Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 26

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 26
---
 shall have no obligation whatsoever
to determine whether or not such information, documents or reports have been filed or are publicly available via EDGAR or Public Storage’s website. Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including its compliance with any of its covenants relating to the notes
(as to which the Trustee is entitled to rely exclusively on an officer’s certificate).

Definitions. As used in this
“Description of Notes,” the following defined terms have the meanings indicated:

“Adjusted EBITDA” means, for any
period, PSOC’s Pro Rata Share of EBITDA for such period; provided, that, so long as Shurgard Europe is not a Subsidiary of PSOC, “Adjusted EBITDA” shall include the amount of dividends, distributions or interest paid in cash by
any such entity that is not a Subsidiary to PSOC or any of its Subsidiaries during the applicable period.

“Capitalized Property
Value” means, with respect to any Person, (a) Property EBITDA of such Person for the four (4) consecutive fiscal quarters ended on a Reporting Date divided by (b) the Capitalization Rate.

“Capitalization Rate” means 6.75%.

“Debt” means, without duplication, PSOC’s Pro Rata Share of the aggregate principal amount of indebtedness in respect of
(i) borrowed money evidenced by bonds, notes, debentures or similar instruments, as

S-16

determined in accordance with GAAP, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on Property or other assets owned by PSOC
or any Subsidiary directly, or indirectly through unconsolidated joint ventures, as determined in accordance with GAAP, (iii) reimbursement obligations in connection with any letters of credit actually issued and called, (iv) any lease of
property by PSOC or any Subsidiary as lessee which is reflected in PSOC’s balance sheet as a finance lease, in accordance with GAAP; provided, thatDebt also includes, to the extent not otherwise included, any obligation by PSOC or any
Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise, items