Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 11

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 11
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 issued initially in book-entry form only and will be represented by one or more global notes deposited with, or on behalf |

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| of, a common depositary on behalf of Clearstream Banking, société anonyme (“Clearstream”), and Euroclear Bank S.A./N.V., as operator of the Euroclear System                                                                               
 (“Euroclear”), and registered in the name of the common depositary or its nominee. Beneficial interests in any of the notes will be shown on, and transfers will be effected only through, records maintained by Clearstream and Euroclear 
 and their participants, and these beneficial interests may not be exchanged for certificated notes except in limited circumstances as described in “Description of Notes—Book-Entry Procedures.” The notes will be issued in minimum       
 denominations of €100,000 and integral multiples of €1,000 in excess thereof.                                                                                                                                                              |

| Additional Notes | PSOC may, from time to time, without the consent of or notice to existing note holders, create and issue further notes having the same terms and conditions as the notes in all respects, except for the issue date, issue price and, to the extent 
 applicable, the payment of interest accruing prior to the issue date and the first payment of interest. Additional notes issued in this manner will be consolidated with, and will form a single series of debt securities with, the previously     
 outstanding notes; provided, however, that the issuance of such additional notes will not be so consolidated for United States federal income tax purposes unless such issuance constitutes a “qualified reopening” within the meaning of the       
 Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations promulgated thereunder.                                                                                                                                        |

| Trustee | Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association) is the trustee under the indenture relating to the notes. |

| Paying Agent | U.S. Bank Europe DAC, UK Branch is the paying agent. |

| Registrar | U.S. Bank Trust Company, National Association is the registrar. |

| Governing Law | The indenture, the notes and the guarantee will be governed by the laws of the State of New York. |

| Common Code | 319224904 |

| ISIN | XS3192249046 |

| CUSIP | 74464AAE1 |

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RISK FACTORS You should carefully consider the risks and uncertainties described below and other information contained in this prospectus supplement and the