Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 44

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 44
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 W-8ECI (or other applicable form) certifying that interest paid                                                                                                                                    
 on the notes is not subject to withholding tax because it is effectively connected with the non-U.S. holder’s conduct of a trade or business in the United States (and, if required by an applicable income 
 tax treaty, is attributable to a United States permanent establishment) (as discussed below under “—U.S. Federal Income Tax”).                                                                              |

The 30% U.S. federal withholding tax generally will not apply to any gain that the non-U.S.holder realizes on the sale, exchange, retirement, redemption or other taxable disposition of a note. S-27

U.S. Federal Income Tax If the non-U.S.holder is engaged in a trade or business in the United States and interest on the notes is effectively connected with the conduct of that trade or business (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment), then the non-U.S.holder will be subject to U.S. federal income tax on that interest on a net income basis in generally the same manner as if the non-U.S.holder were a U.S. holder. In addition, if the non-U.S.holder is a foreign corporation, the non-U.S.holder may be subject to a branch profits tax equal to 30% (or a lower applicable income tax treaty rate) of the non-U.S.holder’s effectively connected earnings and profits, subject to adjustments. If interest received with respect to the notes is effectively connected income (whether or not a treaty applies), the 30% withholding tax described above will not apply, provided the certification requirements discussed above in “—Considerations Relevant to Non-U.S.Holders—U.S. Federal Withholding Tax” are satisfied. Any gain realized on the sale, exchange, retirement, redemption or other taxable disposition of a note generally will not be subject to U.S. federal income tax unless:

| • |     | the gain is effectively connected with the non-U.S. holder’s conduct                                                                                                                                                                                    
 of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment), in which case such gain will be subject to U.S. federal income tax in generally the same 
 manner as effectively connected interest is taxed (as discussed above); in addition, if the non-U.S. holder is a foreign corporation, it may be subject to the branch profits tax equal to 30% (or