Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 141

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 141
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 capital gain dividend or that could be treated as a capital gain dividend with respect to a particular non-U.S.shareholder that owns more than 10% of the value of the relevant class of shares at any time during the one-yearperiod ending on the date of the distribution will be subject to special withholding rules under FIRPTA. We will be required to withhold and remit to the IRS 21% of any distribution that could be treated as a capital gain dividend with respect to the non-U.S.shareholder, whether or not the distribution is attributable to the sale by us of USRPIs. The amount withheld is creditable against the non-U.S.shareholder’s U.S. federal income tax liability or refundable when the non-U.S.shareholder properly and timely files a tax return with the IRS. In addition, distributions to certain non-U.S.publicly traded shareholders that meet certain record-keeping and other requirements (“qualified shareholders”) are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of our shares. Furthermore, distributions to “qualified foreign pension funds” (as defined in the Code) or entities all of the interests of which are held by “qualified foreign pension funds” are exempt from FIRPTA. Non-U.S.shareholders should consult their tax advisors regarding the application of these rules. Undistributed Capital Gain.Although the law is not entirely clear on the matter, it appears that amounts designated by us as undistributed capital gains in respect of our shares held by non-U.S.shareholders generally should be treated in the same manner as actual distributions by us of capital gain dividends. Under that approach, the non-U.S.shareholder would be able to offset as a credit against its U.S. federal income tax liability resulting therefrom its proportionate share of the tax paid by us on the undistributed capital gains treated as long-term capital gain to the non-U.S.shareholder, and generally to receive from the IRS a refund to the extent its proportionate share of the tax paid by us were to exceed the non-U.S.shareholder’s actual U.S. federal income tax liability on such long-term capital gain. If we were to designate any portion of our net capital gain as undistributed capital gain, a non-U.S.shareholder should consult its tax advisor regarding the taxation of such undistributed capital gain. Sale of Common Shares.Gain recognized by a non-U.S.shareholder upon the sale or exchange of our common shares