Public Storage (PSA) director John Reyes awarded 123 DSUs in fee deferral

Rhea-AI Filing Summary

REYES JOHN reported acquisition or exercise transactions in this Form 4 filing.

Public Storage director John Reyes received 123 common share equivalents as fully vested deferred share units (DSUs) under the company’s Non-Management Trustee Compensation and Deferral Program. The grant value was based on the company’s closing share price of $270.88 on the grant date.

After this award, Reyes holds 3,314 DSUs directly, each representing the right to receive one Public Storage common share. The DSUs will be settled in unrestricted shares in a lump sum when he leaves the board, or earlier upon death, disability, or a change of control. He also has indirect ownership of 154,685 common shares held by the Reyes Trust.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider REYES JOHN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	123	$270.88	$33K
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 3,314 shares (Direct); Common Shares — 154,685 shares (Indirect, By Trust)

Footnotes (1)

1. Grant of fully-vested deferred share units (DSUs) pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. Each DSU represents the right to receive one Company common share. The number of DSUs granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in DSUs, divided by the Company's closing share price on the grant date, rounded up to the nearest DSU. The DSUs will be settled in unrestricted common shares (i) in a lump sum upon the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company. Includes 3,314 DSUs. Reporting person and spouse, trustees of Reyes Trust, date December 27, 2012.

Key Figures

DSUs granted: 123 units Grant valuation price: $270.88 per share Direct DSU holdings: 3,314 units +1 more

4 metrics

DSUs granted 123 units Fully vested DSUs granted on March 31, 2026

Grant valuation price $270.88 per share Company closing share price used to calculate DSUs

Direct DSU holdings 3,314 units Total DSUs held directly by John Reyes after grant

Indirect common shares 154,685 shares Public Storage common shares held indirectly by Reyes Trust

Key Terms

deferred share units (DSUs), Non-Management Trustee Compensation and Deferral Program, Equity and Performance-Based Incentive Compensation Plan, change of control, +1 more

5 terms

deferred share units (DSUs) financial

"Grant of fully-vested deferred share units (DSUs) pursuant to the Company's Non-Management Trustee Compensation and Deferral Program"

Non-Management Trustee Compensation and Deferral Program financial

"pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan"

Equity and Performance-Based Incentive Compensation Plan financial

"under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan"

change of control financial

"upon the reporting person's earlier death or disability or upon an earlier change of control of the Company"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

indirect ownership financial

"Reporting person and spouse, trustees of Reyes Trust, date December 27, 2012."

Form 4 Insider Transactions: What Each Field Means →

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^*

REYES JOHN

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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
Common Shares	03/31/2026		A		123(1)	A	$270.88	3,314(2)	D
Common Shares								154,685	I	By Trust(3)

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

Explanation of Responses:

1. Grant of fully-vested deferred share units (DSUs) pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. Each DSU represents the right to receive one Company common share. The number of DSUs granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in DSUs, divided by the Company's closing share price on the grant date, rounded up to the nearest DSU. The DSUs will be settled in unrestricted common shares (i) in a lump sum upon the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.

2. Includes 3,314 DSUs.

3. Reporting person and spouse, trustees of Reyes Trust, date December 27, 2012.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	04/02/2026
	** 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)

FAQ

What did Public Storage (PSA) director John Reyes report on this Form 4?

Director John Reyes reported receiving 123 fully vested deferred share units (DSUs), each tied to one Public Storage common share. These DSUs were granted in lieu of a portion of his cash retainers under the company’s trustee compensation and deferral program.

How was the number of 123 DSUs for John Reyes at Public Storage (PSA) calculated?

The 123 DSUs equal the dollar amount of the cash retainers Reyes elected to defer, divided by Public Storage’s closing share price of $270.88 on the grant date, then rounded up. This formula is defined in the company’s trustee compensation and deferral program.

What are John Reyes’s total deferred share units in Public Storage (PSA) after this grant?

After this grant, John Reyes holds 3,314 deferred share units (DSUs) directly. Each DSU represents the right to receive one unrestricted Public Storage common share, giving him a deferred but equity-linked position in the company.

When will John Reyes’s Public Storage (PSA) DSUs be settled into common shares?

The DSUs will be settled in unrestricted common shares in a lump sum when Reyes separates from service as a trustee, or earlier if he dies, becomes disabled, or there is a change of control at Public Storage, as described in the plan.

Does John Reyes have additional indirect ownership of Public Storage (PSA) shares?

Yes. In addition to his DSUs, the filing shows 154,685 Public Storage common shares held indirectly by a trust. The reporting person and spouse are trustees of the Reyes Trust dated December 27, 2012, which holds these shares.

Is John Reyes’s DSU award a market purchase of Public Storage (PSA) stock?

No. The 123 DSUs are a compensation-related grant, not an open-market stock purchase. They represent deferred payment of board retainers in share-based units rather than cash, following the company’s equity and incentive compensation plan.