Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 83

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 83
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 warrants; |

| (2) | the aggregate number of those warrants; |

| (3) | the price or prices at which those warrants will be issued; |

| (4) | the class, series, number and terms of the common, preferred or equity shares purchasable upon exercise of 
 those warrants;                                                                                            |

| (5) | the designation and terms of the other shares, if any, with which those warrants are issued and the number of 
 those warrants issued with each share;                                                                        |

| (6) | the date, if any, on and after which those warrants and the related common shares, preferred shares or equity 
 shares, if any, will be separately transferable;                                                              |

| (7) | the price at which each common, preferred or equity share purchasable upon exercise of those warrants may be 
 purchased;                                                                                                   |

| (8) | the date on which the right to exercise those warrants will commence and the date on which that right expires; |

| (9) | the minimum or maximum amount of those warrants which may be exercised at any one time; and |

| (10) | any other terms of those warrants, including terms, procedures and limitations relating to the exchange and 
 exercise of those warrants.                                                                                 |

21

DESCRIPTION OF DEBT SECURITIES This section describes the general terms and provisions of the debt securities of Public Storage Operating Company. In this description, unless specifically noted otherwise or unless the context otherwise requires, all references to “we,” “us,” “our” and “ours” refers to Public Storage Operating Company as issuer of the debt securities, and not to any of its respective subsidiaries. We may issue debt securities in one or more series under the indenture between us and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, dated September 18, 2017, as amended by the Sixteenth Supplemental Indenture, dated as of August 14, 2023, among us, Public Storage, as guarantor, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, which are filed as exhibits to the registration statement of which this prospectus is a part. References herein to the “Indenture” refer to such indenture, as amended, and references to the “Trustee” refer to such trustee or any other trustee for any particular series of debt securities issued under the Indenture. The terms