Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 41

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 41
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 joint venture at the time of the transaction, no Event of Default (as defined below) under the Indenture, and no event which, after notice or the lapse 
 of time, or both, would become an Event of Default, shall have occurred and be continuing; and                                                                                                                                                            |

| • |     | an officer’s certificate and legal opinion covering these conditions is delivered to the Trustee. |

Events of Default The term “Event of Default,” when used in this “Description of Notes” with respect to the notes, means any one of the following events:

| (1) | default for 30 days in the payment of any installment of interest on the notes; |

| (2) | default in the payment of the principal of, or make-whole amount, if any, on, the notes when the same becomes 
 due and payable;                                                                                              |

| (3) | PSOC fails to comply with any of PSOC’s other agreements contained in the notes or the Indenture (other                                                                                                                                                   
 than an agreement a default in whose 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                                                               |

S-25

| (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