Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 122

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 122
---
) in the preceding sentence, substantially all of the marketing and development expenditures with respect to the property sold must be made through an independent contractor from whom we derive no income or our taxable REIT subsidiary. The sale of more than one property to one buyer as part of one transaction constitutes one sale for purposes of this “safe harbor.” Penalty Tax.Any redetermined rents, redetermined deductions or excess interest we generate will be subject to a 100% penalty tax. The items subject to the100% penalty tax also include “redetermined taxable REIT subsidiary service income.” Redetermined taxable REIT subsidiary service income is gross income (less deductions allocable thereto) of a taxable REIT subsidiary attributable to services provided to, or on behalf of (and not to services provided to tenants), us that is less than the amounts that would have been paid by us to the taxable REIT subsidiary if based on arm’s-lengthnegotiations. In general, redetermined rents are rents from real property that are overstated as a result of services furnished by one of our taxable REIT subsidiaries to any of our tenants, and redetermined deductions and excess interest represent amounts that are deducted by a taxable REIT subsidiary for payments to us that are in excess of the amounts that would have been deducted based on arm’s-lengthnegotiations. Rents we receive will not constitute redetermined rents if they qualify for the safe harbor provisions contained in the Code. Safe harbor provisions are provided where:

| • |     | amounts are excluded from the definition of impermissible tenant service income as a result of satisfying the 1% 
 de minimis exception;                                                                                            |

| • |     | a taxable REIT subsidiary renders a significant amount of similar services to unrelated parties and the charges 
 for such services are substantially comparable;                                                                 |

48

| • |     | rents paid to us by tenants who both are leasing at least 25% of the net leasable space in the relevant property                                                                                                                                         
 and also are not receiving such services from the taxable REIT subsidiary are substantially comparable to the rents paid by our tenants leasing comparable space who are receiving such services from the taxable REIT subsidiary and the charge for the 
 services is separately stated; or                                                                                                                                                                                                                        |

| • |     | the taxable REIT subsidiary’s gross income from the service is not less than 150% of the taxable REIT 
 subsidiary’s direct cost of furnishing the service.                                                   |

While we anticipate that any fees paid to a taxable REIT subsidiary for tenant services will reflect arm’s-lengthrates