Public Storage (NYSE: PSA) CEO receives 25,207 LTIP units award

Rhea-AI Filing Summary

Public Storage President and CEO Russell Joseph Jr. reported an equity award of 25,207 LTIP Units on January 27, 2026 under the company’s 2026 named executive officer compensation program. These LTIP Units vest in three equal annual installments starting one year after the grant date.

Once vested and after certain tax-related allocation conditions are met, the LTIP Units can convert into OP Units of Public Storage OP, L.P., which the executive may exchange for Public Storage common shares or the cash value of those shares. Following this grant, he beneficially owns 95,875.82 LTIP Units, including 55,046.82 vested units and 40,829 subject to time-based vesting.

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

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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^*

RUSSELL JOSEPH D JR

(Last) (First) (Middle)

C/O PUBLIC STORAGE

701 WESTERN AVENUE

(Street)

GLENDALE CA 91201

(City) (State) (Zip)

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
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

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

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

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

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)	01/27/2026		A		25,207		(1)	(1)	Common Shares	25,207	$0	95,875.82(2)	D

Explanation of Responses:

1. Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as LTIP Units ("LTIP Units") granted in connection with Public Storage's 2026 named executive officer equity compensation program and pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The LTIP Units vest in three (3) equal annual installments beginning one (1) year from the grant date. Vested LTIP Units are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

2. Includes 55,046.82 vested LTIP Units and 40,829 LTIP Units subject to time-based vesting.

Remarks:

	/s/ Nathaniel A. Vitan, Attorney-in-Fact	01/29/2026
	** 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).
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FAQ

What insider transaction did Public Storage (PSA) report for its CEO?

Public Storage President and CEO Russell Joseph Jr. reported receiving 25,207 LTIP Units on January 27, 2026. The grant is part of the 2026 named executive officer equity compensation program and was issued at a price of $0 per unit as an equity award.

How many LTIP Units does the PSA CEO hold after this Form 4 transaction?

After the January 27, 2026 award, the PSA CEO beneficially owns 95,875.82 LTIP Units. This total includes both vested and unvested units linked to his compensation, giving him a sizeable long-term incentive tied to Public Storage operating partnership equity.

What are the vesting terms of the 25,207 LTIP Units granted to PSA’s CEO?

The 25,207 LTIP Units granted to the PSA CEO vest in three equal annual installments. Vesting begins one year from the January 27, 2026 grant date, aligning the award with multi-year performance and retention objectives for the company’s named executive officer.

How can the LTIP Units reported in this PSA Form 4 ultimately be settled?

Once vested and after meeting specified tax allocation conditions, the LTIP Units convert into OP Units of Public Storage OP, L.P. These OP Units may then be exchanged by the executive for Public Storage common shares or an equivalent cash amount, as determined by the company.

What portion of the PSA CEO’s LTIP Units are already vested versus time-based?

The total 95,875.82 LTIP Units held by the PSA CEO include 55,046.82 vested units and 40,829 units subject to time-based vesting. This mix shows he has both currently realizable interests and additional units that will vest over future years if conditions are satisfied.

Under which compensation plan were the LTIP Units for PSA’s CEO granted?

The LTIP Units granted to the PSA CEO were issued under the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. They form part of the company’s 2026 named executive officer equity compensation program and are intended to qualify as profits interests for tax purposes.