Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 10

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 10
---
 Storage has no material assets other than its indirect ownership of the equity interests of PSOC. The notes will be guaranteed by Public Storage. However, other than its indirect ownership of the equity interests of PSOC, through its interests in PSA OP and its general partner, neither Public Storage nor PSA OP holds or is expected to hold any material assets directly nor have any significant operations. Accordingly, if PSOC fails to make a payment on the notes when due, there is no expectation that Public Storage would have funds to make payments pursuant to its guarantee. Furthermore, Public Storage’s guarantee will be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of Public Storage’s subsidiaries (other than PSOC and PSA OP) and of its joint ventures to the extent of the assets of those subsidiaries or of those joint ventures, which means that creditors of Public Storage’s subsidiaries (other than PSOC and PSA OP) or of its joint ventures will be paid from their assets before Public Storage, and therefore holders of the notes by virtue of the guarantee would not have any claims to their assets. In the event of a bankruptcy, liquidation or dissolution of a subsidiary (other than PSOC and PSA OP) or joint venture of Public Storage, that subsidiary or joint venture may not have sufficient assets remaining to make payments to Public Storage as a stockholder or other equity holder or otherwise after payment of its liabilities. In addition, Public Storage will not be subject to any covenants under the guarantee or the indenture prohibiting or otherwise limiting the incurrence of indebtedness. Federal and state laws allow courts, under specific circumstances, to void guarantees and require holders of guaranteed debt to return payments received from guarantors. Under the federal bankruptcy law and comparable provisions of state fraudulent transfer laws, a court could void the guarantee of the notes provided by Public Storage or could subordinate the guarantee to all other S-6

debts and guarantees of Public Storage if, among other things, Public Storage, at the time it incurred or entered into its guarantee of the notes, received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and any of the following is also true:

| • |     | Public Storage was insolvent or rendered insolvent by reason of the incurrence of the guarantee; |

| • |     | Public Storage was engaged in a business or transaction for which its remaining assets constituted unreasonably 
 small capital; or                                                                                               |

| • |     | Public Storage intended to incur, or believed that it would