Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 79

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 79
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 in value or number, whichever is more restrictive, of the outstanding shares of any class or series of common shares; |

| • |     | a designated investment entity may acquire or hold, directly or indirectly (or through attribution), 100% of the 
 outstanding shares of any class or series of preferred shares or equity shares;                                  |

| • |     | no person shall actually or beneficially own our shares to the extent that such ownership would result in us              
 being “closely held” under Section 856(h) of the Code or otherwise cause us to fail to qualify as a REIT at any time; and |

| • |     | no person shall transfer our shares if such transfer would result in our shares being owned by fewer than 100 
 persons at any time.                                                                                          |

The excepted holder limit was established in light of the fact that the Hughes family and certain related trusts and entities owned a significant percentage of our common shares and had the right to acquire additional common shares. We believe that the excepted holder limit will not jeopardize our status as a REIT because no five excepted holders can own more than 47.66% of any class or series of our outstanding common shares and, thus, we will be in compliance with the REIT qualification requirement prohibiting five or fewer individuals from owning more than 50% of the value of our outstanding shares. Our declaration of trust defines a “designated investment entity” as: (1) an entity that is a pension trust that qualifies for look-through treatment under Section 856(h)(3) of the Code; (2) an entity that qualifies as a regulated investment company under Section 851 of the Code; or (3) an entity (referred to in our declaration of trust as a “qualified investment manager”) that (i) for compensation engages in the business of advising others as to the value of securities or as to the advisability of investing in, purchasing or selling securities; (ii) purchases securities in the ordinary course of its business and not with the purpose or effect of changing or influencing control of the Company, nor in connection with or as a participant in any transaction having such purpose or effect, including any transaction subject to Rule 13d-3(b)of the Exchange Act; and (iii) has or shares voting power and investment power under the Exchange Act; so long as 10

each beneficial owner of such entity, or in the case of a qualified investment manager holding shares solely for the benefit of its customer account holders