Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 115

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 115
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 taxable REIT subsidiary. We may, however, directly perform certain services that are “usually or customarily rendered” in connection  
 with the rental of space for occupancy only and are not otherwise considered “rendered primarily for the convenience of the tenant” of the property. Examples of such services include the provision of light, heat, or other utilities, trash 
 removal and general maintenance of common areas. In addition, we may provide through an independent contractor or a taxable REIT subsidiary, both customary and non-customary services to our tenants without                                  
 causing the rent we receive from those tenants to fail to qualify as “rents from real property.” If the total amount of income we receive from providing impermissible tenant services at a property exceeds 1% of our total income from that  
 property, then all of the income from that property will fail to qualify as “rents from real property.” Impermissible tenant service income is deemed to be at least 150% of our direct cost in providing the service.                         |

In light of these requirements, we do not intend to take any of the actions listed below, unless we determine that the resulting nonqualifying income, taken together with all other nonqualifying income that we earn in the taxable year, will not jeopardize our status as a REIT:

| (1) | charge rent for any property that is based in whole or in part on the income or profits of any person (unless 
 based on a fixed percentage or percentages of gross receipts or sales, as permitted and described above);     |

| (2) | rent any property to a related party tenant, including a taxable REIT subsidiary, unless the rent from the                                                                   
 lease to the taxable REIT subsidiary would qualify for the special exception from the related party tenant rule applicable to certain leases with a taxable REIT subsidiary; |

| (3) | derive rental income attributable to personal property other than personal property leased in connection with   
 the lease of real property, the amount of which is less than 15% of the total rent received under the lease; or |

| (4) | directly perform services considered to be noncustomary or “rendered to the occupant” of the 
 property.                                                                                    |

The ownership of certain partnership interests creates several issues regarding our satisfaction of the gross income tests. First, we earn property management fees from these partnerships. Existing Treasury regulations do not address the treatment of management fees derived by a REIT from a partnership in which the REIT holds a partnership interest, but the IRS has