Public Storage grants CLO 6,213 LTIP units

Public Storage’s Chief Legal Officer received a 6,213-unit new-hire LTIP equity award that vests over five years and can ultimately convert into common shares or cash.

Rhea-AI Filing Summary

Public Storage (symbol: PSA) is the issuer of record for a Form 4 filing submitted to the SEC. Sheek Samuel Wade reported acquisition or exercise transactions in this Form 4 filing.

Public Storage (PSA) reported that Chief Legal Officer Samuel Wade Sheek received a new-hire equity award of 6,213 LTIP Units in Public Storage OP, L.P. on September 1, 2026. These LTIP Units were granted at $0.00 per unit and are held as a direct derivative position.

The LTIP Units vest in five equal annual installments beginning one year from the grant date. As they vest and upon satisfaction of required capital account allocations for tax purposes, the LTIP Units become convertible into OP Units, which may then be exchanged by Mr. Sheek for either Public Storage common shares or the equivalent cash value of those shares, as determined by the company. No Rule 10b5-1 trading plan is reported for this award.

Insider Trade Summary

Grant/Award: 6,213 shares

Grant/Award 1 txn

Insider Sheek Samuel Wade

Role Chief Legal Officer

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units F1	6,213	$0.00	$0.00

Holdings After Transaction: LTIP Units — 6,213 contracts (Direct)

Footnotes (1)

1. F1. Reflects a new hire award of membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of Public Storage (the "Company"), designated as LTIP Units ("LTIP Units"), which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units vest in five equal annual installments beginning one year from the grant date. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into common units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares, par value $0.10 per share, of the Company or the equivalent cash value of common shares, as determined by the Company.

Key Figures

LTIP Units granted: 6,213 units Grant price per LTIP Unit: $0.00 per unit LTIP Units held after transaction: 6,213 units +2 more

5 metrics

LTIP Units granted 6,213 units New-hire award granted on September 1, 2026

Grant price per LTIP Unit $0.00 per unit Reported transaction price for the September 1, 2026 award

LTIP Units held after transaction 6,213 units Direct derivative holdings following the award

Underlying common shares 6,213 shares Common shares underlying the LTIP Units, subject to vesting and conversion

Vesting schedule 5 equal annual installments Beginning one year from the September 1, 2026 grant date

Key Terms

LTIP Units, profits interests, OP Units, capital account, +1 more

5 terms

LTIP Units financial

"designated as LTIP Units ("LTIP Units"), which LTIP Units are intended"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

profits interests financial

"LTIP Units are intended to qualify as profits interests for US federal"

OP Units financial

"into common units in Public Storage OP ("OP Units"). The resulting"

OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.

capital account financial

"minimum allocations to the capital account of the LTIP Units for federal"

equivalent cash value financial

"for common shares, par value $0.10 per share, of the Company or the equivalent cash value of"

FAQ

What equity award did PSA grant to Chief Legal Officer Samuel Wade Sheek?

Public Storage granted Chief Legal Officer Samuel Wade Sheek a new-hire award of 6,213 LTIP Units in Public Storage OP, L.P., a subsidiary of the company. The units were granted on September 1, 2026 at a stated price of $0.00 per unit.

How do the LTIP Units granted to PSA’s Chief Legal Officer vest?

The 6,213 LTIP Units vest in five equal annual installments, with vesting beginning one year from the September 1, 2026 grant date. Each year, one-fifth of the award becomes vested, subject to the award’s terms and conditions.

What can the PSA LTIP Units become once they vest?

Once vested and after satisfying required capital account allocations for tax purposes, the LTIP Units are convertible into OP Units of Public Storage OP, L.P. Those OP Units may then be exchanged for Public Storage common shares or the equivalent cash value of such shares, as determined by the company.

Does Public Storage receive any cash from this LTIP Unit grant?

The filing reports a grant of 6,213 LTIP Units at $0.00 per unit, indicating this is a compensation award rather than a cash purchase. The award is described as a new-hire grant of membership interests intended to qualify as profits interests for U.S. federal income tax purposes.

Was the PSA Chief Legal Officer’s LTIP award made under a Rule 10b5-1 plan?

The document-level Rule 10b5-1 checkbox is not selected, and there is no footnote stating that the grant was made pursuant to a Rule 10b5-1 trading plan. The filing therefore does not report this award as being under such a plan.

What is the reported holding of LTIP Units for PSA’s Chief Legal Officer after this transaction?

After the September 1, 2026 grant, Chief Legal Officer Samuel Wade Sheek is reported as directly holding 6,213 LTIP Units. These are derivative interests with an underlying equivalent of 6,213 Public Storage common shares, subject to vesting, conversion, and exchange conditions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/03/2026 - 01:55 PM Accepted by SEC EDGAR 09/03/2026 - 01:54 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sheek Samuel Wade

(Last) (First) (Middle)

C/O PUBLIC STORAGE

2811 INTERNET BOULEVARD

(Street)

FRISCO TEXAS 75034

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units	(1)	09/01/2026		A		6,213		(1)	(1)	Common Shares	6,213	$0	6,213	D

Explanation of Responses:

1. Reflects a new hire award of membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of Public Storage (the "Company"), designated as LTIP Units ("LTIP Units"), which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units vest in five equal annual installments beginning one year from the grant date. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into common units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares, par value $0.10 per share, of the Company or the equivalent cash value of common shares, as determined by the Company.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	09/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)