Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 96

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 96
---
 to supplement any of the provisions of the Indenture to the extent necessary to permit or facilitate defeasance                                                               
 and discharge of any series of debt securities; provided, that the action shall not adversely affect the interests of the holders of debt securities in any material respect; |

| • |     | to provide for the issuance of additional debt securities, subject to the limitations established in the 
 Indenture;                                                                                               |

| • |     | to comply with the rules of any applicable depository or the rules or regulations of any securities exchange or 
 automated quotation system on which any of the debt securities may be listed or traded;                         |

| • |     | to add to or change any provisions of the Indenture to such extent as is necessary to permit or facilitate the 
 issuance of debt securities in uncertificated form;                                                            |

| • |     | to amend or supplement any provision contained in the Indenture, in any supplemental indenture or in any debt 
 securities, provided that the amendment or supplement (i) does not (a) apply to any                           |

30

| outstanding debt securities issued before the date of the amendment or supplement and entitled to the benefits of that provision, or (b) modify the rights of holders of any such debt 
 securities with respect to such provision, or (ii) becomes effective only when no security described in clause (i)(a) is outstanding; or                                               |

| • |     | to conform the terms of the Indenture or the debt securities of a series, as applicable, to the description                                   
 thereof contained in any prospectus, prospectus supplement or other offering document relating to the offer and sale of such debt securities. |

The holders of a majority in aggregate principal amount of the outstanding debt securities of any series may waive our compliance with some of the restrictive provisions of the Indenture, which may include covenants, if any, which are specified in the applicable prospectus supplement. The holders of a majority in aggregate principal amount of the outstanding debt securities of any series may, on behalf of all holders of debt securities of that series, waive any past default under the Indenture with respect to the debt securities of that series and its consequences, except a default which is continuing (i) in the payment of the principal of, or premium, if any, or interest, if any, on, and any Additional Amounts with respect to, the debt securities of that series, (ii) with respect to the conversion or exchange of a series of