means they have no right to acquire any additional common shares that we may issue at a later date. The common shares will be, when issued, fully paid and nonassessable. The holders of our common shares are entitled to cast one vote for each share on all matters presented to our holders for a vote. No shareholder shall be entitled to cumulate votes (i.e., cast for any one or more nominees a number of votes greater than the number of votes which such shareholder normally is entitled to cast). The rights, preferences and privileges of holders of our common shares are subject to, and may be