Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 33

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 33
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 this “Description of Notes” with respect to the notes of any series, means any one of the following events: (1) default for 30 days in the payment of any installment of interest on the notes of that series; (2) default in the payment of the principal of, or make whole amount, if any, on, the notes of that series when the same becomes due and payable; (3) we fail to comply with any of our other agreements contained in the notes or the Indenture (other than an agreement a default in whose performance or whose breach is elsewhere specifically dealt with in the Indenture or which has expressly been included in the Indenture solely for the benefit of a series of debt securities other than the notes) upon receipt by us of notice of such default by the Trustee or receipt by us and the Trustee of written notice of such default by holders of not less than 25% in aggregate principal amount of the notes then outstanding and we fail to cure (or obtain a waiver of) such default within 90 days after we receive such notice; (4) failure to pay any recourse indebtedness for monies borrowed by us in an outstanding principal amount in excess of $100 million when due or upon acceleration after the expiration of any applicable notice and grace period, which recourse indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within 30 days after written notice of such failure to us from the Trustee (or to us and the Trustee from holders of at least 25% in aggregate principal amount of the notes then outstanding); or (5) specific events of bankruptcy, insolvency or reorganization affecting us, Public Storage as a guarantor, or certain Subsidiaries or any of their respective properties. Modification of the Indenture The provisions described under “Description of Debt Securities—Modification, Waivers and Meetings” of the accompanying prospectus will apply to each series of 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 S-20

covenants listed under “—Covenants” above, as described under “Description of Debt Securities—Discharge, Defeasance and Covenant Defeasance” of the accompanying prospectus, and thereafter any