Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 16

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 16
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 PSOC’s subsidiaries. None of PSOC’s subsidiaries will guarantee the notes. Payments on the notes are only required to be made by PSOC and Public Storage, as guarantor. As a result, no payments are required to be made by, and holders of notes will not have a claim against the assets of, any of PSOC’s subsidiaries, except if those assets are transferred, by dividend or otherwise, to PSOC. Accordingly, the notes will be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities, including trade payables and other accrued rebates and liabilities, of PSOC’s subsidiaries. The incurrence of indebtedness or other liabilities by any of PSOC’s subsidiaries is restricted, but not prohibited by the indenture governing the notes and could adversely affect our ability to pay our obligations on the notes. As of June 30, 2025, indebtedness of PSOC’s subsidiaries, excluding intercompany liabilities that would have been structurally senior to the notes, was approximately $1.6 million. We anticipate that from time to time PSOC’s subsidiaries will incur additional debt and other liabilities. Additionally, the notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables and other accrued rebates and liabilities, of PSOC’s unconsolidated joint ventures. S-8

The notes will be unsecured and therefore will effectively be subordinated to any secured debt PSOC may incur in the future. The notes will not be secured by any of our assets or those of our subsidiaries. As a result, the notes and Public Storage’s guarantee will be effectively subordinated to any secured debt PSOC may incur to the extent of the value of the assets securing such debt. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of PSOC’s secured debt may assert rights against the secured assets in order to receive full payment of their debt before the assets may be used to pay the holders of the notes. We may incur additional indebtedness in the future, which would increase any or all of the risks described above. We may be able to incur additional indebtedness in the future. Although the agreements governing our revolving credit facility and certain other indebtedness do, and the indenture governing the notes will, limit PSOC’s ability to incur additional indebtedness, these restrictions are subject to a number of qualifications and exceptions and, under certain circumstances, debt incurred in compliance with these restrictions could be substantial. To the extent that