Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 22

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 22
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 in payment of the redemption price, on and after the redemption date
interest will cease to accrue on the notes or portions thereof called for redemption.

Guarantee

Public Storage will guarantee PSOC’s obligations under the notes on a full and unconditional basis, including the due and punctual
payment of principal of, and premium, if any, and interest, if any, on, the notes, whether at stated maturity, upon acceleration, upon redemption or otherwise. Under the terms of Public Storage’s guarantee, holders of the notes will not be
required to exercise their remedies against PSOC before they proceed directly against Public Storage. Public Storage’s obligations under the guarantee of the notes will be limited to the maximum amount that will not, after giving effect to all
other contingent and fixed liabilities of Public Storage, result in the guarantee constituting a fraudulent transfer or conveyance. See “Risk Factors—Federal and state laws allow courts, under specific circumstances, to void guarantees and
require holders of guaranteed debt to return payments received from guarantors.”

The guarantee of the notes will be a senior
unsecured obligation of Public Storage and will rank equally in right of payment with all senior unsecured indebtedness and senior unsecured guarantees of Public Storage from time to time outstanding. In addition, Public Storage’s guarantee of
the notes will be effectively subordinated in right of payment to Public Storage’s secured indebtedness and secured guarantees (to the extent of the value of the collateral securing such indebtedness) from time to time outstanding. Public
Storage’s guarantee of the notes 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 those

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assets. In the event of a bankruptcy, liquidation or dissolution of a subsidiary or joint venture of Public Storage (other than PSOC and PSA OP), 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.

Public Storage will not be subject to any covenants under the guarantee or the Indenture prohibiting