Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 143

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 143
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 own, actually or constructively, more than 10% of our shares. An actual or deemed disposition of our shares by such shareholders may also be treated as a dividend. Furthermore, dispositions of our shares by “qualified foreign pension funds” 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. We believe that we are and will continue to be a domestically controlled qualified investment entity and, therefore, that the sale of our common shares by a non-U.S.shareholder would not be subject to taxation under FIRPTA. Because our shares are publicly traded, however, we cannot guarantee that we are or will continue to be a domestically controlled qualified investment entity. If gain on the sale or exchange of our common shares were subject to taxation under FIRPTA, the non-U.S.shareholder would be subject to regular U.S. federal income tax with respect to any gain in the same manner as a taxable U.S. shareholder, subject to any applicable alternative minimum tax and special alternative minimum tax in the case of nonresident alien individuals. In such case, under FIRPTA the purchaser of common shares may be required to withhold 15% of the purchase price and remit this amount to the IRS. Specific wash sale rules applicable to sales of shares in a domestically-controlled REIT could result in gain recognition, taxable under FIRPTA, upon the sale of our common shares even if we are a domestically-controlled qualified investment entity. These rules would apply if a non-U.S.shareholder (1) disposes of our common shares within a 30-dayperiod preceding the ex-dividenddate of a distribution, any portion of which, but for the disposition, would have been taxable to such non-U.S.shareholder as gain from the sale or exchange of a USRPI, (2) acquires, or enters into a contract or option to acquire, other common shares during the 61-dayperiod that begins 30 days prior to such ex-dividenddate, and (3) if our common shares are “regularly traded” on an established securities market in the United States, such non-U.S.shareholder has owned more than 10% of our outstanding common shares at any time during the one-yearperiod ending on the date of such distribution. 61

If gain on the sale or exchange of our common shares by a non-U.S.shareholder were subject to taxation under FIRPTA,