Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 158

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 158
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” that undertakes certain due diligence, reporting, withholding, and certification obligations, or in the case of a foreign financial institution that is a resident in a jurisdiction that has entered into an intergovernmental agreement to implement FATCA, the entity complies with the diligence and reporting requirements of such agreement, (ii) the foreign entity is not a “foreign financial institution” and either certifies it does not have any “substantial United States owners” (as defined in the Code) or identifies certain of its U.S. investors, or (iii) the foreign entity otherwise is exempted under FATCA. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of our shares on or after January 1, 2019, proposed Treasury regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury regulations until final Treasury regulations are issued. If withholding is required under FATCA on a payment related to our shares, investors that otherwise would not be subject to withholding (or that otherwise would be entitled to a reduced rate of withholding) generally will be required to seek a refund or credit from the IRS to obtain the benefit of such exemption or reduction (provided that such benefit is available). Prospective investors should consult their tax advisors regarding the effect of FATCA in their particular circumstances. Information Reporting and Backup Withholding Tax Applicable to Shareholders U.S. Shareholders. In general, information-reporting requirements will apply to payments of distributions on our common shares and payments of the proceeds of the sale of our common shares to some U.S. shareholders, unless an exception applies. Further, the payer will be required to withhold backup withholding tax on such payments at the rate of 24% if:

| (1) | the payee fails to furnish a taxpayer identification number (“TIN”), to the payer or to establish 
 an exemption from backup withholding;                                                             |

| (2) | the IRS notifies the payer that the TIN furnished by the payee is incorrect; |

| (3) | there has been a notified payee under-reporting with respect to interest, dividends or original issue discount 
 described in Section 3406(c) of the Code; or                                                                   |

| (4) | there has been a failure of the payee to certify under the penalty of perjury that the payee is not subject to 
 backup withholding under the Code.                                                                             |

Some shareholders, including corporations, may be exempt from backup withholding. Any amounts that we