Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 15

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 15
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 bill proposes to increase the current U.S. tax rates, including reduced rates provided under an applicable income tax treaty and increased rates of taxation under
the Foreign Investment in Real Property Tax Act, on interest payable under the notes to certain individuals and entities resident in, or owned by residents of, countries (“applicable persons”) that have enacted any unfair foreign tax, as
defined in the bill. Among other things, the bill provides for escalating rates of tax on payments to applicable persons, including applicable persons that claim a reduced rate of withholding tax under an applicable income tax treaty, up to 20%
above the current statutory rates of tax (determined without regard to any rate provided under an applicable income tax treaty in lieu of such statutory rate). Based on the Report of the Committee on the Budget of the House of Representatives, H.
Rpt. 119-106, such increased rates of tax are not intended to apply to holders that claim the portfolio interest exemption with respect to interest payments under the notes. The likelihood of the bill or other similar legislation being enacted is
uncertain, and the provisions of the bill or other similar legislation may change prior to enactment. Prospective investors in the notes should consult their legal advisors regarding the likelihood of the bill becoming law and the potential effects
of the bill to them of investing in the notes.

S-9

USE OF PROCEEDS

We expect the net proceeds from the sale of the notes in this offering will be approximately $866.6 million, after deducting the underwriting
discounts and estimated offering expenses payable by us.

We intend to use the net proceeds from this offering to repay our outstanding
$400 million in aggregate principal amount of our 2025 Floating Rate Notes and for general corporate purposes, including to make investments in self-storage facilities (such as acquisitions of facilities or interests in entities that own
facilities, development, and mortgage loans secured by facilities), repayment of debt and the redemption of outstanding securities. The 2025 Floating Rate Notes bear interest at a rate equal to Compounded SOFR (as defined in the Twelfth Supplemental
Indenture, dated as of July 26, 2023), reset quarterly, plus 60 basis points per annum and mature on July 25, 2025.

Pending
application of the net proceeds as described above, we expect to deposit the net proceeds of this offering in interest bearing accounts or invest them in certificates of deposit, United States government obligations or other short-term, high-quality
debt instruments selected at our