Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 89

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 89
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 business. Maintenance of Properties We will cause all of our material properties used or useful in the conduct of our business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all necessary equipment. Our obligations with respect to the maintenance of these properties is subject to our judgment as to what may be necessary so that the business carried on in connection with these properties may be properly conducted in all material respects at all times. We and our Subsidiaries will not be prevented from (1) removing permanently any property that has been condemned or suffered a casualty loss, if it is in our best interests, (2) discontinuing maintenance or operation of any property if, in our judgment, doing so is in our best interest and is not disadvantageous in any material respect to the holders of the debt securities, or (3) selling or otherwise disposing of any properties for value in the ordinary course of business. Insurance We will, and will cause each of our Subsidiaries to, keep in force insurance policies on all our insurable properties. The insurance policies will be issued by responsible companies in such amounts and covering all such risks as is reasonable as determined by us in accordance with prevailing market conditions and availability. Payment of Taxes and Other Claims We will pay or discharge or cause to be paid or discharged, before the same shall become delinquent:

| • |     | all material taxes, assessments and governmental charges levied or imposed upon us or any Subsidiary or upon our 
 or any Subsidiary’s income, profits or property;                                                                 |

| • |     | all material lawful claims for labor, materials and supplies which, if unpaid, might by law become a material 
 lien upon our property or the property of any Subsidiary; and                                                 |

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| • |     | excluding, however, any tax, assessment, charge or claim whose amount, applicability or validity is being 
 contested in good faith.                                                                                  |

Additional Covenants The applicable prospectus supplement will describe any additional material covenants relating to such series of debt securities. Events of Default Unless otherwise specified in the applicable prospectus supplement, an Event of Default with respect to the debt securities of any series is defined in the Indenture as being:

| (1) | default for thirty (30) days in the payment of any installment of interest or Additional Amounts payable 
 with respect to such interest under the