Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 23

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 23
---
 or otherwise limiting the incurrence of
indebtedness.

Public Storage does not have any significant operations or material assets other than its indirect ownership interests in
PSOC.

Accordingly, if PSOC fails to make a payment on the notes when due, there can be no assurance that Public Storage would have funds
to pay that amount pursuant to its guarantee. See “Risk Factors—Public Storage has no material assets other than its indirect ownership of the equity interests of PSOC.”

Covenants

The
following covenants and related definitions will apply to the notes:

Limitation on Debt. PSOC will not, and will not permit any of
its Subsidiaries to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and any other Debt incurred or repaid since the end of the most recent Reporting Date prior to the incurrence of such Debt and the application of
the proceeds from such Debt and such other Debt on a pro forma basis, the aggregate principal amount of PSOC’s Debt would exceed 65% of the sum of the following (without duplication): (1) PSOC’s Total Assets as of such Reporting Date;
(2) the aggregate purchase price of any assets acquired, and the aggregate amount of proceeds received from any incurrence of other Debt and any securities offering proceeds received (to the extent such proceeds were not used to acquire assets
or used to reduce Debt), by PSOC or any of its Subsidiaries since the end of the most recent Reporting Date prior to the incurrence of such Debt; and (3) the proceeds or assets obtained from the incurrence of such Debt and other securities
issued as part of the same transaction on a pro forma basis (including assets to be acquired in exchange for debt assumption and security issuance as in the case of a merger).

Limitation on Secured Debt. PSOC will not, and will not permit any of its Subsidiaries to, incur any Secured Debt if, immediately after
giving effect to the incurrence of such Secured Debt and any other Secured Debt incurred or repaid since the end of the most recent Reporting Date prior to the incurrence of such Secured Debt and the application of the proceeds from such Secured
Debt and such other Secured Debt on a pro forma basis, the aggregate principal amount of our Secured Debt would exceed 50% of the sum of the following (without duplication): (1) PSOC’s Total Assets as of such Reporting Date;