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Public Storage Announces Tax Treatment of 2022 Dividends

GLENDALE, Calif.–(BUSINESS WIRE)–Public Storage (NYSE: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:

2022

1st Quarter

2nd Quarter

8/4/2022

Special

3rd Quarter

4th Quarter

Ordinary Dividends

   29.6070%

   29.6070%

   39.6574%

    0.0000%

100.0000%

Capital Gain Distributions

   70.3930%

   70.3930%

   60.3426%

100.0000%

    0.0000%

 

Total

100.0000%

100.0000%

100.0000%

100.0000%

100.0000%

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.

If you have questions, please consult your tax advisor for further guidance.

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At September 30, 2022, we had: (i) interests in 2,836 self-storage facilities located in 40 states with approximately 202 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self-Storage SA (Euronext Brussels:SHUR), which owned 259 self-storage facilities located in seven Western European nations with approximately 14 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California.

Additional information about Public Storage is available on the Company’s website at PublicStorage.com.

Contacts

Ryan Burke

(818) 244-8080, Ext. 1141

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