Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 11

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 11
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 the notes provided by Public Storage or could subordinate the guarantee to all other S-6

debts and guarantees of Public Storage if, among other things, Public Storage, at the time it incurred or entered into its guarantee of the notes, received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and any of the following is also true:

| • |     | Public Storage was insolvent or rendered insolvent by reason of the incurrence of the guarantee; |

| • |     | Public Storage was engaged in a business or transaction for which its remaining assets constituted unreasonably 
 small capital; or                                                                                               |

| • |     | Public Storage intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as 
 they mature.                                                                                                      |

In addition, under any of the circumstances described above, any payment by Public Storage pursuant to its guarantee of the notes could be voided and holders of the notes could be required to return those payments to Public Storage or to a fund for the benefit of the creditors of Public Storage. The measures of insolvency for purposes of these fraudulent transfer laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent transfer has occurred. Generally, however, a guarantor would be considered insolvent if:

| • |     | the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all of its 
 assets;                                                                                                        |

| • |     | the present fair saleable value of its assets was less than the amount that would be required to pay its probable 
 liabilities on its existing debts, including contingent liabilities, as they became due; or                       |

| • |     | it could not pay its debts as they became due. Moreover, a court might also void Public Storage’s guarantee                                                                            
 of the notes, without regard to the above factors, if it found that Public Storage entered into its guarantee with actual or deemed intent to hinder, delay, or defraud its creditors. |

We cannot be certain as to the standards a court would use to determine whether reasonably equivalent value or fair consideration was received by Public Storage for its guarantee of the notes. If a court voided such guarantee, holders of the notes would no longer have a claim against Public Storage under such guarantee. If the court were to void Public Storage’s guarantee, require the return of monies paid by Public Storage under its guarantee or subordinate the guarantee to other obligations of Public Storage, we could not assure you that funds to satisfy