Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 41

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 41
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 or currencies, financial institutions, regulated investment companies, tax-exemptentities, insurance companies, real estate investment trusts, persons holding notes as a part of a hedging, integrated, conversion or constructive sale transaction or a straddle, traders in securities that elect to use a mark-to-marketmethod of accounting for their securities holdings, persons liable for alternative minimum tax, investors in pass-through entities, accrual basis taxpayers subject to special tax accounting rules as a result of their use of financial statements or U.S. holders of notes whose “functional currency” is not the United States dollar. S-25

The U.S. House of Representatives recently passed a tax bill that, among other things, if
enacted into law in its current form, would add new Section 899 to the Code. Proposed Section 899 of the Code could significantly increase the aggregate tax liability of certain non-U.S.
holders with respect to their investment in the notes. Non-U.S. holders are urged to consult their tax advisors regarding the potential application of proposed Section 899 with respect to their
investment in the notes. The remainder of this summary is based on the Code, United States Treasury regulations, administrative rulings and judicial decisions as of the date hereof. Those authorities may be changed, possibly on a retroactive
basis, so as to result in U.S. federal income tax consequences different from those summarized below. We have not sought and do not expect to seek any rulings from the Internal Revenue Service (the “IRS”) regarding the matters discussed
below. There can be no assurance that the IRS will not take positions concerning the tax consequences of the purchase, ownership or disposition of the notes that are different from those discussed below.

This summary does not represent a detailed description of the U.S. federal income tax consequences to you in light of your particular
circumstances and does not address the effects of any U.S. federal tax consequences other than income taxes (such as estate or gift taxes) and does not address state, local or non-United States tax laws. It is
not intended to be, and should not be construed to be, legal or tax advice to any particular purchaser of notes.

If you are considering
the purchase of notes, you should consult your tax advisors concerning the U.S. federal income tax consequences to you of the purchase, ownership and disposition of the notes, as well as the consequences to you arising under other U.S. federal tax
laws and/or the laws of any other taxing jurisdiction.

Considerations Relevant to U.S. Hold