Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 67

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 67
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, more than 3%, in value or number, whichever is more restrictive, of the outstanding shares of any class or series 
 of common shares;                                                                                                                                                                                                                                         |

| • |     | no person, other than a designated investment entity or an excepted holder (each as defined in our declaration of                                                                                                                                        
 trust and as described below), may own directly or indirectly, or be deemed to own through attribution, more than 9.9% in value or number, whichever is more restrictive, of the outstanding shares of any class or series of preferred shares or equity 
 shares;                                                                                                                                                                                                                                                  |

9

| • |     | no excepted holder, which means certain members of the Hughes family, certain trusts established for the benefit                                                                                                                                          
 of members of the Hughes family, certain related entities, as well as persons whose ownership of shares would cause members of the Hughes family to be deemed to own shares pursuant to application of attribution rules under the Code, may own directly 
 or indirectly common shares if, under the applicable tax attribution rules of the Code, any single excepted holder who is treated as an individual would own more than 35.66%, in value or number, whichever is more restrictive, of any class or series  
 of the outstanding common shares, any two excepted holders treated as individuals would 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),