Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 152

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 152
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,” and accordingly, the tax treatment described above should be inapplicable to our tax-exemptshareholders. U.S. Taxation of Non-U.S.Shareholders The following discussion addresses the rules governing U.S. federal income taxation of the ownership and disposition of our common shares by non-U.S.shareholders. These rules are complex, and no attempt is made herein to provide more than a brief summary of such rules. Accordingly, the discussion does not address all aspects of U.S. federal income taxation and does not address state, local or foreign tax consequences that may be relevant to a non-U.S.shareholder in light of its particular circumstances. 58

Distributions by Public Storage.As described in the discussion below, distributions paid by us with respect to our common shares will be treated for U.S. federal income tax purposes as either:

| • |     | ordinary income dividends; |

| • |     | long-term capital gain; or |

| • |     | return of capital distributions. |

This discussion assumes that our shares will continue to be considered regularly traded on an established securities market located in the U.S. for purposes of the Foreign Investment in Real Property Tax Act (“FIRPTA”) provisions described below. If our shares are no longer regularly traded on an established securities market located in the U.S., the tax considerations described below would differ. Ordinary Income Dividends.A distribution paid by us to a non-U.S.shareholder will be treated as an ordinary income dividend if the distribution is paid out of our current or accumulated earnings and profits and:

| • |     | the distribution is not attributable to our net capital gain; or |

Ordinary dividends that are effectively connected with a U.S. trade or business of the non-U.S.shareholder will be subject to tax on a net basis (that is, after allowance for deductions) at graduated rates in the same manner as U.S. shareholders (including any applicable alternative minimum tax), except that a non-U.S.shareholder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or lower applicable treaty rate). Generally, we will withhold and remit to the IRS 30% of dividend distributions (including distributions that may later be determined to have been made in excess of current and accumulated earnings and profits) that could not be treated as capital gain distributions with respect to the non-U.S.shareholder (and that are not deemed to be capital gain dividends for purposes of the FIRPTA withholding rules described below) unless:

| •