Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 100

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 100
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 under the Indenture with respect to the debt securities of that series 
 (including amounts payable to the Trustee); and                                                            |

| • |     | the Trustee has received an officer’s certificate and an opinion of counsel to the effect that all                                            
 conditions precedent to the satisfaction and discharge of the Indenture in respect of the debt securities of such series have been satisfied. |

If the debt securities of any series provide for the payment of Additional Amounts, we or any guarantor, as applicable, will remain obligated, following the deposit described above, to pay Additional Amounts on those debt securities to the extent that they exceed the amount deposited in respect of those Additional Amounts as described above. Defeasance and Covenant Defeasance Unless otherwise specified in the applicable prospectus supplement, we may elect with respect to the debt securities of the particular series either:

| • |     | to defease and discharge itself and any guarantor from any and all obligations with respect to those debt 
 securities (“legal defeasance”), except for, among other things:                                          |

(A) the obligation to pay Additional Amounts, if any, upon the occurrence of specified events of taxation, assessment, or governmental charge with respect to payments on those debt securities to the extent that those Additional Amounts exceed the amount deposited in respect of those amounts as provided below; (B) the obligations to register the transfer or exchange of those debt securities; (C) the obligation to replace mutilated, destroyed, lost, or stolen debt securities; (D) the obligation to maintain an office or agent in the continental United States in respect of those debt securities; (E) the rights of holders of such outstanding debt securities to receive payments from moneys held in trust when such payments are due; (F) the obligation, if applicable, to repurchase those debt securities at the option of the holders thereof; and (G) the rights, powers, trusts, duties and immunities of the trustee; or

| • |     | to be released from its obligations and the obligations of any guarantor with respect to those debt securities                                                                                                                                  
 under (A) certain covenants in the Indenture related to the preservation of our rights (by declaration of trust and statute) and franchises and (B) if applicable, other covenants as may be specified in the applicable prospectus supplement, 
 and any omission to comply with those obligations shall not constitute a default or an Event of Default with respect to those debt securities (“covenant defe