Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 98

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 98
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 the amount deposited in respect of those amounts as provided below; (B) the obligations to register the transfer or exchange of those debt securities; (C) the obligation to replace mutilated, destroyed, lost, or stolen debt securities; (D) the obligation to maintain an office or agent in the continental United States in respect of those debt securities; (E) the rights of holders of such outstanding debt securities to receive payments from moneys held in trust when such payments are due; (F) the obligation, if applicable, to repurchase those debt securities at the option of the holders thereof; and (G) the rights, powers, trusts, duties and immunities of the trustee; or

| • |     | to be released from its obligations and the obligations of any guarantor with respect to those debt securities                                                                                                                                  
 under (A) certain covenants in the Indenture related to the preservation of our rights (by declaration of trust and statute) and franchises and (B) if applicable, other covenants as may be specified in the applicable prospectus supplement, 
 and any omission to comply with those obligations shall not constitute a default or an Event of Default with respect to those debt securities (“covenant defeasance”),                                                                          |

in either case upon the irrevocable deposit with the Trustee, in trust for that purpose, of an amount in the currency in which those debt securities are payable at maturity or, if applicable, upon redemption, and/or 33

government obligations (as defined in the Indenture) which through the scheduled payment of principal and interest in accordance with their terms will provide money, in an amount sufficient, in the written opinion of a nationally recognized firm of independent public accountants, to pay the principal of and any premium and any interest on, and, to the extent that (x) those debt securities provide for the payment of Additional Amounts and (y) the amount of the Additional Amounts which are or will be payable is at the time of deposit reasonably determinable by us, in the exercise of its reasonable discretion, the Additional Amounts with respect to, those debt securities, and any mandatory sinking fund or analogous payments on those debt securities, on the due dates for those payments. If the cash and government obligations deposited are sufficient to pay the outstanding debt securities of the applicable series on a particular redemption date, we shall have given the Trustee irrevocable instructions to redeem those debt securities on that date. The legal defeasance or covenant defeasance described