Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 10

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 10
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 to meet those obligations could depend, in large part, on the returns from such acquisitions or projects, as to which no assurance can be given. We may need to refinance all or a portion of our indebtedness, including the notes, at or prior to maturity. Our ability to refinance our indebtedness or obtain additional financing will depend on, among other things:

| • |     | our financial condition, liquidity, results of operations and prospects and market conditions at the time; and |

| • |     | restrictions in the agreements governing our indebtedness. |

As a result, we may not be able to refinance any of our indebtedness, including the notes, on favorable terms, or at all. Public Storage has no material assets other than its indirect ownership of the equity interests of PSOC. The notes will be guaranteed by Public Storage. However, other than its indirect ownership of the equity interests of PSOC, through its interests in PSA OP and its general partner, neither Public Storage nor PSA OP holds or is expected to hold any material assets directly nor have any significant operations. Accordingly, if PSOC fails to make a payment on the notes when due, there is no expectation that Public Storage would have funds to make payments pursuant to its guarantee. Furthermore, Public Storage’s guarantee will be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of Public Storage’s subsidiaries (other than PSOC and PSA OP) and of its joint ventures to the extent of the assets of those subsidiaries or of those joint ventures, which means that creditors of Public Storage’s subsidiaries (other than PSOC and PSA OP) or of its joint ventures will be paid from their assets before Public Storage, and therefore holders of the notes by virtue of the guarantee would not have any claims to their assets. In the event of a bankruptcy, liquidation or dissolution of a subsidiary (other than PSOC and PSA OP) or joint venture of Public Storage, that subsidiary or joint venture may not have sufficient assets remaining to make payments to Public Storage as a stockholder or other equity holder or otherwise after payment of its liabilities. In addition, Public Storage will not be subject to any covenants under the guarantee or the indenture prohibiting or otherwise limiting the incurrence of indebtedness. Federal and state laws allow courts, under specific circumstances, to void guarantees and require holders of guaranteed debt to return payments received from guarantors. Under the federal bankruptcy law and comparable provisions of state fraudulent transfer laws, a court could void the guarantee of