Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 71

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 71
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) | the title and stated value of that series of our preferred shares; |

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| (2) | the number of preferred shares being offered, the liquidation preference per share and the offering price of 
 that series of our preferred shares;                                                                         |

| (3) | the distribution rate, period and payment date or method of calculation applicable to that series of our 
 preferred shares;                                                                                        |

| (4) | the date from which distributions on that series of our preferred shares accumulates, if applicable; |

| (5) | the provision for a sinking fund, if any, for that series of our preferred shares; |

| (6) | the provision for redemption, if applicable, of that series of our preferred shares; |

| (7) | any listing of that series of our preferred shares on any securities exchange; |

| (8) | the terms and conditions, if applicable, upon which that series of our preferred shares will be convertible 
 into common shares, including the conversion price (or manner of calculation);                              |

| (9) | the voting rights, if any, of that series of our preferred shares; |

| (10) | any other specific terms, preferences, rights, limitations or restrictions of that series of our preferred 
 shares;                                                                                                    |

| (11) | the relative ranking and preferences of that series of our preferred shares as to distribution rights and 
 rights upon liquidation, dissolution or winding up of our affairs; and                                    |

| (12) | any limitations on issuance of any series of preferred shares ranking senior to or on a parity with that series      
 of preferred shares as to distribution rights and rights upon liquidation, dissolution or winding up of our affairs. |

Ranking.The ranking of the offered series of our preferred shares will be set forth in the applicable prospectus supplement. Unless otherwise specified in the applicable prospectus supplement, our preferred shares will, with respect to distribution rights and rights upon liquidation, dissolution or winding up of our affairs, rank:

| (1) | senior to the common shares, any additional class of common shares, existing and future equity shares and any 
 future series of preferred shares ranking junior to our preferred shares;                                     |

| (2) | on a parity with all preferred shares previously issued by us, the terms of which specifically provide that the 
 preferred shares rank on a parity with the preferred shares being offered; and                                  |

| (3) | junior to all preferred shares previously issued by us, the terms of which specifically provide that