Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 49

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 49
---
 interest under the Trust
Indenture Act relating to any of its duties with respect to the debt securities, however, it must eliminate the conflict or resign as Trustee.

S-30

SUPPLEMENTAL U.S. FEDERAL INCOME TAX CONSIDERATIONS This summary supplements and should be read together with the general discussion of the tax considerations relating to Public Storage’s qualification as a REIT described in the accompanying prospectus under the title “Material U.S. Federal Income Tax Considerations.” To the extent any information set forth under the title “Material U.S. Federal Income Tax Considerations” in the accompanying prospectus is inconsistent with this supplemental information, this supplemental information will apply and supersede the information in the accompanying prospectus. This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the first paragraph under the title “Material U.S. Federal Income Tax Considerations” in the accompanying prospectus as if that paragraph was set forth in this prospectus supplement. Taxation of Holders of the Notes The following is a summary of certain U.S. federal income tax consequences of the ownership and disposition of the notes. This summary deals only with notes held as capital assets (within the meaning of Section 1221 of the Code) by persons who purchase the notes for cash pursuant to this offering upon original issuance at their initial offering price. This discussion is a supplement to, and is intended to be read together with, the discussion under the heading “Material U.S. Federal Income Tax Considerations” included in the accompanying prospectus. As used below, the term “U.S. holder” means a beneficial owner of the notes that, for U.S. federal income tax purposes, is:

| • |     | an individual who is a citizen or resident of the United States; |

| • |     | a corporation (or an entity treated as a corporation for U.S. federal income tax purposes) that is created or 
 organized under the laws of the United States, any state thereof or the District of Columbia;                 |

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

| • |     | a trust if it (i) is subject to the primary supervision of a court within the United States and one or more                                                                                                                    
 United States persons have the authority to control all substantial decisions of the trust or (ii) has a valid election in effect under applicable United States Treasury regulations to be treated as a