Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 106

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 106
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 1, 2026, generally, U.S. shareholders that are individuals, trusts or estates may
deduct 20% of the aggregate amount of ordinary dividends distributed by us,

40

subject to certain limitations. Capital gain dividends and qualified dividend income will continue to be subject to a maximum 20% rate. While we generally will not be subject to corporate income taxes on income that we distribute currently to shareholders, we will be subject to U.S. federal income tax as follows:

| (1) | We will be taxed at the regular corporate rate on any undistributed “REIT taxable income.” |

| (2) | If we have (1) net income from the sale or other disposition of “foreclosure property” that is                                                                                                         
 held primarily for sale to customers in the ordinary course of business, or (2) other non-qualifying income from foreclosure property, we will be subject to tax at the highest corporate rate on this 
 income.                                                                                                                                                                                                |

| (3) | Our net income from “prohibited transactions” will be subject to a 100% tax. In general, prohibited                                                                                                              
 transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business other than foreclosure property. See “ - Prohibited Transaction Income,” below. |

| (4) | If we fail to satisfy either the 75% gross income test or the 95% gross income test discussed below, but                                                                                                                                            
 nonetheless maintain our qualification as a REIT because other requirements are met, we will be subject to a tax equal to the gross income attributable to the greater of either (1) the amount by which 75% of our gross income exceeds the amount 
 of our income qualifying under the 75% gross income test for the taxable year or (2) the amount by which 95% of our gross income exceeds the amount of our income qualifying for the 95% gross income test for the taxable year, multiplied in      
 either case by a fraction intended to reflect our profitability.                                                                                                                                                                                    |

| (5) | We will be subject to a 4% nondeductible excise tax on the excess of the required distribution over the sum of                                                                                                                                         
 amounts actually distributed, excess distributions from the preceding tax year and amounts retained for which U.S. federal income tax was paid if we fail to make the required distribution by the end of a calendar year (taking into account certain 
 distributions declared in the last three months of a calendar year and paid prior to the