Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 74

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 74
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 thereon (which will not, if shares of that series do not have a cumulative distribution, include any accumulation in respect of unpaid distributions for prior distribution periods) to the date of redemption. The redemption price may be payable in cash, securities or other property, as specified in the applicable prospectus supplement. Notwithstanding the foregoing, no preferred shares of any series being offered will be redeemed and we will not purchase or otherwise acquire directly or indirectly any preferred shares of that series (except by conversion into or exchange for equity shares of us ranking junior to the preferred shares of that series as to distributions and upon liquidation) unless all outstanding preferred shares of that series are simultaneously redeemed unless, in each case:

| (1) | if that series of preferred shares has a cumulative distribution, full cumulative distributions on the                                                                                                                              
 preferred shares of that series will have been or contemporaneously are declared and paid or declared and a sum sufficient for payment for all past distribution periods and the then current distribution period is set apart; and |

| (2) | if that series of preferred shares does not have a cumulative distribution, full distributions on the preferred                                                                                                                                      
 shares of that series have been or contemporaneously are declared and paid or declared and a sum sufficient for payment for the then current distribution period is set apart; provided, however, that we may acquire preferred shares of the series 
 under a purchase or exchange offer made on the same terms to holders of all outstanding preferred shares of the series.                                                                                                                              |

If fewer than all of the outstanding preferred shares of any series being offered are to be redeemed, the number of shares to be redeemed will be determined by us and these shares may be redeemed pro rata from the 14

holders of record of these shares in proportion to the number of these shares held by such holders (with adjustments to avoid redemption of fractional shares) or any other equitable method determined by us. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of record of preferred shares of any series to be redeemed at the address shown on our share transfer books. Each notice will state:

| (1) | the redemption date; |

| (2) | the number of shares and series of our preferred shares to be redeemed; |

| (3) | the redemption price; |

| (4) | the place or places where certificates for such preferred shares are to be surrendered for payment of the 
 redemption price; and                                                                                     |

| (5) | that distributions on our