Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 96

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 96
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 property and assets shall be domiciled in the United States, any state thereof or 
 the District of Columbia and shall expressly assume by supplemental indenture payment of the principal of and interest on all of the debt securities or, as applicable, expressly assume the obligations of the guarantor under the applicable guarantee, 
 and the due and punctual performance and observance of all of the covenants and conditions in the Indenture;                                                                                                                                              |

| • |     | immediately after giving effect to the transaction, no Event of Default under the Indenture, and no event which,         
 after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and |

| • |     | either we or the guarantor, as applicable, or the successor entity, in either case, shall have delivered to the                                                                                                                                  
 trustee an officer’s certificate and an opinion of counsel, each stating that such consolidation, merger, sale, assignment, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such 
 supplemental indenture complies with the Indenture and that all conditions precedent provided for relating to such transaction have been complied with.                                                                                          |

In the event of any transaction described in and complying with the conditions listed in the immediately preceding paragraphs in which we, or the guarantor, as applicable, are not the continuing entity, the successor person formed or remaining shall succeed, and be substituted for, and may exercise every right and power of ours or the guarantor, as applicable, and (except in the case of a lease), we and the predecessor guarantor, as applicable, shall be discharged from our obligations under the debt securities and the Indenture. Discharge, Defeasance and Covenant Defeasance Satisfaction and Discharge Upon our direction, the Indenture shall cease to be of further effect with respect to the debt securities of any series specified by us, subject to the survival of specified provisions of the Indenture (except for provisions that survive pursuant to the terms of the Indenture and the debt securities of such series), including (unless the accompanying prospectus supplement provides otherwise) our obligation to repurchase such debt securities at the option of the holders thereof, if applicable, and our, or any guarantor’s, if applicable, obligation to pay Additional Amounts in respect of such debt securities to the extent described below, when:

| • |     | either |

(A) all outstanding debt securities of that