Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 9

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 9
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 |     | we may be unable to refinance our indebtedness at maturity or earlier acceleration, if applicable, or the                  
 refinancing terms may be less favorable than the terms of our original indebtedness or otherwise be generally unfavorable; |

| • |     | because a portion of our debt bears interest at variable rates, increases in interest rates could materially 
 increase our interest expense;                                                                               |

| • |     | we may be forced to dispose of one or more of our properties, possibly on disadvantageous terms; |

| • |     | we may default on our secured indebtedness and the lenders may foreclose on our properties or our interests in        
 the entities that own the properties that secure such indebtedness and receive an assignment of rents and leases; and |

| • |     | we may violate restrictive covenants in our debt agreements, which would entitle the lenders and other 
 debtholders to accelerate the maturity of their indebtedness.                                          |

If any one of these events were to occur, our business, financial condition, liquidity, results of operations and prospects, as well as our ability to satisfy our obligations with respect to the notes, could be materially and adversely affected. S-5

We may not be able to generate sufficient cash flow to meet our debt service obligations. Our ability to meet our debt service obligations on, and to refinance, our indebtedness, including the notes, and to fund our operations, working capital, acquisitions, development projects, capital expenditures and other important business uses, depends on our ability to generate sufficient cash flow in the future. To a certain extent, our cash flow is subject to general economic, industry, financial, competitive, operating, legislative, regulatory and other factors, many of which are beyond our control. We cannot assure you that our business will generate sufficient cash flow from operations or that future sources of cash will be available to us in an amount sufficient to enable us to meet our debt service obligations on our indebtedness, including the notes, or to fund our other important business uses. As a result, we could be forced to take other actions to meet those obligations, such as selling properties, raising equity or debt capital or delaying capital expenditures, any of which could have a material adverse effect on us. Furthermore, we cannot assure you that we will be able to effect any of these actions on favorable terms, or at all. Additionally, if we incur additional indebtedness in connection with future acquisitions or development projects or for any other purpose, our debt service obligations could increase significantly and our ability