Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 145

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 145
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 (provided that such benefit is available). Prospective investors should consult their tax advisors regarding the effect of FATCA in their particular circumstances. Information Reporting and Backup Withholding Tax Applicable to Shareholders U.S. Shareholders. In general, information-reporting requirements will apply to payments of distributions on our common shares and payments of the proceeds of the sale of our common shares to some U.S. shareholders, unless an exception applies. Further, the payer will be required to withhold backup withholding tax on such payments at the rate of 24% if:

| (1) | the payee fails to furnish a taxpayer identification number (“TIN”), to the payer or to establish an 
 exemption from backup withholding;                                                                   |

| (2) | the IRS notifies the payer that the TIN furnished by the payee is incorrect; |

| (3) | there has been a notified payee under-reporting with respect to interest, dividends or original issue discount 
 described in Section 3406(c) of the Code; or                                                                   |

| (4) | there has been a failure of the payee to certify under the penalty of perjury that the payee is not subject to 
 backup withholding under the Code.                                                                             |

Some shareholders, including corporations, may be exempt from backup withholding. Any amounts that we withhold under the backup withholding rules may be refunded or credited against the U.S. shareholder’s U.S. federal income tax liability if certain required information is timely furnished to the IRS. 62

Non-U.S.Shareholders. Generally, information
reporting will apply to payments of distributions on our common shares, and backup withholding described above for a U.S. shareholder will apply, unless the payee certifies that it is not a U.S. person or otherwise establishes an exemption.

The payment of the proceeds from the disposition of our common shares to or through the U.S. office of a U.S. or foreign broker will be
subject to information reporting and, possibly, backup withholding as described above for U.S. shareholders, or the withholding tax for non-U.S. shareholders, as applicable, unless the non-U.S. shareholder certifies as to its non-U.S. status or otherwise establishes an exemption, provided that the broker does not have actual knowledge that the shareholder is
a U.S. person or that the conditions of any other exemption are not, in fact, satisfied. The proceeds of the disposition by a non-U.S. shareholder of our common shares to or through a foreign office of a
broker generally will