Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 103

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 103
---
 U.S. FEDERAL INCOME TAX CONSIDERATIONS For purposes of the following discussion, references to “Public Storage” “the Company,” “we” and “us” mean (i) prior to the Reorganization, the Predecessor and (ii) from and after the Reorganization, Public Storage, and not their respective subsidiaries or affiliates. The following discussion describes the material U.S. federal income tax considerations relating to the taxation of Public Storage as a REIT and the acquisition, ownership and disposition of our common shares. If we offer debt securities, or equity securities other than common shares, information about additional U.S. federal income tax considerations with respect to those securities will be included in the documents pursuant to which those securities are offered. Because this is a summary that is intended to address only the U.S. federal income tax considerations relating to the ownership and disposition of our common shares, it may not contain all the information that may be important in your specific circumstances. As you review this discussion, you should keep in mind that:

| (1) | the tax considerations to you may vary depending on your particular tax situation; |

| (2) | special rules that are not discussed below may apply to you if you are subject to special tax treatment under 
 the Code, including:                                                                                          |

| • |     | broker-dealers; |

| • |     | financial institutions; |

| • |     | holders who receive our common shares through the exercise of employee stock options or otherwise as 
 compensation;                                                                                        |

| • |     | insurance companies; |

| • |     | non-U.S. shareholders (as defined below), except to the extent discussed 
 below in “U.S. Taxation of Non-U.S. Shareholders”;                       |

| • |     | persons holding 10% or more (by vote or value) of our outstanding common shares, except to the extent discussed 
 below;                                                                                                          |

| • |     | persons holding our common shares as part of a “straddle,” “hedge,” “conversion 
 transaction,” “synthetic security” or other integrated investment;              |

| • |     | persons holding our common shares on behalf of other persons as nominees; |

| • |     | persons holding our common shares through a partnership or other pass-through entity; |

| • |     | persons subject to the alternative minimum tax provisions of the Code; |

| • |     | REITs; |

| • |     | regulated investment companies (“RICs”);