Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 139

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 139
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 our shares are no longer regularly traded on an established securities market located in the U.S., the tax considerations described below would differ. Ordinary Income Dividends.A distribution paid by us to a non-U.S.shareholder will be treated as an ordinary income dividend if the distribution is paid out of our current or accumulated earnings and profits and:

| • |     | the distribution is not attributable to our net capital gain; or |

Ordinary dividends that are effectively connected with a U.S. trade or business of the non-U.S.shareholder will be subject to tax on a net basis (that is, after allowance for deductions) at graduated rates in the same manner as U.S. shareholders (including any applicable alternative minimum tax), except that a non-U.S.shareholder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or lower applicable treaty rate). Generally, we will withhold and remit to the IRS 30% of dividend distributions (including distributions that may later be determined to have been made in excess of current and accumulated earnings and profits) that could not be treated as capital gain distributions with respect to the non-U.S.shareholder (and that are not deemed to be capital gain dividends for purposes of the FIRPTA withholding rules described below) unless:

| • |     | a lower treaty rate applies and the non-U.S. shareholder files an IRS       
 Form W-8BEN evidencing eligibility for that reduced treaty rate with us; or |

| • |     | the non-U.S. shareholder files an IRS Form                                                                                       
 W-8ECI with us claiming that the distribution is income effectively connected with the non-U.S. shareholder’s trade or business. |

Return of Capital Distributions.A distribution in excess of our current and accumulated earnings and profits will be taxable to a non-U.S.shareholder, if at all, as gain from the sale of common shares to the extent that the distribution exceeds the non-U.S.shareholder’s basis in its common shares (and, as a general matter, subject to U.S. federal income tax to the extent described below in the section entitled “–Sale of Common Shares”). A distribution in excess of our current and accumulated earnings and profits will reduce the non-U.S.shareholder’s basis in its common shares and will not be subject to U.S. federal income to the extent it reduces such non-U.S.shareholder’s basis in its common shares. We may be required to withhold at least 15% of any distribution in excess of our current