Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 19

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 19
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dollars, any such payment will expose you to the significant risks described above under “—An investment in the notes by a holder whose home currency is not euro entails significant risks.”

In a lawsuit for payment on the notes, a holder of notes may bear currency exchange risk.

The indenture is and the notes and guarantee will be governed by, and construed in accordance with, the laws of the State of New York. Under
New York law, a New York state court rendering a judgment on the notes would be required to render the judgment in euro. However, the judgment would be converted into U.S. dollars at the exchange rate prevailing on the date of entry of the judgment.
Consequently, in a lawsuit for payment on the notes, investors would bear currency exchange risk until a New York state court judgment is entered, which could be a long time. A federal court sitting in New York with diversity jurisdiction over a
dispute arising in connection with the notes would apply the foregoing New York law.

In courts outside of New York, holders of notes may
not be able to obtain a judgment in a currency other than U.S. dollars. For example, a judgment for money in an action based on the notes in many other U.S. federal or state courts ordinarily would be enforced in the United States only in U.S.
dollars. The date used to determine the rate of conversion of euro into U.S. dollars would depend upon various factors, including which court renders the judgment and when the judgment is rendered.

An active trading market for the notes may not develop, or if it develops, may not be maintained.

The notes are a new issue of securities, and there is currently no existing trading market for the notes. Although we intend to apply to list
the notes on the New York Stock Exchange, no assurance can be given that

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we will be able to list the notes, and settlement of the notes is not conditional on obtaining the listing. Even if the notes are listed, no assurance can be given that a trading market for the
notes will develop or be maintained. The listing application will be subject to approval by the New York Stock Exchange. If such listing is obtained, we have no obligation to maintain such listing and the notes may be delisted at any time. Although
the underwriters have advised us that they intend to make a market in the notes, they are not obligated to do so and may discontinue any market-making at any time without notice. Accordingly, an active trading market may not develop for