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

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 25
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 to be incurred by a Person whenever such Person creates, assumes, guarantees or otherwise becomes liable in respect thereof.

Maintenance of Total Unencumbered Assets. As of each Reporting Date, PSOC’s Unencumbered Assets will not be less than 125% of
its Unsecured Debt.

Provision of Financial Information. For so long as any notes are outstanding, if Public Storage is subject to
Section 13(a) or 15(d) of the Exchange Act, or any successor provision, Public Storage will deliver to the Trustee the annual reports, quarterly reports and other documents which Public Storage is required to file with the SEC pursuant to
Section 13(a) or 15(d) or any successor provision, within 15 days after the date that Public Storage files the same with the SEC. If Public Storage is not subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision,
and for so long as any notes are outstanding, Public Storage will deliver to the Trustee the quarterly and annual financial statements and accompanying Item 303 of Regulation S-K disclosure
(“management’s discussion and analysis of financial condition and results of operations”) that would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively, required to be filed with the SEC if Public Storage were subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, within 15 days of the filing date that would be
applicable to a non-accelerated filer at that time pursuant to applicable SEC rules and regulations.

Reports and other documents filed by Public Storage with the SEC and publicly available via the EDGAR system or Public Storage’s website
will be deemed to be delivered to the Trustee as of the time such filing is publicly available via EDGAR or Public Storage’s website for purposes of this covenant; provided, however, that the Trustee shall have no obligation whatsoever
to determine whether or not such information, documents or reports have been filed or are publicly available via EDGAR or Public Storage’s website. Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including its compliance with any of its covenants relating to the notes
(as to which the Trustee is entitled to rely exclusively on an officer’s certificate).

Definitions.