Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 105

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 105
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 to pay Additional 
 Amounts, or                                                                                                                                                                                                                                      |

| • |     | reduce the amount of principal of any original issue discount securities that would be due and payable upon 
 acceleration of the maturity of any debt security, or                                                       |

| • |     | adversely affect any right of repayment or repurchase at the option of any holder, or |

| • |     | change any place where, or the currency in which, the principal of, any premium or interest on, or any additional                                                                              
 amounts with respect to any debt securities or guarantees are payable (or, in the case of redemption on or after the redemption date, or on or after the date for repayment or repurchase), or |

| • |     | in the case of any debt security which is convertible into or exchangeable for other securities or property,                  
 impair the right to institute suit to enforce the right to convert or exchange such Security in accordance with its terms, or |

| • |     | impair the holder’s right to institute suit to enforce the payment of any debt securities or guarantee on 
 or after their stated maturity, or                                                                        |

| • |     | reduce the percentage of the outstanding debt securities of any series whose holders must consent to any                                                             
 modification or amendment or any waiver of compliance with specific provisions of the Indenture or specified defaults under the Indenture and their consequences, or |

| • |     | reduce the requirements for a quorum or voting at a meeting of holders of the applicable debt securities; or |

| • |     | modify the sections of the Indenture setting forth the provisions of the Indenture that may not be amended                                                                                                                                              
 without the consent of holders, or providing for the waiver of past defaults and the waiver of certain covenants, except to increase any such percentage or provide that certain other provisions of the Indenture cannot be modified or waived without 
 the consent of the holder of each outstanding debt security of such series; or                                                                                                                                                                          |

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| • |     | release a guarantor from any of the obligations under a guarantee except as permitted under the Indenture; or |

| • |     | make any change that adversely affects the right, if any, to convert or exchange any debt security for common 
 equity or other securities or property; or                                                                    |

| • |     | change the ranking of the debt securities of any series. |

The Indenture also contains provisions permitting us and any guarantor, as applicable, and the Trustee, without the consent of the