Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 99

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 99
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 above shall only be effective if, among other things:

| • |     | it shall not result in a breach or violation of, or constitute a default under, the Indenture or any other 
 material agreement or instrument to which we are a party or are bound;                                     |

| • |     | in the case of legal defeasance, we shall have delivered to the Trustee an opinion of independent counsel 
 acceptable to the Trustee confirming that:                                                                |

(A) we have received from, or there has been published by, the Internal Revenue Service (the “IRS”) a ruling; or (B) since the date of the Indenture, there has been a change in applicable U.S. federal income tax law, in either case to the effect that, and based on this ruling or change the opinion of counsel shall confirm that, the holders of the debt securities of the applicable series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the legal defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the legal defeasance had not occurred;

| • |     | in the case of covenant defeasance, we shall have delivered to the Trustee an opinion of independent counsel                                                                                          
 reasonably acceptable to the Trustee to the effect that the holders of the debt securities of the applicable series will not recognize income, gain or loss for U.S. federal income tax purposes as a |

| • |     | result of the covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same 
 manner and at the same times as would have been the case if the covenant defeasance had not occurred;             |

| • |     | no Event of Default or default which with notice or lapse of time or both would become an Event of Default with                  
 respect to debt securities of the applicable series shall have occurred and be continuing on the date of the deposit into trust; |

| • |     | solely in the case of legal defeasance, no Event of Default arising from specified events of bankruptcy,                                                                                                                                               
 insolvency, or reorganization with respect to us or any guarantor or default which with notice or lapse of time or both would become such an Event of Default shall have occurred and be continuing during the period ending on the 91st day after the 
 date of the deposit into trust; and