Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 52

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 52
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 21 of the Financial Services and Markets Act 2000 (“FSMA”)) received by it in connection with the issue or sale of any notes in circumstances in 
 which Section 21(1) of the FSMA does not apply to the Issuer; and                                                                                                                                                                         |

| (b) | it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it 
 in relation to the notes in, from or otherwise involving the UK.                                               |

This prospectus supplement is only being distributed to, and is only directed at persons who: (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, (as amended, the “Order”); (ii) fall within Article 49(2)(a) to (d) of the Order, (iii) are outside the United Kingdom; or (iv) are persons to whom invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any notes may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). This document is directed only at relevant persons and must not be acted on or relied on in the UK by persons who are not relevant persons. Any investment or investment activity in the UK to which this document relates is only available to, and will be engaged in with, relevant persons. Prohibition of Sales to UK Retail Investors Each underwriter has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the UK. For the purposes of this provision:

| (a) | the expression “retail investor” means a person who is one (or more) of the following: |

| i. | a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of 
 domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”); or                      |

| ii. | a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to                                                                                                                                   
 implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (