Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 94

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 94
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DESCRIPTION OF WARRANTS In this description, all references to “we,” “us” or “our” refer only to Public Storage and not to any of its subsidiaries. We have no warrants outstanding (other than options issued under our equity incentive plan). We may issue warrants for the purchase of common shares, preferred shares, equity shares or debt securities. Warrants may be issued independently or together with any other securities offered by any prospectus supplement and may be attached to or separate from those securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between a warrant agent specified in the applicable prospectus supplement and us. The warrant agent will act solely as our agent in connection with the warrants of that series and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants. The following sets forth certain general terms and provisions of the warrants being offered. Further terms of the warrants and the applicable warrant agreement will be set forth in the applicable prospectus supplement. The applicable prospectus supplement will describe the terms of the warrants in respect of which this prospectus is being delivered, including, where applicable, the following:

| (1) | the title of those warrants; |

| (2) | the aggregate number of those warrants; |

| (3) | the price or prices at which those warrants will be issued; |

| (4) | the class, series, number and terms of the common, preferred or equity shares purchasable upon exercise of 
 those warrants;                                                                                            |

| (5) | the designation and terms of the other shares, if any, with which those warrants are issued and the number of 
 those warrants issued with each share;                                                                        |

| (6) | the date, if any, on and after which those warrants and the related common shares, preferred shares or equity 
 shares, if any, will be separately transferable;                                                              |

| (7) | the price at which each common, preferred or equity share purchasable upon exercise of those warrants may be 
 purchased;                                                                                                   |

| (8) | the date on which the right to exercise those warrants will commence and the date on which that right expires; |

| (9) | the minimum or maximum amount of those warrants which may be exercised at any one time; and |

| (10) | any other terms of those warrants, including terms, procedures and limitations relating to the exchange and 
 exercise of those warrants.                                                                                 |

21

DESCRIPTION OF DEBT SECUR