Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 107

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 107
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 we fail to satisfy one of the REIT asset tests (other than certain de minimis failures), but nonetheless                                                                                                  
 maintain our qualification as a REIT because other requirements are met, we will be subject to a tax equal to the greater of $50,000 or the amount determined by multiplying the net income generated by the 
 non-qualifying assets during the period of time that the assets were held as non-qualifying assets by the highest rate of tax applicable to corporations.                                                    |

| (9) | If we fail to satisfy certain of the requirements under the Code the failure of which would result in the loss                                                                                                 
 of our REIT status, and the failure is due to reasonable cause and not willful neglect, we may be required to pay a penalty of $50,000 for each such failure in order to maintain our qualification as a REIT. |

| (10) | If we fail to comply with the requirements to send annual letters to our shareholders requesting information                                                                                                              
 regarding the actual ownership of our shares and the failure was not due to reasonable cause or was due to willful neglect, we will be subject to a $25,000 penalty or, if the failure is intentional, a $50,000 penalty. |

Furthermore, notwithstanding our status as a REIT, we also may have to pay certain state and local income taxes, because not all states and localities treat REITs the same as they are treated for U.S. federal income tax purposes. Moreover, each of our taxable REIT subsidiaries (as further described below) is subject to U.S. federal, state and local corporate income taxes on its net income. If we are subject to taxation on our REIT taxable income or subject to tax due to the sale of a built-ingain asset that was acquired in a carry-over basis from a non-REITC Corporation, some of the dividends we pay to our shareholders during the following year may be subject to tax at the reduced capital gains rates, rather than taxed at ordinary income rates. See “—Taxation of U.S. Shareholders—Qualified Dividend Income.” Requirements for Qualification as a REIT.The Code defines a REIT as a corporation, trust or association:

| (1) | that is managed by one or more trustees or directors; |

| (2) | that issues transferable shares or transferable certificates to evidence its beneficial ownership; |

| (3) | that would be taxable as a domestic corporation, but for Sections 856 through 860