Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 42

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 42
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” of the accompanying prospectus will apply to the 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 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 will be represented initially by one or more permanent notes in registered, global form without interest coupons (the “global notes”). These global notes will be deposited with, or on behalf of, a common depositary for and in respect of interests held through, Clearstream and Euroclear, or the common depositary’s nominee, in each case for credit to an account of a direct or indirect participant as described below. Except as set forth below, the global notes may be transferred, in whole and not in part, only to Clearstream and Euroclear or their respective nominees. Beneficial interests in the global notes may not be exchanged for notes in certificated form except in the limited circumstances described below. U.S. Bank Trust Company, National Association will initially act as registrar. Book-Entry Procedures We have obtained the information in this section concerning Clearstream, Euroclear, and the book-entry systems and procedures from sources that we believe to be reliable, but we take no responsibility for the accuracy of this information. In addition, the description of the clearing systems in this section reflects our understanding of the rules and procedures of Clearstream and Euroclear as they are currently in effect. Those clearing systems could change their rules and procedures at any time. The laws of some jurisdictions may require that some purchasers of securities take physical delivery of securities in definitive form. These laws may impair the ability to transfer beneficial interests in the notes so long as the notes are represented by global notes. Global Clearance and Settlement Beneficial interests in the global notes will be represented, and transfers of such beneficial interests will be effected, through accounts of financial institutions acting on behalf of beneficial owners as direct or indirect participants in Clearstream or