Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 89

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 89
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 and availability. Payment of Taxes and Other Claims We will pay or discharge or cause to be paid or discharged, before the same shall become delinquent:

| • |     | all material taxes, assessments and governmental charges levied or imposed upon us or any Subsidiary or upon our 
 or any Subsidiary’s income, profits or property;                                                                 |

| • |     | all material lawful claims for labor, materials and supplies which, if unpaid, might by law become a material 
 lien upon our property or the property of any Subsidiary; and                                                 |

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| • |     | excluding, however, any tax, assessment, charge or claim whose amount, applicability or validity is being 
 contested in good faith.                                                                                  |

Additional Covenants The applicable prospectus supplement will describe any additional material covenants relating to such series of debt securities. Events of Default Unless otherwise specified in the applicable prospectus supplement, an Event of Default with respect to the debt securities of any series is defined in the Indenture as being:

| (1) | default for thirty (30) days in the payment of any installment of interest or Additional Amounts payable 
 with respect to such interest under the debt securities of that series;                                  |

| (2) | default in the payment of the principal of or premium, if any, on or, any Additional Amounts payable in respect                                                                                                                                 
 of any principal of or premium, if any, on the debt securities of that series, when the same becomes due and payable or default is made in the deposit of any sinking fund payment with respect to the debt securities of that series when due; |

| (3) | we fail to comply with any of our other agreements contained in the debt securities 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 that        
 series) 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 twenty five percent (25%) in aggregate principal amount of the debt securities of that 
 series then outstanding and we fail to cure (or obtain a waiver of) such default within ninety (90) days after we receive such notice;                                                                                                                    |

| (4) | failure to pay any recourse indebtedness for mon