Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 142

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 142
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 generally would not be subject to U.S. taxation unless:

| (1) | the investment in our common shares is effectively connected with the                                                          
 non-U.S. shareholder’s U.S. trade or business, in which case the non-U.S. shareholder will be subject to the same treatment as |

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| domestic shareholders with respect to any gain, except that a non-U.S. shareholder that is a corporation also may be subject to a branch profits tax at a 
 rate of 30% (or lower applicable treaty rate);                                                                                                            |

| (2) | the non-U.S. shareholder is a nonresident alien individual who is                                                                                                                                                                      
 present in the United States for 183 days or more during the taxable year and has a “tax home” in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual’s net capital gains 
 from U.S. sources for the taxable year; or                                                                                                                                                                                             |

| (3) | our common shares constitute a USRPI within the meaning of FIRPTA, as described below. |

Our common shares will not constitute a USRPI if we are a domestically controlled REIT. We intend to take the position that we will be a domestically controlled REIT if, at all times during a specified testing period, less than 50% in value of our common shares is held directly or indirectly by non-U.S.shareholders. Our declaration of trust contains restrictions designed to protect our status as a domestically-controlled REIT, and we believe that we are a domestically-controlled REIT. If we are a domestically-controlled REIT, gain recognized by a non-U.S.holder upon the sale or exchange of our common shares generally would not be subject to tax under FIRPTA. However, because our common shares are publicly traded, no assurance can be given that we are or will be a domestically controlled REIT. Even if we were not a domestically controlled REIT, a sale of our common shares by a non-U.S.shareholder would nevertheless not be subject to taxation under FIRPTA as a sale of a USRPI if:

| • |     | the class of our shares which is sold or exchanged is “regularly traded,” as defined by applicable 
 Treasury regulations, on an “established securities market” in the U.S., and                       |

In addition, dispositions of our shares by qualified shareholders are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders