Public Storage director exercises LTIP unit awards

Public Storage director Ronald P. Spogli exercised derivative awards tied to company equity.

Rhea-AI Filing Summary

Public Storage director Ronald P. Spogli exercised derivative awards tied to company equity. On this Form 4, he exercised 971.88 LTIP Units and 5,163 AO LTIP Units, each convertible into the same number of Common Shares through OP Units, using a “net exercise” structure described in the footnotes.

After the transactions, he directly holds 5,909.6 LTIP Units and no AO LTIP Units. According to the footnotes, vested LTIP Units can become OP Units, which are redeemable at the holder’s election for either one Common Share per OP Unit or the cash value of a Common Share, at the company’s option.

Insider Trade Summary

6,134.88 shares exercised/converted

Exercise 2 txns

Insider SPOGLI RONALD P

Role Director

Type	Security	Shares	Price	Value
Exercise	AO LTIP Units	5,163	$0.00	$0.00
Exercise	LTIP Units	971.88	$0.00	$0.00

Holdings After Transaction: AO LTIP Units — 0 contracts (Direct); LTIP Units — 5,909.6 contracts (Direct)

Footnotes (3)

1. F1. On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $250.29, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]
2. F2. [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.
3. F3. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

Key Figures

LTIP Units exercised: 971.88 units AO LTIP Units exercised: 5,163 units Total derivative shares exercised: 6,134.88 underlying shares +3 more

6 metrics

LTIP Units exercised 971.88 units Exercised on 2026-04-21 into Common Shares via OP Units

AO LTIP Units exercised 5,163 units Exercised on 2026-04-21; reference value $250.29 per share

Total derivative shares exercised 6,134.88 underlying shares Sum of LTIP and AO LTIP Units exercised in this filing

LTIP Units held after transaction 5,909.6 units Direct holdings following the reported exercises

AO LTIP Unit reference price $250.29 per share Value used in AO LTIP Unit conversion formula

AO LTIP Units expiration date 2026-04-24 Expiration date recorded for AO LTIP Units before exercise

Key Terms

LTIP Units, AO LTIP Units, OP Units, net exercise stock option awards

4 terms

LTIP Units financial

"Vested LTIP Units into which AO LTIP Units have been converted are further convertible"

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.

AO LTIP Units financial

"for 5,163 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units"

OP Units financial

"into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units")"

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.

net exercise stock option awards financial

"AO LTIP Units are similar to "net exercise" stock option awards and are convertible"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Public Storage (PSA) director Ronald P. Spogli report on this Form 4?

Ronald P. Spogli reported exercises of derivative awards linked to Public Storage equity. He exercised 971.88 LTIP Units and 5,163 AO LTIP Units, both ultimately tied to Common Shares through OP Units, and now holds 5,909.6 LTIP Units directly.

How many LTIP and AO LTIP Units did the PSA director exercise?

He exercised 971.88 LTIP Units and 5,163 AO LTIP Units. Together these derivative awards represent 6,134.88 underlying Common Shares, according to the filing’s share figures for each unit type and their stated one-for-one underlying share amounts.

What is the exercise or conversion price for the AO LTIP Units in this PSA filing?

The AO LTIP Units use a reference value of $250.29 per Common Share. The footnotes explain each AO LTIP Unit converts based on the excess of the Common Share value over $250.29, divided by the Common Share value on the conversion date.

What are LTIP Units and AO LTIP Units at Public Storage (PSA)?

LTIP Units and AO LTIP Units are partnership-based equity awards of Public Storage OP, L.P. AO LTIP Units function like “net exercise” stock options, converting into LTIP Units, which can then convert into OP Units and ultimately into Common Shares or their cash value.

How do LTIP and AO LTIP Units convert into Public Storage Common Shares?

AO LTIP Units first convert into LTIP Units using a formula tied to the Common Share value above $250.29. Vested LTIP Units can then convert into OP Units, and each OP Unit is redeemable for one Common Share or its cash value at the company’s option.

What are the director’s holdings after these PSA derivative exercises?

Following the reported exercises, Ronald P. Spogli directly holds 5,909.6 LTIP Units and zero AO LTIP Units. These LTIP Units, once vested and converted into OP Units, are redeemable on a one-for-one basis into Public Storage Common Shares or their cash equivalent.

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

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Accepted by SEC EDGAR 04/22/2026 - 11:22 AM EDT 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^*

SPOGLI RONALD P

(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)
04/21/2026

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
AO LTIP Units	$250.29(1)(2)	04/21/2026		M			5,163	04/25/2017(1)(2)	04/24/2026	Common Shares	5,163	(1)(2)	0	D
LTIP Units	(3)	04/21/2026		M		971.88		(3)	(3)	Common Shares	971.88	$0	5,909.6	D

Explanation of Responses:

1. On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $250.29, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

2. [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

3. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	04/22/2026
	** 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)