Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 33

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 33
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 four-quarter period; (2) the repayment or retirement of any other Debt since such Reporting Date had occurred on the
first day of such four-quarter period; and (3) in the case of any acquisition or disposition by PSOC or any of our Subsidiaries of any asset or group of assets since such Reporting Date, whether by merger, stock purchase or sale or asset
purchase or sale or otherwise, such acquisition or disposition had occurred as of the first day of such four-quarter period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma
calculation.

If any Debt incurred during the period from such Reporting Date to the date of determination bears interest at a floating
rate, then, for purposes of calculating the Interest Expense, the interest rate on such Debt will be computed on a pro forma basis as if the average daily rate during such interim period had been the applicable rate for the entire relevant
four-quarter period. For purposes of the foregoing, Debt will be deemed to be incurred by a Person whenever such Person creates, assumes, guarantees or otherwise becomes liable in respect thereof.

Maintenance of Total Unencumbered Assets. As of each Reporting Date, PSOC’s Unencumbered Assets will not be less than 125% of its
Unsecured Debt.

Provision of Financial Information. For so long as any notes are outstanding, if Public Storage is subject to
Section 13(a) or 15(d) of the Exchange Act, or any successor provision, Public Storage will deliver to the Trustee the annual reports, quarterly reports and other documents which Public Storage is required to file with the SEC pursuant to
Section 13(a) or 15(d) or any successor provision, within 15 days after the date that Public Storage files the same with the SEC. If Public Storage is not subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision,
and for so long as any notes are outstanding, Public Storage will deliver to the Trustee the quarterly and annual financial statements and accompanying Item 303 of Regulation S-K disclosure
(“management’s discussion and analysis of financial condition and results of operations”) that would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively, required to be filed with the SEC if Public Storage were subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, within 15 days of the filing date that would be