Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 134

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 134
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 be taxable to non-corporate U.S. shareholders at a maximum rate of 25%. |

We must determine the maximum amounts that we may designate as 20% and 25% rate capital gain dividends by performing the computation required by the Code as if the REIT were an individual whose ordinary income were subject to a marginal tax rate of at least 28%. Recipients of capital gain dividends from us that are taxed at corporate income tax rates will be taxed at the normal corporate income tax rates on those dividends. The maximum amount of dividends that we may designate as capital gain and as “qualified dividend income” (discussed below) with respect to any taxable year may not exceed the dividends actually paid by us with respect to such year, including dividends paid by us in the succeeding tax year that relate back to the prior tax year for purposes of determining our dividends-paid deduction. Qualified Dividend Income.With respect to shareholders who are taxed at the rates applicable to individuals, we may elect to designate a portion of our distributions paid to shareholders as “qualified dividend income.” A portion of a distribution that is properly designated as qualified dividend income is taxable to non-corporateU.S. shareholders as capital gain, provided that the shareholder has held the common shares with respect to which the distribution is made for more than 60 days during the 121-dayperiod beginning on the date that is 60 days before the date on which such common shares become ex-dividendwith respect to the relevant distribution. The maximum amount of our distributions eligible to be designated as qualified dividend income for a taxable year is equal to the sum of:

| (1) | the qualified dividend income received by us during such taxable year from                                                                 
 non-REIT C corporations (including our corporate subsidiaries, other than qualified REIT subsidiaries, and our taxable REIT subsidiaries); |

| (2) | the excess of any “undistributed” REIT taxable income recognized during the immediately preceding            
 year over the U.S. federal income tax paid by us with respect to such undistributed REIT taxable income; and |

| (3) | the excess of any income recognized during the immediately preceding year attributable to the sale of a built-in-gain asset that was acquired in a carry-over basis transaction from a non-REIT C corporation over the U.S. federal income tax 
 paid by us with respect to such built-in gain.                                                                                                                                                                                                 |

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Generally, dividends that we receive will be treated as qualified dividend income for
purposes of (1) above if the dividends are