Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 140

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 140
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 and accumulated earnings and profits, even if a lower treaty rate applies and the non-U.S.shareholder is not liable for tax on the receipt of that distribution. Moreover, if we cannot determine at the time a distribution is made whether or not the distribution will exceed our current and accumulated earnings and profits, we will withhold on the distribution at a rate not less than that applicable to ordinary income dividends. However, as a general matter, the non-U.S.shareholder may seek a refund of these amounts from the IRS if the non-U.S.shareholder’s U.S. tax liability with respect to the distribution is less than the amount withheld. 59

Capital Gain Dividends.A distribution paid by us to a non-U.S.shareholder will be treated as long-term capital gain if the distribution is paid out of our current or accumulated earnings and profits and: Long-term capital gain that a non-U.S.shareholder is deemed to receive from a capital gain dividend that is not attributable to the sale of USRPI generally will not be subject to U.S. tax in the hands of the non-U.S.shareholder unless:

| • |     | the non-U.S. shareholder’s investment in our common shares is                                                                                                                                        
 effectively connected with a U.S. trade or business of the non-U.S. shareholder, in which case the non-U.S. shareholder will be subject to the same treatment as U.S.                                
 shareholders with respect to any gain, except that a non-U.S. shareholder that is a corporation also may be subject to the branch profits tax at a rate of 30% (or lower applicable treaty rate); or |

| • |     | the non-U.S. shareholder is a nonresident alien individual who is present                                                                                                                                     
 in the United States for 183 days or more during the taxable year and has a “tax home” in the United States in which case the nonresident alien individual will be subject to a 30% tax on his capital gains. |

Under FIRPTA, distributions that are attributable to gain from the sales by us of USRPIs and paid to a non-U.S.shareholder that owns more than 10% of the value of the relevant class of shares at any time during the one-yearperiod ending on the date of the distribution will be subject to U.S. tax as income effectively connected with a U.S. trade or business. The FIRPTA tax will apply to these distributions whether or not the distribution is designated as a capital gain dividend. Any distribution paid by us that is treated as a