Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 12

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 12
---
 right of payment to all existing and future indebtedness and other liabilities, including trade payables and other accrued rebates and liabilities, of PSOC’s subsidiaries. The incurrence of indebtedness or other liabilities by any of PSOC’s subsidiaries is restricted, but not prohibited by the indenture governing the notes and could adversely affect our ability to pay our obligations on the notes. As of March 31, 2025, indebtedness of PSOC’s subsidiaries, excluding intercompany liabilities that would have been structurally senior to the notes, was approximately $1.7 million. We anticipate that from time to time PSOC’s subsidiaries will incur additional debt and other liabilities. Additionally, the notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables and other accrued rebates and liabilities, of our unconsolidated joint ventures. S-7

The notes will be unsecured and therefore will effectively be subordinated to any secured debt PSOC may incur in the future. The notes will not be secured by any of our assets or those of our subsidiaries. As a result, the notes and Public Storage’s guarantee will be effectively subordinated to any secured debt PSOC may incur to the extent of the value of the assets securing such debt. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of PSOC’s secured debt may assert rights against the secured assets in order to receive full payment of their debt before the assets may be used to pay the holders of the notes. We may incur additional indebtedness in the future, which would increase any or all of the risks described above. We may be able to incur additional indebtedness in the future. Although the agreements governing our revolving credit facility and certain other indebtedness do, and the indenture governing the notes will, limit PSOC’s ability to incur additional indebtedness, these restrictions are subject to a number of qualifications and exceptions and, under certain circumstances, debt incurred in compliance with these restrictions could be substantial. To the extent that we incur additional indebtedness in the future, the risks associated with our leverage described herein, including our inability to meet our debt service obligations, would be increased. The indenture that will govern the notes contains restrictive covenants that may restrict our ability to expand or fully pursue our business strategies. The indenture contains financial and operating covenants that, among other things, may restrict PSOC’s ability to take specific actions, even if we believe them to be in our best interest, including restrictions