Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 19

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 19
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If any Interest Payment Date, the Maturity Date or any earlier date of redemption falls on a day that is not a Business Day, the required
payment will be made on the next Business Day as if it were made on the date the payment was due and no interest will accrue on the amount so payable for the period from and after such Interest Payment Date, Maturity Date or date of redemption, as
the case may be.

Optional Redemption

Prior to (i) June 1, 2030 (one month prior to the applicable Maturity Date), in the case of the 2030 notes, or (ii) April 1, 2035 (three
months prior to the applicable Maturity Date), in the case of the 2035 notes (each such date in clauses (i) and (ii), a “Par Call Date” with respect to the 2030 notes and the 2035 notes, as applicable), we

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may redeem the notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

| (1) | (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon                                                                     
 discounted to the redemption date (assuming the notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve         
 30-day months) at the Treasury Rate plus 10 basis points for the 2030 notes and 15 basis points for the 2035 notes less (b) interest accrued to the date of redemption, and |

| (2) | 100% of the principal amount of the notes to be redeemed, |

plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after the applicable Par Call Date, we may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date. Notwithstanding the foregoing, installments of interest on the notes that are due and payable on an Interest Payment Date falling on or prior to a redemption date will be payable on such Interest Payment Date to the holders thereof as of the close of business on the relevant record date. As used herein: “