Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 23

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 23
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 Public Storage,
and therefore holders of the notes by virtue of the guarantee would not have any claims to those

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assets. In the event of a bankruptcy, liquidation or dissolution of a subsidiary or joint venture of Public Storage (other than PSOC and PSA OP), 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.

Public Storage will not be subject to any covenants under the guarantee or the Indenture prohibiting or otherwise limiting the incurrence of
indebtedness.

Public Storage does not have any significant operations or material assets other than its indirect ownership interests in
PSOC.

Accordingly, if PSOC fails to make a payment on the notes when due, there can be no assurance that Public Storage would have funds
to pay that amount pursuant to its guarantee. See “Risk Factors—Public Storage has no material assets other than its indirect ownership of the equity interests of PSOC.”

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 to the incurrence of such Debt; and (3) the proceeds or assets obtained from the incurrence of such Debt and other securities
issued as part of the same transaction on a pro forma basis (including assets to be acquired in exchange for debt assumption and security issuance as in the case of a merger).

Limitation on Secured Debt. PSOC will not, and will not permit any of its Subsidiaries to, incur any