Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 109

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 109
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 obligations of Public Storage. The obligations of Public Storage under its guarantee will be limited as necessary to prevent that guarantee from constituting a fraudulent transfer or conveyance under applicable law. Public Storage, as guarantor, will be permitted to consolidate or merge with, or lease or sell substantially all of its assets to another company as 31

provided below under “—Merger, Consolidation and Sale.” The terms of any guarantee and the conditions upon which a guarantor may be released from its obligations under that guarantee will be set forth in the applicable prospectus supplement. Merger, Consolidation and Sale We, or any guarantor, as applicable, may merge or consolidate with or into, or sell, assign, convey, transfer or lease all or substantially all of our or such guarantor’s property and assets, as applicable, to, any other entity, provided that the following conditions are met:

| • |     | we or the guarantor, as applicable, are the continuing entity, or the successor entity (if other than us or the                                                                                                                                           
 guarantor, as applicable) formed by or resulting from such consolidation or merger or which shall have received such sale, assignment, conveyance, transfer or lease of property and assets shall be domiciled in the United States, any state thereof or 
 the District of Columbia and shall expressly assume by supplemental indenture payment of the principal of and interest on all of the debt securities or, as applicable, expressly assume the obligations of the guarantor under the applicable guarantee, 
 and the due and punctual performance and observance of all of the covenants and conditions in the Indenture;                                                                                                                                              |

| • |     | immediately after giving effect to the transaction, no Event of Default 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 |

| • |     | either we or the guarantor, as applicable, or the successor entity, in either case, shall have delivered to the                                                                                                                                  
 trustee an officer’s certificate and an opinion of counsel, each stating that such consolidation, merger, sale, assignment, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such 
 supplemental indenture complies with the Indenture and that all conditions precedent provided for relating to such transaction have been complied with.                                                                                          |

In the event of any transaction described in and complying with the conditions listed in the