Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 45

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 45
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 lesser rate as                                       
 may be specified under an applicable income tax treaty) on its earnings and profits, subject to adjustments, that are effectively connected with its conduct of a trade or business in the United States; or                                            |

| • |     | the non-U.S. holder is an individual who is present in the United States                                                                                                                                         
 for 183 days or more in the taxable year of the disposition, and certain other conditions are met, in which case, unless an applicable income tax treaty provides otherwise, the non-U.S. holder will be subject 
 to a flat 30% U.S. federal income tax on the gain derived from the sale or other taxable disposition, which may be offset by certain United States source capital losses. If a non-U.S. holder is eligible for   
 the benefits of a tax treaty between the United States and its country of residence, any such gain will be subject to U.S. federal income tax in the manner specified by the treaty.                             |

Information Reporting and Backup Withholding Generally, we must report to the IRS and to each non-U.S.holder the amount of interest paid to such non-U.S.holder and the amount of tax, if any, withheld with respect to those payments. Copies of the information returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which the non-U.S.holder resides under the provisions of an applicable income tax treaty. In general, a non-U.S.holder will not be subject to backup withholding with respect to payments of interest on the notes that are made to the non-U.S.holder provided that the applicable withholding agent has received from the non-U.S.holder the required certification that it is a non-U.S.holder described above in the fifth bullet point under “—United States Federal Withholding Tax” and the withholding agent does not have actual knowledge or reason to know that the holder is a U.S. person, as defined under the Code, that is not an exempt recipient. Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other taxable disposition (including a retirement or redemption) of notes within the United States or conducted through certain United States-related financial intermediaries, unless the non-U.S.holder certifies to the applicable withholding agent under penalties of perjury that it is a non-U.S.holder, or the S-28

non-U.S. holder otherwise establishes an exemption and the withholding agent does not have actual knowledge or reason to know that the