Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 37

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 37
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’s sole discretion, determine compliance with the covenants contained in the Indenture using accounting principles generally accepted in the United States of America, consistently applied, as in effect as of the end of any calendar quarter
selected by PSOC, in our sole discretion, that is on or after June 30, 2017 and prior to the date as of which compliance with the covenants in the Indenture is being determined (“Fixed GAAP”), and, solely for purposes of calculating
the covenants as of such date, “GAAP” shall mean Fixed GAAP.

“Intercompany Debt” means, as of any
date, Debt to which the only parties are PSOC, Public Storage, any future guarantors, and any of Public Storage’s Subsidiaries, but only so long as that Debt is held solely by any of PSOC, Public Storage, any future guarantors, and any of
Public Storage’s Subsidiaries as of that date and, provided that, in the case of Debt owed by PSOC to any Subsidiary, the Debt is subordinated in right of payment to the holders of the notes.

“Interest Expense” means, for any period, PSOC’s Pro Rata Share of interest expense for such period, with
other adjustments as are necessary to exclude: (i) the effect of items classified as extraordinary items, in accordance with GAAP; (ii) amortization of debt issuance costs; (iii) prepayment penalties and
(iv) non-cash swap ineffectiveness charges.

“Marketable Securities” means: (a) common or preferred Equity Interests which are listed on Nasdaq or have trading privileges on the New York Stock Exchange, the NYSE American, or another recognized national United States securities exchange,
the London Stock Exchange, Euronext or another recognized European securities exchange; (b) convertible securities which can be converted at any time into common or preferred Equity Interests of the type described in the immediately preceding
clause (a); and (c) securities evidencing indebtedness issued by Persons which have an investment grade credit rating by a nationally recognized statistical rating organization; provided thatMarketable Securities shall not include any
securities that are considered cash equivalents.

“Pro Rata Share” means any applicable figure or measure of
PSOC and its Subsidiaries on a consolidated basis, less any portion attributable to noncontrolling interests, plusPSOC’s or its Subsidiaries’ allocable portion of