Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 119

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 119
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 Code provisions, relevant rules and Treasury
regulations, and related administrative and judicial interpretations.

Taxation. For each taxable year in which we qualify for
taxation as a REIT, we generally will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income of the REIT subject to specified adjustments, including a deduction for dividends paid)
that is distributed currently to our shareholders. This treatment substantially eliminates the “double taxation” at the corporate and shareholder levels that generally results from an investment in a
non-REIT C corporation. A non-REIT C corporation is a corporation that generally is required to pay tax at the corporate level. Double taxation means taxation once at
the corporate level when income is earned and once again at the shareholder level when the income is distributed. In general, the income that we generate is taxed only at the shareholder level upon a distribution of dividends to our shareholders.

U.S. shareholders generally will be subject to taxation on dividends distributed by us (other than designated capital gain dividends and
“qualified dividend income”) at rates applicable to ordinary income, instead of at lower capital gain rates. For taxable years beginning before January 1, 2026, generally, U.S. shareholders that are individuals, trusts or estates
may deduct 20% of the aggregate amount of ordinary dividends distributed by us,

40

subject to certain limitations. Capital gain dividends and qualified dividend income will continue to be subject to a maximum 20% rate. While we generally will not be subject to corporate income taxes on income that we distribute currently to shareholders, we will be subject to U.S. federal income tax as follows:

| (1) | We will be taxed at the regular corporate rate on any undistributed “REIT taxable income.” |

| (2) | If we have (1) net income from the sale or other disposition of “foreclosure property” that is                                                                                                         
 held primarily for sale to customers in the ordinary course of business, or (2) other non-qualifying income from foreclosure property, we will be subject to tax at the highest corporate rate on this 
 income.                                                                                                                                                                                                |

| (3) | Our net income from “prohibited transactions” will be subject to a 100% tax. In general, prohibited                                                                                                              
 transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business other than foreclosure property. See “ - Prohibited Transaction Income,” below. |

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