Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 59

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 59
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AS                                      |     | €         | 106,250,000 |
| Goldman Sachs & Co. LLC                          |     |           | 106,250,000 |
| Morgan Stanley & Co. International plc           |     |           | 106,250,000 |
| Scotiabank (Ireland) Designated Activity Company |     |           |  53,125,000 |
| UBS AG London Branch                             |     |           |  53,125,000 |
| Total                                            |     | €         | 425,000,000 |

The underwriters have agreed, subject to the terms and conditions set forth in the underwriting agreement, to purchase all of the principal amount of the notes if any of the notes are purchased. The underwriters propose to offer the notes directly to the public at the applicable public offering price specified on the cover page to this prospectus supplement and may also offer the notes to certain dealers at the respective public offering prices less a concession not to exceed 0.300% of the principal amount of the notes. The underwriters may allow, and these dealers may reallow, concession to certain brokers and dealers not to exceed 0.125% of the principal amount of the notes. After the initial offering of the notes, the underwriters may change the public offering price and other selling terms. The offering of the notes by the underwriters is subject to receipt and acceptance and subject to the underwriters right to reject any order in whole or in part. The notes are a new issue of securities with no established trading market. We intend to apply to list the notes on the New York Stock Exchange. We expect listing of the notes to occur within 30 days after the original issue date. Settlement of the notes is not conditional on obtaining the listing. If such listing is obtained, we have no obligation to maintain such listing and the notes may be delisted at any time. The underwriters have advised us that they intend to make a market in the notes, but they are not obligated to do so and may discontinue any market-making at any time without notice. No assurance can be given as to the liquidity of the trading market for the notes or that an active public market for the notes will develop. If an active public trading market for the notes does not develop, the market price and liquidity of the notes may be adversely affected. We estimate our expenses for this offering, other than the underwriting discounts, to be approximately $1.2 million or €1.0 million