Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 114

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 114
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 or an interest in real property, isnot treated as qualifying income for purposes of the 75% gross income test but will be treated as qualifying income for purposes of the 95% gross income test. A “publicly offered REIT” means a REIT that is required to file annual and periodic reports with the SEC under the Exchange Act. Rents we receive will qualify as “rents from real property” for the purpose of satisfying the gross income requirements for a REIT described above only if several conditions are met:

| • |     | the amount of rent must not be based in whole or in part on the income or profits of any person. However, an                                                                                         
 amount we receive or accrue generally will not be excluded from the term “rents from real property” solely by reason of being based on a fixed percentage or percentages of gross receipts or sales; |

| • |     | we, or an actual or constructive owner of 10% or more of our shares, must not actually or constructively own 10% 
 or more of the interests in the tenant, or, if the tenant is a corporation, 10% or                               |

45

| more of the voting power or value of all classes of stock of the tenant. Rents received from such a tenant that is a taxable REIT subsidiary, however, will not be excluded from the definition of                                          
 “rents from real property” as a result of this condition if either (i) at least 90% of the space at the property to which the rents relate is leased to third parties, and the rents paid by the taxable REIT subsidiary are comparable to  
 rents paid by our other tenants for comparable space or (ii) the property is a qualified lodging facility or a qualified health care property, and such property is operated on behalf of the taxable REIT subsidiary by a person who is an 
 independent contractor and certain other requirements are met;                                                                                                                                                                              |

| • |     | rent attributable to personal property, leased in connection with a lease of real property, is not greater than                                                                                
 15% of the total rent received under the lease. If this requirement is not met, then the portion of rent attributable to personal property will not qualify as “rents from real property”; and |

| • |     | we generally must not provide directly impermissible tenant services to the tenants of a property, subject to a                                                                                                                                
 1% de minimis exception, other than through an independent contractor from whom we derive no income or a