Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 153

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 153
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 |     | 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 and accumulated earnings and profits, even if a lower treaty rate applies and the non-U.S.shareholder is not liable for tax on the receipt of that distribution. Moreover, if we cannot determine at the time a distribution is made whether or not the distribution will exceed our current and accumulated earnings and profits, we will withhold on the distribution at a rate not less than that applicable to ordinary income dividends. However, as a general matter, the non-U.S.shareholder may seek a refund of these amounts from the IRS if the non-U.S.shareholder’s U.S. tax liability with respect to the distribution is less than the amount withheld. 59

Capital Gain Dividends.A distribution paid by us to a non-U.S.shareholder will be treated as long-term capital gain if the distribution is paid out of our current or accumulated earnings and profits and: Long-term capital gain that a non-U.S.shareholder is deemed to receive from a capital gain dividend that is not attributable to the sale of USRPI generally will not be subject to U.S. tax in the hands of the non-U.S.shareholder unless:

| • |     | the non-U.S. shareholder’s investment in our common shares is                                                                                                                                        
 effectively connected with a U.S. trade or business of the non-U.S. shareholder, in which