Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 31

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 31
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, or a foreign
partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a nonresident alien individual or a non-resident alien fiduciary of a foreign estate or
trust.

As used in this prospectus supplement, references to the principal of and interest, if any, on the notes include additional
amounts, if any, payable on the notes in that context.

Redemption for Tax Reasons

If we have or will become obliged to pay additional amounts (as described above under the heading “—Payment of Additional
Amounts”) as a result of any change in, or amendment to, the laws or regulations of the United States or any political subdivision or taxing authority thereof or therein, or any change in official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment becomes effective on or after the date of this prospectus supplement, and we determine that such obligation cannot be avoided by the use of reasonable measures then
available to us, PSOC may, at PSOC’s option, at any time, having giving not less than 10 nor more than 60 days’ prior written notice to holders, redeem, in whole, but not in part, the notes at a redemption price equal to 100% of their
principal amount, together with accrued and unpaid interest, if any, on the notes being redeemed to, but not including, the redemption date.

Covenants

The following covenants and related definitions will apply to the notes:

Limitation on Debt. PSOC will not, and will not permit any of its Subsidiaries to, incur any Debt if, immediately after giving effect
to the incurrence of such Debt and any other Debt incurred or repaid since the end of the most recent Reporting Date prior to the incurrence of such Debt and the application of the proceeds from such Debt and such other Debt on a pro forma basis,
the aggregate principal amount of PSOC’s Debt would exceed 65% of the sum of the following (without duplication): (1) PSOC’s Total Assets as of such Reporting Date; (2) the aggregate purchase price of any assets acquired, and the
aggregate amount of proceeds received from any incurrence of other Debt and any securities offering proceeds received (to the extent such proceeds were not used to acquire assets or used to reduce Debt), by PSOC or any of its Subsidiaries since the
end of the most recent Reporting Date prior