Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 48

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 48
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 accounts. In addition, to cover over-allotments or to stabilize the price of the applicable series of notes, the underwriters may bid for, and purchase, notes of such series in the open
market. The underwriters may reclaim selling concessions allowed to an underwriter or dealer for distributing notes of any series in the offering if the underwriters repurchase previously distributed notes of such series in transactions to cover
short positions, in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market price of the applicable series of notes above independent market levels. The underwriters are not required to engage in these
activities, and may end any of these activities at any time without notice.

The underwriters also may impose a penalty bid. This occurs
when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased notes sold by or for the account of such underwriter in stabilizing or short covering
transactions.

In general, purchases of a security for the purpose of stabilization or to reduce a short position could cause the price of
the security to be higher than it might be in the absence of such purchases. The imposition of a penalty bid might also have an effect on the price of a security to the extent that it were to discourage resales of the security.

Neither we nor any underwriter makes any representation or prediction as to the direction or magnitude of any effect that the transactions
described above may have on the price of the notes. In addition, neither we nor any underwriter makes any representation that the underwriters will engage in such transactions or that such transactions once commenced will not be discontinued without
notice.

We expect that delivery of the notes will be made to investors on or about June 30, 2025, which will be the second business day
following the date of the pricing of the notes (this settlement cycle being referred to as “T+2”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in
one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day before the delivery of the notes hereunder will be required, by virtue of the fact that the
notes initially settle in T+2, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to the business day before their