Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 40

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 40
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 Properties under clause (c) or (d) above shall be excluded from the determination of the amount under clause
(c) or (d).

“Unencumbered Assets” means, as of any date, Total Assets as of such date less Encumbered
Asset Value as of such date.

“Unsecured Debt” means Debt that is not secured by any mortgage, lien, pledge,
encumbrance or security interest of any kind upon any of PSOC’s Property or other assets or the Property or other assets of any Subsidiary.

S-24

Compliance with the covenants described in this “Description of Notes” and with respect to the notes of any series generally may not be waived by us, or by the Trustee, unless the holders of at least a majority in aggregate principal amount of all outstanding notes of such series consent to the waiver. Merger, Consolidation or Sale PSOC or Public Storage may consolidate with or into, or sell, assign, convey, transfer or lease all or substantially all of their respective property and assets to, any other entity, provided that:

| • |     | PSOC or Public Storage, as the case may be, shall be the continuing entity, or the successor entity (if other                                                                                                                                          
 than PSOC or Public Storage, as the case may be) formed by or resulting from such consolidation or merger or which shall have received such sale, assignment, conveyance, transfer or lease of property and assets shall be an entity domiciled in the 
 United States of America, any state thereof or the District of Columbia and shall expressly assume by supplemental indenture (a) in the case of PSOC, payment of the principal of and interest on all of the notes, or, in the case of Public          
 Storage, all the obligations of Public Storage under the guarantee, and (b) in each case, the due and punctual performance and observance of all of the covenants and conditions in the Indenture;                                                     |

| • |     | immediately after giving effect to the transaction and treating the Pro Rata Share of any indebtedness which                                                                                                                                              
 becomes the obligation of PSOC or Public Storage, as the case may be, or the obligation of a Subsidiary or any of our unconsolidated joint ventures as a result thereof and is not repaid substantially concurrently with the transaction as having been  
 incurred by PSOC or Public Storage, as the case may be, or that Subsidiary or that unconsolidated