Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 93

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 93
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 the form of the guarantee of debt securities                                        
 of any series (provided that any such deletions, additions and changes shall not be applicable to any other series of debt securities then outstanding); |

| • |     | to make any change necessary to comply with any requirement of the SEC in connection with the Indenture under the 
 Trust Indenture Act;                                                                                              |

| • |     | to provide for any guarantee of the holders of debt securities of a series, to secure the debt securities or to                                                                                 
 confirm and evidence the release, termination or discharge of any guarantee of or lien securing the debt securities which such release, termination or discharge is permitted by the Indenture; |

| • |     | to provide for the acceptance of appointment by a successor trustee or facilitate the administration of the 
 trusts under the Indenture by more than one trustee;                                                        |

| • |     | to cure any ambiguity, defect or inconsistency in the Indenture; |

| • |     | to make any change that would provide any additional rights or benefits to the holders of debt securities or that 
 does not adversely affect the legal rights under the Indenture of any holder in any material respect;             |

| • |     | to supplement any of the provisions of the Indenture to the extent necessary to permit or facilitate defeasance                                                               
 and discharge of any series of debt securities; provided, that the action shall not adversely affect the interests of the holders of debt securities in any material respect; |

| • |     | to provide for the issuance of additional debt securities, subject to the limitations established in the 
 Indenture;                                                                                               |

| • |     | to comply with the rules of any applicable depository or the rules or regulations of any securities exchange or 
 automated quotation system on which any of the debt securities may be listed or traded;                         |

| • |     | to add to or change any provisions of the Indenture to such extent as is necessary to permit or facilitate the 
 issuance of debt securities in uncertificated form;                                                            |

| • |     | to amend or supplement any provision contained in the Indenture, in any supplemental indenture or in any debt 
 securities, provided that the amendment or supplement (i) does not (a) apply to any                           |

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| outstanding debt securities issued before the date of the amendment or supplement and entitled to the benefits of that provision, or (b) modify the rights of holders of any such debt 
 securities with respect to such