Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 78

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 78
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 option, elect to offer depositary shares, each of which will represent a fractional interest in a preferred
share or equity share of a specified series as described in the applicable prospectus supplement. As of November 29, 2024 we had outstanding an aggregate of 174,000,000 depositary shares representing fractional interests in an aggregate of
174,000 outstanding preferred shares of various series. The preferred shares or equity shares represented by the depositary shares will be deposited with Computershare Trust Company, N.A. or another depositary named in the applicable prospectus
supplement, under a deposit agreement, among the depositary, the holders of the depositary receipts and us. Depositary receipts, which evidence our depositary shares, will be credited in electronic form or delivered to those persons purchasing
depositary shares in the offering. The depositary will be the transfer agent, registrar and distribution disbursing agent for the depositary shares. Holders of depositary receipts agree to be bound by the deposit agreement, which requires holders to
take certain actions such as filing proof of residence and paying certain charges.

The summary of terms of the depositary shares
contained in this prospectus does not purport to be complete and is subject to, and qualified in its entirety by, the provisions of the deposit agreement, our declaration of trust and the form of articles supplementary for the applicable series of
preferred shares or equity shares.

Distributions

The depositary will distribute all cash or other cash distributions received in respect of the series of preferred shares or equity shares
represented by the depositary shares to the record holders of depositary receipts in proportion to the number of depositary shares owned by those holders on the relevant record date, which will be the same date as the record date fixed by us for the
applicable series of preferred shares or equity shares. The depositary, however, will distribute only an amount as can be distributed without attributing to any depositary share a fraction of one cent with any undistributed balance added to and
treated as part of the next sum received by the depositary for distribution to record holders of depositary receipts then outstanding.

In
the event of a distribution other than in cash, the depositary will distribute property received by it to the record holders of depositary receipts that are entitled to receive the distribution, in proportion, as nearly as may be practicable, to the
number of depositary shares owned by those holders on the relevant record date, unless the depositary determines (after consultation with