Public Storage Announces Tax Treatment of 2022 Dividends

Public Storage PSA announced today the tax treatment of the Company's 2022 dividends. For the tax year ended December 31, 2022, distributions for the PSA common stock and all the various series of preferred stock were classified as follows:

The ordinary dividends are not "qualified dividend income." For shareholders other than corporations, the ordinary dividends are "qualified REIT dividends" in determining qualified business income.

The company designated the capital gain distributions in accordance with IRS rules.

The percentage of the long-term capital gain that constitutes unrecaptured section 1250 gain is 10.0915%.

Corporate shareholders subject to IRC 291 should treat 20% of the unrecaptured section 1250 gain as ordinary income.

All of the capital gain is Section 897 capital gain for foreign shareholders.

This release is based on the preliminary results of work on the Company's tax filings and is subject to correction or adjustment when the filings are completed. The Company is releasing information at this time to aid those required to distribute Forms 1099 on the Company's distributions. No material change in the classification is expected.