Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 108

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 108
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 of the Code; |

| (4) | that is neither a financial institution nor an insurance company within the meaning of certain provisions of 
 the Code;                                                                                                    |

| (5) | that is beneficially owned by 100 or more persons; |

| (6) | not more than 50% in value of the outstanding shares or other beneficial interest of which is owned, actually                                                                                           
 or constructively, by five or fewer individuals (as defined in the Code to include certain entities and as determined by applying certain attribution rules) during the last half of each taxable year; |

| (7) | that makes an election to be a REIT for the current taxable year, or has made such an election for a previous                                                                                            
 taxable year that has not been revoked or terminated, and satisfies all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT status; |

| (8) | that uses a calendar year for U.S. federal income tax purposes and complies with the recordkeeping requirements 
 of the Code and the Treasury regulations promulgated thereunder; and                                            |

| (9) | that meets other applicable tests, described below, regarding the nature of its income and assets and the 
 amount of its distributions.                                                                              |

The Code provides that conditions (1), (2), (3) and (4) above must be met during the entire taxable year and condition (5) above must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. Conditions (5) and (6) do not apply until after the first 42

taxable year for which an election is made to be taxed as a REIT. For purposes of determining share ownership under condition (6) above, a supplemental unemployment compensation benefits
plan, a private foundation or a portion of a trust permanently set aside or used exclusively for charitable purposes generally is considered an individual. However, a trust that is a qualified trust under Section 401(a) of the Code generally is
not considered an individual, and beneficiaries of a qualified trust are treated as holding shares of a REIT in proportion to their actuarial interests in the trust for purposes of condition (6) above.

We believe that we have been organized, have operated and have issued sufficient shares of beneficial ownership with sufficient diversity of
ownership to allow us to satisfy the above conditions. In addition, our organizational documents contain restrictions regarding