Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 29

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 29
---
idiaries as of that date and, provided that,
in the case of Debt owed by PSOC to any Subsidiary, the Debt is subordinated in right of payment to the holders of the notes.

“Interest Expense” means, for any period, PSOC’s Pro Rata Share of interest expense for such period, with other adjustments as
are necessary to exclude: (i) the effect of items classified as extraordinary items, in accordance with GAAP; (ii) amortization of debt issuance costs; (iii) prepayment penalties and
(iv) non-cash swap ineffectiveness charges.

“Marketable Securities” means:
(a) common or preferred Equity Interests which are listed on Nasdaq or have trading privileges on the New York Stock Exchange, the NYSE American, or another recognized national United States securities exchange, the London Stock Exchange,
Euronext or another recognized European securities exchange; (b) convertible securities which can be converted at any time into common or preferred Equity Interests of the type described in the immediately preceding clause (a); and
(c) securities evidencing indebtedness issued by Persons which have an investment grade credit rating by a nationally recognized statistical rating organization; provided thatMarketable Securities shall not include any securities that
are considered cash equivalents.

“Pro Rata Share” means any applicable figure or measure of PSOC and its Subsidiaries on a
consolidated basis, less any portion attributable to noncontrolling interests, plusPSOC’s or its Subsidiaries’ allocable portion of such figure or measure, based on their ownership interest, of unconsolidated joint ventures. For
the avoidance of doubt, and except as otherwise specified in this “Description of Notes,” so long as Shurgard Europe is not a Subsidiary of PSOC, the calculations of such figures or measures shall exclude the impact of any such entity that
is not a Subsidiary.

“Property” means a parcel (or group of related parcels) of real property.

“Property EBITDA” means, for any period, PSOC’s Pro Rata Share of EBITDA for such period adjusted to add back the impact of
corporate level general and administrative expenses.

“Reporting Date” means the date ending the most recently ended fiscal
quarter of Public Storage for which Public Storage’s consolidated financial statements are publicly available, it being understood that at any time when Public Storage is not subject to the informational requirements of the Exchange Act, the
term “Reporting Date