Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 67

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 67
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 own more than 38.66%, in value or number, whichever is more restrictive, of any class or series of the outstanding common shares, any three excepted holders      
 treated as individuals would own more than 41.66%, in value or number, whichever is more restrictive, of any class or series of the outstanding common shares, any four excepted holders treated as individuals would own more than 44.66%, in value or   
 number, whichever is more restrictive, of any class or series of the outstanding common shares, or any five excepted holders treated as individuals would own more than 47.66%, in value or number, whichever is more restrictive, of any class or series 
 of the outstanding common shares;                                                                                                                                                                                                                         |

| • |     | no excepted holder, as described above, may own directly or indirectly, or be deemed to own through attribution,                                                                                                                              
 more than 15% in value or number, whichever is more restrictive, of the outstanding shares of any class or series of equity shares; there is no special limit specifically applicable to preferred shares except the general ownership limit; |

| • |     | no designated investment entity may acquire or hold, directly or indirectly (or through attribution), shares in                                                                 
 excess of the designated investment entity limit of 9.9%, in value or number, whichever is more restrictive, of the outstanding shares of any class or series of common shares; |

| • |     | a designated investment entity may acquire or hold, directly or indirectly (or through attribution), 100% of the 
 outstanding shares of any class or series of preferred shares or equity shares;                                  |

| • |     | no person shall actually or beneficially own our shares to the extent that such ownership would result in us              
 being “closely held” under Section 856(h) of the Code or otherwise cause us to fail to qualify as a REIT at any time; and |

| • |     | no person shall transfer our shares if such transfer would result in our shares being owned by fewer than 100 
 persons at any time.                                                                                          |

The excepted holder limit was established in light of the fact that the Hughes family and certain related trusts and entities owned a significant percentage of our common shares and had the right to acquire additional common shares. We believe that the excepted holder limit will not jeopardize our status as a REIT because no five excepted holders can own more than 47.66% of any class or series of our outstanding common shares