Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 32

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 32
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 or other assets or the Property or other assets of any Subsidiary. Compliance with the covenants described in this “Description of Notes” and with respect to the notes of any series generally may not be waived by us, or by the Trustee, unless the holders of at least a majority in aggregate principal amount of all outstanding notes of such series consent to the waiver. Merger, Consolidation or Sale PSOC or Public Storage may consolidate with or into, or sell, assign, convey, transfer or lease all or substantially all of their respective property and assets to, any other entity, provided that:

| • |     | PSOC or Public Storage, as the case may be, shall be the continuing entity, or the successor entity (if other 
 than PSOC or Public Storage, as the case may be) formed by or resulting from such                             |

S-19

| consolidation or merger or which shall have received such sale, assignment, conveyance, transfer or lease of property and assets shall be an entity domiciled in the United States of America, any                                              
 state thereof or the District of Columbia and shall expressly assume by supplemental indenture (a) in the case of PSOC, payment of the principal of and interest on all of the notes, or, in the case of Public Storage, all the obligations of 
 Public Storage under the guarantee, and (b) in each case, the due and punctual performance and observance of all of the covenants and conditions in the Indenture;                                                                              |

| • |     | immediately after giving effect to the transaction and treating the Pro Rata Share of any indebtedness which                                                                                                                                              
 becomes the obligation of PSOC or Public Storage, as the case may be, or the obligation of a Subsidiary or any of our unconsolidated joint ventures as a result thereof and is not repaid substantially concurrently with the transaction as having been  
 incurred by PSOC or Public Storage, as the case may be, or that Subsidiary or that unconsolidated joint venture at the time of the transaction, no Event of Default (as defined below) 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                                                                                                                                                            |

| • |     | an officer’s certificate and legal opinion covering these conditions is delivered to the Trustee. |

Events of Default The term “Event of Default,” when used in