Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 66

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 66
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 adversely affected by, the rights of the holders of shares of any series of our preferred shares or equity shares of beneficial interest which are outstanding or which we may designate and issue in the future. See “Description of Preferred Shares” and “Description of Equity Shares.” Ownership Limitations To qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), our shares must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Also, not more than 50% of the value of our outstanding shares (after taking into account options to acquire shares) may be owned, directly, indirectly or through attribution, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To maintain our qualification as a REIT, our declaration of trust provides that:

| • |     | no person, other than an excepted holder or a designated investment entity (each as defined in our declaration of                                                                                                                                         
 trust and as described below), may own directly or indirectly, or be deemed to own by virtue of the attribution provisions of the Code, more than 3%, in value or number, whichever is more restrictive, of the outstanding shares of any class or series 
 of common shares;                                                                                                                                                                                                                                         |

| • |     | no person, other than a designated investment entity or an excepted holder (each as defined in our declaration of                                                                                                                                        
 trust and as described below), may own directly or indirectly, or be deemed to own through attribution, more than 9.9% in value or number, whichever is more restrictive, of the outstanding shares of any class or series of preferred shares or equity 
 shares;                                                                                                                                                                                                                                                  |

9

| • |     | no excepted holder, which means certain members of the Hughes family, certain trusts established for the benefit                                                                                                                                          
 of members of the Hughes family, certain related entities, as well as persons whose ownership of shares would cause members of the Hughes family to be deemed to own shares pursuant to application of attribution rules under the Code, may own directly 
 or indirectly common shares if, under the applicable tax attribution rules of the Code, any single excepted holder who is treated as an individual would own more than 35.66%, in value or number, whichever is more restrictive, of any class or series  
 of the outstanding common shares, any two excepted holders treated as individuals would