Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 124

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 124
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 quarter with respect to which testing is to occur, there can be no assurance that such steps will always be successful. If we fail to timely cure any noncompliance with the
asset tests, we would cease to qualify as a REIT, unless we satisfy certain relief provisions described in the next paragraph.

50

The failure to satisfy the asset tests can be remedied even after the 30-daycure period under certain circumstances. If the total value of the assets that caused a failure of the 5% asset test, the 10% voting securities test or the 10% value test does not exceed either 1% of our assets at the end of the relevant quarter or $10,000,000, we can cure such a failure by disposing of sufficient assets to cure such a violation within six months following the last day of the quarter in which we first identify the failure of the asset test. If we fail any of the other asset tests or our failure of the 5% and 10% asset tests is in excess of the de minimis amount described above, we can avoid disqualification as a REIT if the violation is due to reasonable cause and we dispose of an amount of assets sufficient to cure such violation within the six-monthperiod described in the preceding sentence, pay a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the nonqualifying assets during the period of time that the assets were held as nonqualifying assets, and file in accordance with applicable Treasury regulations a schedule with the IRS that describes the assets. The applicable Treasury regulations are yet to be issued. Thus, it is not possible to state with precision under what circumstances we would be entitled to the benefit of these provisions. Annual Distribution Requirements Applicable to REITs.To qualify as a REIT, we are required to distribute dividends, other than capital gain dividends, to our shareholders each year in an amount at least equal to the sum of:

| • |     | 90% of our “REIT taxable income,” computed without regard to the dividends-paid deduction and our net 
 capital gain; and                                                                                     |

| • |     | 90% of our after tax net income, if any, from foreclosure property; minus |

| • |     | the excess of the sum of certain items of non-cash income over 5% of our 
 “REIT taxable income.”                                                   |

In addition, for purposes of this test, non-cashincome includes a portion of the