Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 97

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 97
---
 payment and the manner in which any interest payable on a temporary global security will be paid if other than in the manner provided in the Indenture; |

| • |     | any additional covenants subject to waiver by the act of the holders of debt securities pursuant to the 
 Indenture; and                                                                                          |

| • |     | any other terms of debt securities of the series and any deletions from or modifications or additions to the 
 Indenture in respect of such securities.                                                                     |

As used in this prospectus, references to the principal of and premium, if any, and interest, if any, on the debt securities of a series include Additional Amounts, if any, payable on the debt securities of such series in that context. We may issue debt securities as original issue discount securities to be sold at a substantial discount below their principal amount. In the event of an acceleration of the maturity of any original issue discount security, the amount payable to the holder upon acceleration will be determined in the manner described in the applicable prospectus supplement. Important U.S. federal income tax and other considerations applicable to original issue discount securities will be described in the applicable prospectus supplement. The terms of the debt securities of any series may be inconsistent with the terms of the debt securities of any other series. Unless otherwise specified in the applicable prospectus supplement, we may, without the consent of, or notice to, the holders of the debt securities of any series, reopen an existing series of debt securities and issue additional debt securities of that series. Other than to the extent provided with respect to the debt securities of a particular series and described in the applicable prospectus supplement, the Indenture will not contain any provisions that would limit our ability to incur indebtedness or to substantially reduce or eliminate our consolidated assets, which may have a material adverse effect on our ability to service our indebtedness (including the debt securities) or that would afford holders of the debt securities protection in the event of:

| (1) | a highly leveraged or similar transaction involving our management, or any affiliate of any of those parties, |

| (2) | a change of control, or |

| (3) | a reorganization, restructuring, merger, or similar transaction involving us or our affiliates. |

24

Registration, Transfer, Payment and Paying Agent Unless otherwise specified in the applicable prospectus supplement, each series of debt securities will be issued in registered form only, without coupons. Unless otherwise specified in the applicable prospectus supplement, the debt securities will