Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 120

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 120
---
iations. 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, a taxable REIT subsidiary may under certain circumstances provide tenant services which do not satisfy any of the safe-harbor provisions described above. Nevertheless, these determinations are inherently factual, and the IRS has broad discretion to assert that amounts paid between related parties should be reallocated to clearly reflect their respective incomes. If the IRS successfully made such an assertion, we would be required to pay a 100% penalty tax on the redetermined rent, redetermined deductions or excess interest, as applicable. Asset Tests Applicable to REITs.At the close of each quarter of our taxable year, we must satisfy certain tests relating to the nature and diversification of our assets:

| (1) | At least 75% of the value of our total assets must be represented by “real estate assets,” cash, cash                                                                                                                                           
 items, or U.S. government securities. Real estate assets include interests in real property, mortgages secured by real estate assets, shares of other REITs (and debt instruments issued by “publicly offered REITs,” interests in mortgages on 
 interests in real property and personal property leased in connection with real property to the extent that rents attributable to such personal property are treated as “rents from real property”), and stock or debt instruments held for     
 less than one year purchased with