Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 27

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 27
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d on the Par Call Date (not including any portion of any payments of interest accrued to the redemption date), discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the 
 applicable Comparable Government Bond Rate, plus 15 basis points; and                                                                                                                                                                                   |

| • |     | 100% of the principal amount of the notes to be redeemed, plus, in each case, accrued and unpaid interest on such 
 notes to, but not including, the redemption date.                                                                 |

On or after the Par Call Date, PSOC may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date. Notwithstanding the foregoing, installments of interest on notes that are due and payable on an Interest Payment Date falling on or prior to a redemption date will be payable on such Interest Payment Date to the holders thereof as of the close of business on the relevant record date. Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed. In the case of a partial redemption of definitive notes, selection of the notes for redemption will be made, by lot or by such other method as the Trustee or Paying Agent deems appropriate and fair. In the case of a S-17

partial redemption of global notes, selection of the notes for redemption will be made in accordance with the applicable clearing system’s procedures. No notes of a principal amount of €100,000 or less will be redeemed in part. If any note is to be redeemed in part only, the notice of redemption that relates to the note will state the portion of the principal amount of the note to be redeemed. A new note in a principal amount equal to the unredeemed portion of the note will be issued in the name of the holder of the note upon surrender for cancellation of the original note. For so long as the notes are held by a depositary, the redemption of the notes shall be done in accordance with the policies and procedures of the depositary. Unless PSOC defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption. The notes are also subject to redemption prior to maturity if certain