Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 104

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 104
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| • |     | subchapter S corporations; |

| • |     | foreign (non-U.S.) governments; |

| • |     | tax-exempt organizations, except to the extent discussed below in 
 “Taxation of Tax-Exempt U.S. Shareholders”;                       |

| • |     | trusts and estates; or |

| • |     | U.S. expatriates. |

| (3) | this summary addresses neither U.S. federal taxes other than income taxes nor state, local or non-U.S. tax considerations; |

| (4) | this summary deals only with Public Storage common shareholders that hold common shares as “capital 
 assets,” within the meaning of Section 1221 of the Code; and                                        |

| (5) | this discussion is not intended to be, and should not be construed as, tax advice. |

39

You are urged both to review the following discussion and to consult with your tax advisor
to determine the effect of acquiring, owning and disposing of our common shares in your individual tax situation, including any state, local or non-U.S. tax consequences.

The information in this section is based on the Code, current, temporary and proposed regulations promulgated by the U.S. Treasury Department,
the legislative history of the Code, current administrative interpretations and practices of the IRS, and court decisions. The reference to IRS interpretations and practices includes IRS practices and policies as endorsed in private letter rulings,
which are not binding on the IRS except with respect to the taxpayer that receives the ruling. In each case, these sources are relied upon as they exist on the date of this registration statement. Future legislation, regulations, administrative
interpretations and court decisions could change current law or adversely affect existing interpretations of current law. Any change could apply retroactively. Except as described under “—Taxation of Public Storage as a REIT—Income
Tests Applicable to REITs,” we have not obtained any rulings from the IRS concerning the tax treatment of the matters discussed below. Accordingly, even if there is no change in the applicable law, no assurance can be provided that the
statements made in the following discussion, which do not bind the IRS or the courts, will not be challenged by the IRS or will be sustained by a court if so challenged.

Taxation of Public Storage as a REIT

General. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1981. A REIT generally
is