Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 33

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 33
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 performance or whose breach is elsewhere specifically dealt with in the Indenture or which has expressly been included in the Indenture solely for the benefit of a series of debt securities other than the notes) upon receipt by us of notice of such default by the Trustee or receipt by us and the Trustee of written notice of such default by holders of not less than 25% in aggregate principal amount of the notes then outstanding and we fail to cure (or obtain a waiver of) such default within 90 days after we receive such notice; (4) failure to pay any recourse indebtedness for monies borrowed by us in an outstanding principal amount in excess of $100 million when due or upon acceleration after the expiration of any applicable notice and grace period, which recourse indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within 30 days after written notice of such failure to us from the Trustee (or to us and the Trustee from holders of at least 25% in aggregate principal amount of the notes then outstanding); or (5) specific events of bankruptcy, insolvency or reorganization affecting us, Public Storage as a guarantor, or certain Subsidiaries or any of their respective properties. Modification of the Indenture The provisions described under “Description of Debt Securities—Modification, Waivers and Meetings” of the accompanying prospectus will apply to each series of notes. Discharge, Defeasance and Covenant Defeasance PSOC may, at its option and at any time, elect to have its obligations (and, if applicable, the obligations of Public Storage as a guarantor) released with respect to certain covenants under the Indenture, including the S-20

covenants listed under “—Covenants” above, as described under “Description of Debt Securities—Discharge, Defeasance and Covenant Defeasance” of the accompanying prospectus, and thereafter any omission to comply with such obligations shall not constitute a default or an Event of Default. Governing Law The Indenture, the notes and the guarantee will be governed by, and construed in accordance with, the laws of the State of New York. Delivery and Form The notes of each series will be represented initially by one or more permanent notes of such series in registered, global form without interest coupons (the “global notes”). These global notes will be deposited upon issuance with the Trustee as custodian for The Depository Trust Company (the “depositar y