Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 134

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 134
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 elections
or other decisions relating to PSA OP allocations under Section 704(c) of the Code (including whether to use the “traditional method,” the “traditional method with curative allocations” or the “remedial method”)
shall be made by our controlled subsidiary, PSOP GP, LLC.

54

Taxation of U.S. Shareholders As used in the remainder of this discussion, the term “U.S. shareholder” means a beneficial owner of a Public Storage common share that is, for U.S. federal income tax purposes:

| • |     | a citizen or resident, as defined in Section 7701(b) of the Code, of the U.S.; |

| • |     | a corporation, partnership, limited liability company or other entity treated as a corporation or partnership for                                                                                                                                       
 U.S. federal income tax purposes that was created or organized in or under the laws of the United States or of any state thereof or in the District of Columbia unless, in the case of a partnership or limited liability company, Treasury regulations 
 provide otherwise;                                                                                                                                                                                                                                      |

| • |     | an estate the income of which is subject to U.S. federal income taxation regardless of its source; or |

| • |     | in general, a trust whose administration is subject to the primary supervision of a U.S. court and which has one 
 or more U.S. persons who have the authority to control all substantial decisions of the trust.                   |

Notwithstanding the preceding sentence, to the extent provided in the Treasury regulations, certain trusts in existence on August 20, 1996, and treated as U.S. persons prior to this date that elect to continue to be treated as U.S. persons, shall also be considered U.S. shareholders. If you hold our common shares and are not a U.S. shareholder, you are a “non-U.S.shareholder.” If a partnership holds our common shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our common shares, you should consult your tax advisor regarding the tax consequences of the ownership and disposition of our common shares. Distributions by Public Storage—General.As long as we qualify as a REIT, distributions out of our current or accumulated earnings and profits that are not designated as capital gains dividends or “qualified dividend income” will be taxable to our taxable U.S. shareholders as ordinary income and will not be eligible for the dividends-re