Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 42

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 42
---
ers

Interest on the Notes

Stated interest on a note will generally be taxable to a U.S. holder as ordinary income at the time it is received or accrued in accordance
with the U.S. holder’s usual method of accounting for U.S. federal income tax purposes.

Sale, Exchange, Retirement, Redemption or Other Taxable Disposition of the Notes

A U.S. holder will generally recognize gain or loss upon the sale, exchange,
retirement, redemption or other taxable disposition of a note equal to the difference between the amount realized upon the taxable disposition (less any portion of such amount attributable to accrued and unpaid stated interest, which will be taxable
as ordinary interest income to the extent not previously included in income) and the U.S. holder’s adjusted tax basis in the note. A U.S. holder’s adjusted tax basis in a note will generally be equal to the amount that such U.S. holder
paid for the note.

Any gain or loss recognized on a taxable disposition of the note will generally be capital gain or loss. If, at the
time of the sale, redemption or other taxable disposition of the note, a U.S. holder is treated as holding the note for more than one year, this capital gain or loss will be long-term capital gain or loss. In the case of certain non-corporate U.S. holders (including individuals), long-term capital gains generally are subject to preferential tax rates. A U.S. holder’s ability to deduct capital losses may be limited.

Medicare Tax

Certain U.S. holders that are individuals, estates, or trusts are subject to an additional 3.8% Medicare tax on “net investment
income,” which includes, among other things, interest on and gains from the sale or other disposition of notes. Investors in notes should consult their tax advisors regarding the 3.8% Medicare tax.

S-26

Information Reporting and Backup Withholding Information reporting generally will be required with respect to interest on the notes and the proceeds of a sale or other taxable disposition (including a retirement or redemption) of a note paid to a U.S. holder unless the U.S. holder is an exempt recipient (such as a corporation). Backup withholding will apply to those payments if the U.S. holder fails to provide its correct taxpayer identification number, or certification of exempt status, or if the U.S. holder is notified by the IRS that it has failed to report in full payments of interest and dividend income. Any amounts withheld under the backup withholding rules will be