Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 91

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 91
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 securities, and unpaid interest, if any, accrued thereon to be due and payable immediately. However, upon specified conditions, the holders of a majority in aggregate principal amount of the debt securities of that series then outstanding may rescind and annul any such declaration of acceleration and its consequences if:

| • |     | we have paid or deposited with the Trustee a sum of money sufficient to pay all required payments as specified in 
 the Indenture, including payments of the principal of, any premium and interest on the debt                       |

| • |     | securities of such series, and specified compensation, expenses, disbursement and advances of the Trustee; and |

| • |     | all Events of Default with respect to the debt securities of such series, other than the non-payment of principal of, any premium and interest on, and any Additional Amounts with respect to the debt securities of such series which has become due solely by such declaration of acceleration, have been 
 cured or waived as provided in the Indenture.                                                                                                                                                                                                                                                               |

The holders of a majority in aggregate principal amount of the outstanding debt securities of a series may waive any past default with respect to the debt securities of such series and its consequences, except:

| • |     | a continuing default in the payment of the principal of, any premium or interest on, or any Additional Amounts 
 with respect to, any debt security of such series, or                                                          |

| • |     | in the case of any debt securities which are convertible into or exchangeable for common equity or other 
 securities or property, a continuing default in any such conversion or exchange, or                      |

| • |     | a continuing default in respect of a covenant or provision contained in the Indenture that cannot be modified or 
 amended without the consent of the holder of each outstanding debt security of such series affected.             |

The Indenture provides that no holders of debt securities of any series may institute any proceedings, judicial or otherwise, with respect to the Indenture or the debt securities of such series, or for the appointment of a receiver or Trustee, or for any remedy thereunder, except in the case of failure of the Trustee, for 60 days, to act after it has received written notice of an Event of Default with respect to such series from a holder of a debt security of such series, a written request to institute proceedings in respect of such Event of Default from the holders of at least 25% in aggregate principal amount of the outstanding debt securities of