Equity grant gives Public Storage (PSA) director 3,232 AO LTIP units

Rhea-AI Filing Summary

Public Storage director Kristy Pipes received a new equity award. She was granted 3,232 AO LTIP Units of Public Storage OP, L.P. under the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in full one year from the grant date and are structured as profits interests for U.S. federal income tax purposes.

Once vested, these AO LTIP Units can be converted at her election into LTIP Units of Public Storage OP, then into OP Units, which may be exchanged for Public Storage common shares or the cash value of those shares. The award has a conversion or exercise price of $308.98 per underlying common share and an expiration date in 2036.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Pipes Kristy

Role Director

Type	Security	Shares	Price	Value
Grant/Award	AO LTIP Units	3,232	$0.00	$0.00

Holdings After Transaction: AO LTIP Units — 3,232 shares (Direct)

Footnotes (1)

1. F1. Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in full one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which 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. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

Key Figures

AO LTIP Units granted: 3,232 units Underlying common shares: 3,232 shares Conversion/exercise price: $308.98 per share +3 more

6 metrics

AO LTIP Units granted 3,232 units Award to director Kristy Pipes on May 6, 2026

Underlying common shares 3,232 shares Shares tied to AO LTIP Units through conversion structure

Conversion/exercise price $308.98 per share Price reference for underlying Public Storage common shares

Units after transaction 3,232 derivative units Total AO LTIP Units held following this grant

Vesting period 1 year AO LTIP Units vest in full one year from grant date

Expiration date May 5, 2036 Expiration of the AO LTIP Units if not converted earlier

Key Terms

AO LTIP Units, LTIP Units, OP Units, Equity and Performance-Based Incentive Compensation Plan, +1 more

5 terms

AO LTIP Units financial

"Reflects an award of membership interests in Public Storage OP, L.P. designated as AO LTIP Units"

LTIP Units financial

"Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units of Public Storage OP"

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.

OP Units financial

"LTIP Units ... are convertible ... into Common Units in Public Storage OP ("OP Units"). OP Units may be exchanged"

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.

Equity and Performance-Based Incentive Compensation Plan financial

"granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan"

profits interests financial

"AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes"

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/08/2026 - 10:54 AM Learn about SEC filing dates

FAQ

What did Public Storage (PSA) director Kristy Pipes report on this Form 4?

Kristy Pipes reported receiving a grant of 3,232 AO LTIP Units tied to Public Storage common shares. The award comes under the company’s 2021 equity and performance-based incentive plan and represents compensation, not an open-market stock purchase or sale.

How many AO LTIP Units were granted to the Public Storage (PSA) director?

The director received 3,232 AO LTIP Units of Public Storage OP, L.P. The same number of underlying Public Storage common shares (3,232) is associated with this award through a multi-step conversion process described in the filing’s footnote.

When do Kristy Pipes’ AO LTIP Units for Public Storage (PSA) vest?

The AO LTIP Units vest in full one year from the grant date. After vesting, they can be converted into LTIP Units, then OP Units, and ultimately exchanged for Public Storage common shares or their cash equivalent, subject to tax-related allocation conditions.

What is the economic reference price for the Public Storage (PSA) AO LTIP Units grant?

The grant carries a conversion or exercise price of $308.98 per underlying Public Storage common share. This price is used when the AO LTIP Units ultimately convert through LTIP Units and OP Units into common shares or equivalent cash value, as outlined in the filing.

How can the granted AO LTIP Units relate to Public Storage (PSA) common shares?

After vesting, AO LTIP Units may be converted into LTIP Units, then into OP Units of Public Storage OP, L.P. These OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of those common shares.

What is the expiration date for the Public Storage (PSA) AO LTIP Units grant?

The AO LTIP Units reported in this filing have an expiration date in 2036. Specifically, the derivative security expires on May 5, 2036, if not converted earlier through the sequence of LTIP Units and OP Units tied to Public Storage common shares.

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^*

Pipes Kristy

(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)
05/06/2026

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(1)	$308.98	05/06/2026		A		3,232		05/06/2027	05/05/2036	Common Shares	3,232	$0	3,232	D

Explanation of Responses:

1. Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in full one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which 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. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	05/08/2026
	** 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)