Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 116

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 116
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, but our partnerships may not qualify for those rules and the relevant partnership agreements may not authorize those transfers. For additional information regarding tax aspects of our ownership of partnerships, see “—Tax Aspects of Investments in Partnerships” below. Income Tests Applicable to REITs.To qualify as a REIT, we must satisfy two gross income tests which are applied on an annual basis. First, in each taxable year we must derive directly or indirectly at least 75% of our gross income, excluding gross income from prohibited transactions, from investments relating to real property or mortgages on real property or from some types of temporary investments. Income from investments relating to real property or mortgages on related property includes “rents from real property,” gains on the disposition of real estate, dividends paid by another REIT and interest on obligations secured by mortgages on real property or on interests in real property. Second, in each taxable year we must derive at least 95% of our gross income, excluding gross income from prohibited transactions, from any combination of income qualifying under the 75% gross income test and dividends, interest, and gain from the sale or disposition of stock or securities. Interest income and gain from the sale of a debt instrument issued by a “publicly offered REIT,” unless the debt instrument is secured by real property or an interest in real property, isnot treated as qualifying income for purposes of the 75% gross income test but will be treated as qualifying income for purposes of the 95% gross income test. A “publicly offered REIT” means a REIT that is required to file annual and periodic reports with the SEC under the Exchange Act. Rents we receive will qualify as “rents from real property” for the purpose of satisfying the gross income requirements for a REIT described above only if several conditions are met:

| • |     | the amount of rent must not be based in whole or in part on the income or profits of any person. However, an                                                                                         
 amount we receive or accrue generally will not be excluded from the term “rents from real property” solely by reason of being based on a fixed percentage or percentages of gross receipts or sales; |

| • |     | we, or an actual or constructive owner of 10% or more of our shares, must not actually or constructively own 10% 
 or more of the interests in the tenant, or, if the tenant is a corporation, 10% or                               |

45

| more of the voting power or value of all classes