Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 88

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 88
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 except the unredeemed portion of any debt security being redeemed in part; or                                   |

| • |     | issue, register the transfer of or exchange any debt security which has been surrendered for repurchase at the 
 option of the holder, except the portion, if any, of the debt security not to be repurchased.                  |

Outstanding Debt Securities In determining whether the holders of the requisite principal amount of outstanding debt securities have given any request, demand, authorization, direction, notice, consent, or waiver under the Indenture:

| • |     | the principal amount of an original issue discount security that shall be deemed to be outstanding for these                                                                                                                
 purposes shall be that portion of the principal amount of the original issue discount security that would be due and payable upon acceleration of the original issue discount security as of the date of the determination, |

| • |     | the principal amount of any Indexed Security that shall be deemed to be outstanding for these purposes shall be                           
 the principal amount of the Indexed Security determined on the date of its original issuance, unless otherwise provided in the Indenture, |

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| • |     | the principal amount of a debt security denominated in a foreign currency shall be the U.S. Dollar             
 equivalent, determined on the date of its original issuance, of the principal amount of the debt security, and |

| • |     | a debt security owned by us or any obligor on the debt security or any of our affiliates or the affiliates of 
 such other obligor shall be deemed not to be outstanding.                                                     |

Redemption and Repurchase The debt securities of any series may be redeemable at our option or may be subject to mandatory redemption by us as required by a sinking fund or otherwise. In addition, the debt securities of any series may be subject to repurchase by us at the option of the holders. The applicable prospectus supplement will describe the terms and conditions regarding any optional or mandatory redemption or option to repurchase the debt securities of the related series. Covenants Existence Except as described under “—Merger, Consolidation or Sale” below, we, and any guarantor, will do or cause to be done all things necessary to preserve and keep in full force and effect our, or its, existence, rights (by charter and statutory) and franchises. However, neither we, nor any guarantor, will be required to preserve any such right or franchise if we determine that the preservation of the right or franchise is no longer desirable in the conduct of the