Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 95

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 95
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 and any guarantor, as applicable, and the Trustee, without the consent of the holders of any debt securities, to modify or amend the Indenture, among other things:

| • |     | to evidence a successor to us or any guarantor, if applicable, under the Indenture, or successive successors, and 
 the assumption by any such successor of the covenants of us or any guarantor;                                     |

| • |     | to add to our covenants or the covenants of any guarantor for the benefit of the holders of all or any series of 
 debt securities or to surrender any right or power conferred upon us or any guarantor in the Indenture;          |

| • |     | to change or eliminate any restrictions on the payment of principal of or any premium or interest on or any                                                                               
 additional amounts with respect to any debt securities or any guarantee, provided any such action does not adversely affect the interest of the holders of debt securities of any series; |

| • |     | to add to the Events of Default in a manner that benefits the holders of all or any series of debt securities 
 issued under the Indenture;                                                                                   |

| • |     | to establish the form or terms of debt securities of any series, and the form of the guarantee of debt securities                                        
 of any series (provided that any such deletions, additions and changes shall not be applicable to any other series of debt securities then outstanding); |

| • |     | to make any change necessary to comply with any requirement of the SEC in connection with the Indenture under the 
 Trust Indenture Act;                                                                                              |

| • |     | to provide for any guarantee of the holders of debt securities of a series, to secure the debt securities or to                                                                                 
 confirm and evidence the release, termination or discharge of any guarantee of or lien securing the debt securities which such release, termination or discharge is permitted by the Indenture; |

| • |     | to provide for the acceptance of appointment by a successor trustee or facilitate the administration of the 
 trusts under the Indenture by more than one trustee;                                                        |

| • |     | to cure any ambiguity, defect or inconsistency in the Indenture; |

| • |     | to make any change that would provide any additional rights or benefits to the holders of debt securities or that 
 does not adversely affect the legal rights under the Indenture of any holder in any material respect;             |

| • |     |