Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 18

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 18
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 income tax purposes unless such issuance constitutes a “qualified reopening” within the
meaning of the Code and the Treasury regulations promulgated thereunder.

The Notes

The entire principal amount of the 2030 notes will mature and become payable, together with accrued and unpaid interest, on July 1, 2030, and
the entire principal amount of the 2035 notes will mature and become payable, together with accrued and unpaid interest, on July 1, 2035 (each, the “Maturity Date” with respect to the applicable series of notes), unless, in each case, the
notes are redeemed earlier as described below under “—Optional Redemption.” The notes will not be subject to, or entitled to the benefit of, any sinking fund provisions and will not be convertible into or exchangeable for any of our
equity interests. The notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Principal and Interest

The 2030 notes will bear interest at 4.375% per year and the 2035 notes will bear interest at 5.000% per year, in each case, from June 30,
2025 or from the immediately preceding interest payment date to which interest has been paid. Interest is payable semi-annually in arrears on January 1 and July 1, commencing on January 1, 2026 (each, an “Interest Payment Date”). Interest
on an Interest Payment Date will be paid to the persons, or “holders”, in whose names the notes are registered on the security register at the close of business on the regular record date. The regular record date will be the
fifteenth calendar day, whether or not a Business Day, immediately preceding the related Interest Payment Date. Interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months.

The principal and interest, if any, of each note payable at maturity or the principal,
make whole amount, if any, and interest, if any, payable upon earlier redemption will be paid against surrender of the note at the corporate trust office of the Trustee, located initially at Computershare Trust Company, N.A., 1505 Energy Park Drive,
St. Paul, MN 55108, Attention: Corporate Trust Services—Bondholder Communications, in the coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts