Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 47

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 47
---
 0.200% of the principal amount of the 2030 notes and 0.300% of the principal amount of the 2035 notes. The underwriters may allow, and these dealers may reallow, concession to certain brokers and dealers not to exceed 0.150% of the principal amount of the 2030 notes and 0.150% of the principal amount of the 2035 notes. After the initial offering of the notes, the underwriters may change the public offering price and other selling terms. The offering of the notes by the underwriters is subject to receipt and acceptance and subject to the underwriters right to reject any order in whole or in part. Each series of notes is a new issue of securities with no established trading market. We do not intend to apply for listing of any of the series of notes on any securities exchange or for quotation of any of the series of notes on any automated dealer quotation system. The underwriters have advised us that they intend to make a market in each series of notes, but they are not obligated to do so and may discontinue any market-making at any time without notice. No assurance can be given as to the liquidity of the trading market for any of the series of notes or that an active public market for any of the series of notes will develop. If an active public trading market for any of the series of notes does not develop, the market price and liquidity of such series of notes may be adversely affected. We estimate our expenses for this offering, other than the underwriting discounts, to be approximately $1.8 million. We will agree with the underwriters not to, during the period from the date of the underwriting agreement until the expected delivery date upon which the notes offered hereby will be made to investors, sell, offer to sell, grant any option for the sale of, or otherwise dispose of any debt securities other than the notes, without the prior written consent of each of BofA Securities, Inc. and Wells Fargo Securities, LLC. S-30

We will agree to indemnify the several underwriters against certain liabilities, including
liabilities under the Securities Act or to contribute to payments which the underwriters may be required to make in respect thereof.

In
order to facilitate the offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of any series of notes. Specifically, the underwriters may over-allot in connection with the offering, creating
short positions in the applicable series of notes for their own