Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 106

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 106
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 are subject to special tax treatment under 
 the Code, including:                                                                                          |

| • |     | broker-dealers; |

| • |     | financial institutions; |

| • |     | holders who receive our common shares through the exercise of employee stock options or otherwise as 
 compensation;                                                                                        |

| • |     | insurance companies; |

| • |     | non-U.S. shareholders (as defined below), except to the extent discussed 
 below in “U.S. Taxation of Non-U.S. Shareholders”;                       |

| • |     | persons holding 10% or more (by vote or value) of our outstanding common shares, except to the extent discussed 
 below;                                                                                                          |

| • |     | persons holding our common shares as part of a “straddle,” “hedge,” “conversion 
 transaction,” “synthetic security” or other integrated investment;              |

| • |     | persons holding our common shares on behalf of other persons as nominees; |

| • |     | persons holding our common shares through a partnership or other pass-through entity; |

| • |     | persons subject to the alternative minimum tax provisions of the Code; |

| • |     | REITs; |

| • |     | regulated investment companies (“RICs”); |

| • |     | subchapter S corporations; |

| • |     | foreign (non-U.S.) governments; |

| • |     | tax-exempt organizations, except to the extent discussed below in 
 “Taxation of Tax-Exempt U.S. Shareholders”;                       |

| • |     | trusts and estates; or |

| • |     | U.S. expatriates. |

| (3) | this summary addresses neither U.S. federal taxes other than income taxes nor state, local or non-U.S. tax considerations; |

| (4) | this summary deals only with Public Storage common shareholders that hold common shares as “capital 
 assets,” within the meaning of Section 1221 of the Code; and                                        |

| (5) | this discussion is not intended to be, and should not be construed as, tax advice. |

39

You are urged both to review the following discussion and to consult with your tax advisor
to determine the effect of acquiring, owning and disposing of our common shares in your individual tax situation, including any state, local or non-U.S. tax consequences.

The information in this section is based on the Code, current, temporary and proposed regulations promulg