Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 137

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 137
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.S. shareholders at
such financial institutions may be subject to withholding at a rate of 30%. U.S. shareholders

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should consult their tax advisors regarding the effect, if any, of these withholding provisions on their ownership and disposition of their shares. See “—U.S. Taxation of Non-U.S.Shareholders—Withholding on Payments to Certain Foreign Entities.” Taxation of Tax-ExemptShareholders Provided that a tax-exemptshareholder, except certain tax-exemptshareholders described below, has not held its common shares as “debt-financed property” within the meaning of the Code and the shares are not otherwise used in its trade or business, the dividend income from us and gain from the sale of our common shares will not be unrelated business taxable income (“UBTI”) to a tax-exemptshareholder. Generally, “debt-financed property” is property, the acquisition or holding of which was financed through a borrowing by the tax-exemptshareholder. For tax-exemptshareholders that are social clubs, voluntary employee benefit associations, or supplemental unemployment benefit trusts exempt from U.S. federal income taxation under Sections 501(c)(7), (c)(9), or (c)(17) of the Code, respectively, or single parent title-holding corporations exempt under Section 501(c)(2) and whose income is payable to any of the aforementioned tax-exemptorganizations, income from an investment in Public Storage will constitute unrelated business taxable income unless the organization is able to properly claim a deduction for amounts set aside or placed in reserve for certain purposes so as to offset the income generated by its investment in our shares. These prospective investors should consult with their tax advisors concerning these set aside and reserve requirements. Notwithstanding the above, however, a portion of the dividends paid by a “pension-held REIT” are treated as UBTI if received by any trust which is described in Section 401(a) of the Code, is tax-exemptunder Section 501(a) of the Code and holds more than 10%, by value, of the interests in the REIT. A pension-held REIT includes any REIT if:

| • |     | at least one of such trusts holds more than 25%, by value, of the interests in the REIT, or two or more of such                                                    
 trusts, each of which owns more than 10%, by value, of the interests in the REIT, hold in the aggregate more than 50%, by value, of the