Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 26

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 26
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 event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent euro/U.S. dollar exchange rate

S-16

available on or prior to the second Business Day prior to the relevant payment date, as reported by Bloomberg, or if Bloomberg has not reported such exchange rate, the rate will be determined in our sole discretion on the basis of the most recently available market exchange rate for euros. Investors will be subject to foreign exchange risks as to payments of principal and interest in respect of the notes, including payments made upon any redemption of the notes, and additional amounts, if any, that may have important economic and tax consequences to them. See “Risk Factors.” You should consult your own financial and legal advisors as to the risks involved in an investment in the notes. Paying Agent and Registrar U.S. Bank Europe DAC, UK Branch will initially act as paying agent for the notes. U.S. Bank Trust Company, National Association currently located at 100 Wall Street, Suite 600, New York, New York 10005, will initially act as security registrar for the notes. Upon notice to the Trustee, we may change any paying agent or security registrar. Further Issuances 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 and, to the extent applicable, the issue price, 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 Code and the Treasury regulations promulgated thereunder. Optional Redemption Prior to October 20, 2033 (three months prior to the Maturity Date) (the “Par Call Date”), we may redeem the notes at PSOC’s 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) (the equal to the greater of:

| • |     | the sum of the present values of the remaining scheduled payments of principal and interest on the notes being                                                                                                                                          
 redeemed assuming that the notes being redeemed mature