Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 123

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 123
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, a taxable REIT subsidiary may under certain circumstances provide tenant services which do not satisfy any of the safe-harbor provisions described above. Nevertheless, these determinations are inherently factual, and the IRS has broad discretion to assert that amounts paid between related parties should be reallocated to clearly reflect their respective incomes. If the IRS successfully made such an assertion, we would be required to pay a 100% penalty tax on the redetermined rent, redetermined deductions or excess interest, as applicable. Asset Tests Applicable to REITs.At the close of each quarter of our taxable year, we must satisfy certain tests relating to the nature and diversification of our assets:

| (1) | At least 75% of the value of our total assets must be represented by “real estate assets,” cash, cash                                                                                                                                           
 items, or U.S. government securities. Real estate assets include interests in real property, mortgages secured by real estate assets, shares of other REITs (and debt instruments issued by “publicly offered REITs,” interests in mortgages on 
 interests in real property and personal property leased in connection with real property to the extent that rents attributable to such personal property are treated as “rents from real property”), and stock or debt instruments held for     
 less than one year purchased with the proceeds of an offering of shares or certain long-term debt obligations.                                                                                                                                  |

| (2) | Not more than 25% of our total assets may be represented by securities, other than those securities includable 
 in the 75% asset class (e.g., securities that qualify as real estate assets and government securities);        |

| (3) | Except for equity investments in REITs, certain debt investments in REITs, debt or equity investments in                                                                  
 qualified REIT subsidiaries and taxable REIT subsidiaries, and other securities that qualify as “real estate assets” for purpose of the 75% test described in clause (1): |

| • |     | the value of any one issuer’s securities owned by us may not exceed 5% of the value of our total assets; |

| • |     | we may not own more than 10% of any one issuer’s outstanding voting securities; |

| • |     | we may not own more than 10% of the total value of the outstanding securities of any one issuer, other than 
 securities that qualify for the “straight debt” exception discussed below;                                  |

| (4) | Not more than 20% of the value of