Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 102

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 102
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 • |     | in the case of covenant defeasance, we shall have delivered to the Trustee an opinion of independent counsel                                                                                          
 reasonably acceptable to the Trustee to the effect that the holders of the debt securities of the applicable series will not recognize income, gain or loss for U.S. federal income tax purposes as a |

| • |     | result of the covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same 
 manner and at the same times as would have been the case if the covenant defeasance had not occurred;             |

| • |     | no Event of Default or default which with notice or lapse of time or both would become an Event of Default with                  
 respect to debt securities of the applicable series shall have occurred and be continuing on the date of the deposit into trust; |

| • |     | solely in the case of legal defeasance, no Event of Default arising from specified events of bankruptcy,                                                                                                                                               
 insolvency, or reorganization with respect to us or any guarantor or default which with notice or lapse of time or both would become such an Event of Default shall have occurred and be continuing during the period ending on the 91st day after the 
 date of the deposit into trust; and                                                                                                                                                                                                                    |

| • |     | we shall have delivered to the Trustee an officer’s certificate and legal opinion to the effect that all      
 conditions precedent to the legal defeasance or covenant defeasance, as the case may be, have been satisfied. |

In the event we effect covenant defeasance with respect to debt securities of any series and those debt securities are declared due and payable because of the occurrence of any Event of Default other than an Event of Default with respect to the covenants as to which covenant defeasance has been effected, which covenants would no longer be applicable to the debt securities of that series after covenant defeasance, the amount of monies and/ 34

or government obligations deposited with the Trustee to effect covenant defeasance may not be sufficient to pay amounts due on the debt securities of that series at the time of any acceleration
resulting from that Event of Default. However, we would remain liable to make payment of those amounts due at the time of acceleration.

The applicable prospectus supplement may further describe the provisions, if any, permitting or restricting legal defeasance or covenant
defeasance with respect to the debt securities of a particular series.

Concerning