Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 13

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 13
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 will, limit PSOC’s ability to incur additional indebtedness, these restrictions are subject to a number of qualifications and exceptions and, under certain circumstances, debt incurred in compliance with these restrictions could be substantial. To the extent that we incur additional indebtedness in the future, the risks associated with our leverage described herein, including our inability to meet our debt service obligations, would be increased. The indenture that will govern the notes contains restrictive covenants that may restrict our ability to expand or fully pursue our business strategies. The indenture contains financial and operating covenants that, among other things, may restrict PSOC’s ability to take specific actions, even if we believe them to be in our best interest, including restrictions:

| • |     | on PSOC’s ability to incur secured and unsecured indebtedness; and |

| • |     | on PSOC or Public Storage’s ability to consummate a merger, consolidation or sale of all or substantially 
 all of their respective assets.                                                                           |

In addition, our revolving credit facility requires us to meet specified financial ratios and the indenture governing the notes will require PSOC to maintain at all times a specified ratio of unencumbered assets to unsecured debt. These covenants may restrict our ability to expand or fully pursue our business strategies. Our ability to comply with these and other provisions of the indenture governing the notes and our revolving credit facility may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events beyond our control. The breach of any of these covenants could result in a default under our indebtedness, which could result in the acceleration of the maturity of such and other indebtedness. If any of our indebtedness is accelerated prior to maturity, we may not be able to repay such indebtedness or refinance such indebtedness on favorable terms, or at all. There may not be an active public trading market for the notes. Each series of notes is a new issue of securities, and there is currently no existing trading market for the notes. We do not intend to apply for listing of any of the series of notes on any securities exchange or for quotation of any of the series of notes on any automated dealer quotation system. Although the underwriters have advised us that they intend to make a market in each series of notes, they are not obligated to do so and may discontinue any market-making at any time without notice. Accordingly, an active trading market may not develop for any of the notes and