Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 97

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 97
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 series have been delivered to the Trustee for cancellation, subject to exceptions, or (B) all debt securities of that series have become due and payable or will become due and payable at their maturity within one year or are to be called for redemption within one year, and we have irrevocably deposited with the Trustee, in trust, funds in the currency in which the debt securities of that series are payable in an amount sufficient to pay and discharge the entire indebtedness on the debt securities of that series, including the 32

principal thereof and premium, if any, and interest, if any, thereon, and, to the extent that (x) the debt securities of that series provide for the payment of Additional Amounts and (y) the amount of any Additional Amounts which are or will be payable is at the time of deposit reasonably determinable by us, in the exercise of its sole discretion, those Additional Amounts, to the date of such deposit, if the debt securities of that series have become due and payable, or to the maturity or redemption date of the debt securities of that series, as the case may be; and, in either case

| • |     | we have paid all other sums payable under the Indenture with respect to the debt securities of that series 
 (including amounts payable to the Trustee); and                                                            |

| • |     | the Trustee has received an officer’s certificate and an opinion of counsel to the effect that all                                            
 conditions precedent to the satisfaction and discharge of the Indenture in respect of the debt securities of such series have been satisfied. |

If the debt securities of any series provide for the payment of Additional Amounts, we or any guarantor, as applicable, will remain obligated, following the deposit described above, to pay Additional Amounts on those debt securities to the extent that they exceed the amount deposited in respect of those Additional Amounts as described above. Defeasance and Covenant Defeasance Unless otherwise specified in the applicable prospectus supplement, we may elect with respect to the debt securities of the particular series either:

| • |     | to defease and discharge itself and any guarantor from any and all obligations with respect to those debt 
 securities (“legal defeasance”), except for, among other things:                                          |

(A) the obligation to pay Additional Amounts, if any, upon the occurrence of specified events of taxation, assessment, or governmental charge with respect to payments on those debt securities to the extent that those Additional Amounts exceed