Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 61

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 61
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 the SEC will only make sales of notes in the United States through one
or more SEC-registered broker-dealers in compliance with applicable securities laws and the rules of the Financial Industry Regulatory Authority, Inc.

Other Relationships

The underwriters
and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal
investment, hedging, financing and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for
us, for which they received or will receive customary fees and expenses.

In addition, in the ordinary course of their various business
activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their
own account and for the accounts of their customers. Such investment and securities activities may involve our securities and instruments. If any of the underwriters or their affiliates have a lending relationship with us, certain of those
underwriters or their affiliates routinely hedge, and certain other of those underwriters or their affiliates may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, these underwriters and their
affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the notes offered hereby. Any such credit
default swaps or short positions could adversely affect future trading prices of the notes offered hereby. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in
respect of such securities or instruments.

The lenders under our revolving credit facility include, among other financial institutions
from time to time as lenders party thereto, BNP Paribas, an affiliate of BNP PARIBAS; Goldman Sachs Bank USA, an affiliate of Goldman Sachs & Co. LLC; and Morgan Stanley Bank, N.A., an affiliate of Morgan Stanley & Co.
International plc.

Expected Settlement

We expect that delivery of the notes will be made to investors on or about October 3, 2025, which will be the fifth business day
following the pricing of the notes (this settlement cycle being referred to as “T+5”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally