Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 144

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 144
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 interests of which are held by “qualified foreign pension funds” are exempt from FIRPTA. Non-U.S.shareholders should consult their tax advisors regarding the application of these rules. Undistributed Capital Gain.Although the law is not entirely clear on the matter, it appears that amounts designated by us as undistributed capital gains in respect of our shares held by non-U.S.shareholders generally should be treated in the same manner as actual distributions by us of capital gain dividends. Under that approach, the non-U.S.shareholder would be able to offset as a credit against its U.S. federal income tax liability resulting therefrom its proportionate share of the tax paid by us on the undistributed capital gains treated as long-term capital gain to the non-U.S.shareholder, and generally to receive from the IRS a refund to the extent its proportionate share of the tax paid by us were to exceed the non-U.S.shareholder’s actual U.S. federal income tax liability on such long-term capital gain. If we were to designate any portion of our net capital gain as undistributed capital gain, a non-U.S.shareholder should consult its tax advisor regarding the taxation of such undistributed capital gain. Sale of Common Shares.Gain recognized by a non-U.S.shareholder upon the sale or exchange of our common shares generally would not be subject to U.S. taxation unless:

| (1) | the investment in our common shares is effectively connected with the                                                          
 non-U.S. shareholder’s U.S. trade or business, in which case the non-U.S. shareholder will be subject to the same treatment as |

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| domestic shareholders with respect to any gain, except that a non-U.S. shareholder that is a corporation also may be subject to a branch profits tax at a 
 rate of 30% (or lower applicable treaty rate);                                                                                                            |

| (2) | the non-U.S. shareholder is a nonresident alien individual who is                                                                                                                                                                      
 present in the United States for 183 days or more during the taxable year and has a “tax home” in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual’s net capital gains 
 from U.S. sources for the taxable year; or                                                                                                                                                                                             |

| (3) | our common shares constitute a USRPI within the meaning of FIRPTA, as described below. |

Our common shares will not constitute a USRPI if we are a domestically controlled REIT. We intend to take the