Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 30

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 30
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 failure to comply with any applicable certification, information, documentation or other reporting requirement concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of a note if, 
 without regard to any tax treaty, such compliance is required by statute or regulation of the United States as a precondition to relief or exemption from such tax, assessment or other governmental charge;                                        |

| (g) | any tax, assessment or other governmental charge imposed by reason of the holder (i) owning or having                                                                                                                                       
 owned, directly or indirectly, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Company entitled to vote, (ii) receiving interest described in Section 881(c)(3)(A) of the Code or 
 (iii) being a controlled foreign corporation with respect to the United States that is related to the Company by actual or constructive stock ownership;                                                                                    |

| (h) | any tax, assessment or other governmental charge that is imposed on a payment pursuant to Sections 1471 through                                                                                                           
 1474 of the Code (FATCA), any Treasury regulations and official interpretations thereof, and any regulations or official law, agreement or interpretations thereof implementing an intergovernmental approach thereto; or |

| (i) | any combination of items (a), (b), (c), (d), (e), (f), (g) and (h); |

nor shall such additional amounts be paid with respect to any payment on a note to a holder that is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to the additional amounts had such beneficiary, settlor, member or beneficial owner been the holder of such note. For purposes of the foregoing, the holding of or the receipt of any payment with respect to a note shall not constitute a connection between the holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or a person having power over, such holder if such holder is an estate, a trust, a partnership or a corporation) and the United States. S-19

The term “United States Alien” means any person who, for United States
Federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust