Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 90

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 90
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 debt securities of that series;                                  |

| (2) | default in the payment of the principal of or premium, if any, on or, any Additional Amounts payable in respect                                                                                                                                 
 of any principal of or premium, if any, on the debt securities of that series, when the same becomes due and payable or default is made in the deposit of any sinking fund payment with respect to the debt securities of that series when due; |

| (3) | we fail to comply with any of our other agreements contained in the debt securities or the Indenture (other                                                                                                                                               
 than an agreement a default in whose performance or whose breach is elsewhere specifically dealt with in the Indenture or which has expressly been included in the Indenture solely for the benefit of a series of debt securities other than that        
 series) upon receipt by us of notice of such default by the Trustee or receipt by us and the Trustee of written notice of such default by holders of not less than twenty five percent (25%) in aggregate principal amount of the debt securities of that 
 series then outstanding and we fail to cure (or obtain a waiver of) such default within ninety (90) days after we receive such notice;                                                                                                                    |

| (4) | failure to pay any recourse indebtedness for monies borrowed by us in an outstanding principal amount in excess                                                                                                                                           
 of $100,000,000 at final maturity or upon acceleration after the expiration of any applicable notice and grace period, which recourse indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within thirty 
 (30) days after written notice of such failure to us from the Trustee (or to us and the Trustee from holders of at least twenty five percent (25%) in aggregate principal amount of the outstanding debt securities of that series); and                  |

| (5) | specified events of bankruptcy, insolvency, or reorganization with respect to us, any guarantor, any 
 Significant Subsidiary or any of their respective properties.                                        |

No Event of Default with respect to any particular series of debt securities necessarily constitutes an Event of Default with respect to any other series of debt securities. The Trustee is required to give notice to holders of the debt securities of the applicable series within 90 days after the Trustee has actual knowledge (as such knowledge is described in the Indenture) of a default relating to such debt securities; provided, however, that the Trustee may withhold notice to the holders of