Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 50

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 50
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 in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement and the accompanying prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor. Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts(NI 33-105),the underwriters are not required to comply with the disclosure requirements of NI 33-105regarding underwriter conflicts of interest in connection with this offering. Notice to Prospective Investors in the European Economic Area Prohibition of Sales to EEA 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 any Member State of the European Economic Area (“EEA”) (in each case, a “Relevant State”). 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 (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID 
 II”);                                                                                                |

| ii. | a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution                                     
 Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or |

| iii. | not a qualified investor as defined in Article 2 of the Regulation (EU) 2017/1129 (as amended, the 
 “Prospectus Regulation”); and                                                                      |

S-32

| (b) | the expression “offer” includes the communication in any form and by any means of sufficient                                                    
 information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes. |

Each person in a Relevant State who receives any communication in respect of, or who acquires any notes under, the offers to the public contemplated in this prospectus supplement,