Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 43

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 43
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 allowed as a refund or a credit against a U.S. holder’s U.S. federal income tax liability if the required information is furnished in a timely manner to the IRS. Considerations Relevant to Non-U.S.Holders U.S. Federal Withholding Tax Subject to the discussion of backup withholding and FATCA below, U.S. federal withholding tax will not apply to any payment of interest on the notes under the “portfolio interest rule,” provided that:

| • |     | interest paid on the notes is not effectively connected with the non-U.S.                                                                                                       
 holder’s conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment); |

| • |     | the non-U.S. holder does not actually (or constructively) own 10% or more                                                                        
 of the total combined voting power of all classes of our stock that are entitled to vote within the meaning of Section 871(h)(3)(B) of the Code; |

| • |     | the non-U.S. holder is not a controlled foreign corporation that is 
 related to us within the meaning of the Code;                       |

| • |     | the non-U.S. holder is not a bank whose receipt of interest on the notes 
 is described in Section 881(c)(3)(A) of the Code; and                    |

| • |     | either (1) the non-U.S. holder provides its name and address on an                                                                                                                                                                                                                                  
 applicable IRS Form W-8 (or other applicable form), and certifies, under penalties of perjury, that it is not a United States person as defined under the Code or (2) the                                                                                                                           
 non-U.S. holder holds its notes through certain foreign intermediaries and satisfies the certification requirements of applicable United States Treasury regulations. Special certification rules apply to non-U.S. holders that are pass-through entities rather than corporations or individuals. |

If the non-U.S.holder cannot satisfy the requirements described above, payments of interest made to the non-U.S.holder will be subject to a 30% U.S. federal withholding tax, unless the non-U.S.holder provides the applicable withholding agent with a properly executed:

| • |     | IRS Form W-8BEN or W-8BEN-E, as applicable (or other applicable form) certifying an exemption from or reduction in withholding under the benefit of an applicable income tax treaty; or |

| • |     | IRS Form