Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 154

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 154
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 case the non-U.S. shareholder will be subject to the same treatment as U.S.                                
 shareholders with respect to any gain, except that a non-U.S. shareholder that is a corporation also may be subject to the branch profits tax at a rate of 30% (or lower applicable treaty rate); or |

| • |     | 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 his capital gains. |

Under FIRPTA, distributions that are attributable to gain from the sales by us of USRPIs and paid to a non-U.S.shareholder that owns more than 10% of the value of the relevant class of shares at any time during the one-yearperiod ending on the date of the distribution will be subject to U.S. tax as income effectively connected with a U.S. trade or business. The FIRPTA tax will apply to these distributions whether or not the distribution is designated as a capital gain dividend. Any distribution paid by us that is treated as a capital gain dividend or that could be treated as a capital gain dividend with respect to a particular non-U.S.shareholder that owns more than 10% of the value of the relevant class of shares at any time during the one-yearperiod ending on the date of the distribution will be subject to special withholding rules under FIRPTA. We will be required to withhold and remit to the IRS 21% of any distribution that could be treated as a capital gain dividend with respect to the non-U.S.shareholder, whether or not the distribution is attributable to the sale by us of USRPIs. The amount withheld is creditable against the non-U.S.shareholder’s U.S. federal income tax liability or refundable when the non-U.S.shareholder properly and timely files a tax return with the IRS. In addition, distributions to certain non-U.S.publicly traded shareholders that meet certain record-keeping and other requirements (“qualified shareholders”) are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of our shares. Furthermore, distributions to “qualified foreign pension funds” (as defined in the Code) or entities all of the interests of which are held by “qualified foreign pension funds” are exempt from