Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 121

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 121
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 pay certain state and local income taxes, because not all states and localities treat REITs the same as they are treated for U.S. federal income tax purposes. Moreover, each of our taxable REIT subsidiaries (as further described below) is subject to U.S. federal, state and local corporate income taxes on its net income. If we are subject to taxation on our REIT taxable income or subject to tax due to the sale of a built-ingain asset that was acquired in a carry-over basis from a non-REITC Corporation, some of the dividends we pay to our shareholders during the following year may be subject to tax at the reduced capital gains rates, rather than taxed at ordinary income rates. See “—Taxation of U.S. Shareholders—Qualified Dividend Income.” Requirements for Qualification as a REIT.The Code defines a REIT as a corporation, trust or association:

| (1) | that is managed by one or more trustees or directors; |

| (2) | that issues transferable shares or transferable certificates to evidence its beneficial ownership; |

| (3) | that would be taxable as a domestic corporation, but for Sections 856 through 860 of the Code; |

| (4) | that is neither a financial institution nor an insurance company within the meaning of certain provisions of 
 the Code;                                                                                                    |

| (5) | that is beneficially owned by 100 or more persons; |

| (6) | not more than 50% in value of the outstanding shares or other beneficial interest of which is owned, actually                                                                                           
 or constructively, by five or fewer individuals (as defined in the Code to include certain entities and as determined by applying certain attribution rules) during the last half of each taxable year; |

| (7) | that makes an election to be a REIT for the current taxable year, or has made such an election for a previous                                                                                            
 taxable year that has not been revoked or terminated, and satisfies all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT status; |

| (8) | that uses a calendar year for U.S. federal income tax purposes and complies with the recordkeeping requirements 
 of the Code and the Treasury regulations promulgated thereunder; and                                            |

| (9) | that meets other applicable tests, described below, regarding the nature of its income and assets and the 
 amount of its distributions.                                                                              |

The Code provides that conditions (1),