Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 23

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 23
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 and the notes. If you would like more information on any of these provisions, you should read the relevant sections of the Indenture. Copies of the Indenture are available from us upon request. Capitalized terms used but not otherwise defined herein have the meanings specified in the Indenture. For purposes of this Description of Notes, references to “we,” “our,” “us” and “PSOC” refer only to Public Storage Operating Company and not to its subsidiaries or to Public Storage. The notes initially will be limited to an aggregate principal amount of €425,000,000. See “—Further Issuances” below. The notes will be PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC’s existing and future unsecured and unsubordinated indebtedness. The notes will be effectively subordinated in right of payment to all of PSOC’s existing and future secured indebtedness (to the extent of the value of the collateral securing such indebtedness). The notes will also be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities, whether secured or unsecured, of PSOC’s subsidiaries. As of June 30, 2025, PSOC had approximately $1.6 million of secured indebtedness, $1.9 billion of Euro-denominated unsecured indebtedness and $8.6 billion of U.S. Dollar denominated unsecured indebtedness outstanding on a consolidated basis. Of such indebtedness, all of the secured indebtedness and none of the unsecured and unsubordinated indebtedness was attributable to PSOC’s subsidiaries. As of September 22, 2025, PSOC had no outstanding borrowings under the $1.5 billion revolving credit facility, but had undrawn standby letters of credit totaling $19.9 million, which reduce PSOC’s borrowing capacity. The entire principal amount of the notes will mature and become payable, together with accrued and unpaid interest, on January 20, 2034 (the “Maturity Date”), unless, in each case, the notes are redeemed earlier as described below under “—Optional Redemption.” The notes will not be subject to, or entitled to the benefit of, any sinking fund provisions and will not be convertible into or exchangeable for any of our equity interests. The notes will be issued in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. Application will be made to list the notes on the New