Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 131

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 131
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 partnership must be allocated for tax purposes in a manner such that the contributing partner is charged with, or benefits from, the unrealized gain or unrealized loss associated with the property at the time of the
contribution. The amount of the unrealized gain or unrealized loss at the time of contribution is generally equal to the difference between the fair market value of the contributed property at the time of contribution, and the adjusted tax basis of
such property at the time of contribution, or the book-tax difference. Such allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or other economic or legal
arrangements among the partners.

Under Section 704(c) of the Code, income, gain, loss and deduction attributable to appreciated or
depreciated property that is contributed to a partnership in exchange for an interest in the partnership or partnership property that has been revalued on the books of the partnership, must be allocated in a manner so that the contributing partners,
or partners who held an interest in the partnership at the time of such revaluation, are charged with the unrealized gain or benefit from the unrealized loss associated with the property at the time of such contribution or revaluation. Any elections
or other decisions relating to PSA OP allocations under Section 704(c) of the Code (including whether to use the “traditional method,” the “traditional method with curative allocations” or the “remedial method”)
shall be made by our controlled subsidiary, PSOP GP, LLC.

54

Taxation of U.S. Shareholders As used in the remainder of this discussion, the term “U.S. shareholder” means a beneficial owner of a Public Storage common share that is, for U.S. federal income tax purposes:

| • |     | a citizen or resident, as defined in Section 7701(b) of the Code, of the U.S.; |

| • |     | a corporation, partnership, limited liability company or other entity treated as a corporation or partnership for                                                                                                                                       
 U.S. federal income tax purposes that was created or organized in or under the laws of the United States or of any state thereof or in the District of Columbia unless, in the case of a partnership or limited liability company, Treasury regulations 
 provide otherwise;                                                                                                                                                                                                                                      |

| • |     | an estate the income of which is subject to U.S. federal income taxation regardless of its source; or |

| • |     | in general, a trust whose administration is subject to the