Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 17

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 17
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 we incur additional indebtedness in the future, the risks associated with our leverage described herein, including our inability to meet our debt service obligations, would be increased. The indenture that will govern the notes contains restrictive covenants that may restrict our ability to expand or fully pursue our business strategies. The indenture contains financial and operating covenants that, among other things, may restrict PSOC’s ability to take specific actions, even if we believe them to be in our best interest, including restrictions:

| • |     | on PSOC’s ability to incur secured and unsecured indebtedness; and |

| • |     | on PSOC or Public Storage’s ability to consummate a merger, consolidation or sale of all or substantially 
 all of their respective assets.                                                                           |

In addition, our revolving credit facility requires us to meet specified financial ratios and the indenture governing the notes will require PSOC to maintain at all times a specified ratio of unencumbered assets to unsecured debt. These covenants may restrict our ability to expand or fully pursue our business strategies. Our ability to comply with these and other provisions of the indenture governing the notes and our revolving credit facility may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events beyond our control. The breach of any of these covenants could result in a default under our indebtedness, which could result in the acceleration of the maturity of such and other indebtedness. If any of our indebtedness is accelerated prior to maturity, we may not be able to repay such indebtedness or refinance such indebtedness on favorable terms, or at all. Holders of the notes will receive payments solely in euro except under the limited circumstances provided herein. All payments of the principal of, premium, if any, and interest on the notes will be made in euro except under the limited circumstances provided herein. See “Currency Conversion.” In addition, any additional amounts, as described in “Description of the Notes — Payment of Additional Amounts” and “Currency Conversion” in this prospectus supplement, will be made in euro. We, the underwriters, the trustee and the paying agent with respect to the notes will not be obligated to convert, or to assist any registered owner or beneficial owner of the notes in converting, any payments of interest, principal, premium, if any, redemption price or any additional amounts made with respect to the notes into U.S. dollars or any other currency. S-9

An investment