Public Storage (NYSE: PSA) director takes quarterly retainers in 128 LTIP Units

Rhea-AI Filing Summary

PETHERBRIDGE LUKE J reported acquisition or exercise transactions in this Form 4 filing.

Public Storage director Luke J. Petherbridge received 128 LTIP Units as equity compensation. These fully vested membership interests in Public Storage OP, L.P. were granted under the company’s Non-Management Trustee Compensation and Deferral Program in lieu of a portion of his quarterly cash retainers, using the closing share price on the grant date to determine the number of units.

The LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes and are convertible, after certain tax-related allocation conditions are met, into OP Units of Public Storage OP. Those OP Units may then be exchanged by Petherbridge for Public Storage common shares or the cash value of those shares. Following this grant, he holds 336 LTIP Units in total.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider PETHERBRIDGE LUKE J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	128	$0.00	--

Holdings After Transaction: LTIP Units — 336 shares (Direct)

Footnotes (1)

1. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), 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. The number of LTIP Units 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 LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues] [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and 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 or the equivalent cash value of common shares, as determined by the Company.

Key Figures

LTIP Units granted: 128 LTIP Units LTIP Units after grant: 336 LTIP Units Underlying common shares: 128 common shares +1 more

4 metrics

LTIP Units granted 128 LTIP Units Grant on March 31, 2026 as quarterly retainer election

LTIP Units after grant 336 LTIP Units Total LTIP Units beneficially held following the transaction

Underlying common shares 128 common shares Underlying security for the 128 LTIP Units reported

Transaction price per LTIP Unit $0.0000 Equity grant, not an open-market purchase or sale

Key Terms

LTIP Units, Non-Management Trustee Compensation and Deferral Program, profits interests, OP Units, +1 more

5 terms

LTIP Units financial

"Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program"

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.

Non-Management Trustee Compensation and Deferral Program financial

"designated as LTIP Units ("LTIP Units"), 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."

profits interests financial

"LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations"

OP Units financial

"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")."

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

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

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^*

PETHERBRIDGE LUKE J

(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

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)(2)	03/31/2026		A		128(1)(2)		(1)(2)	(1)(2)	Common Shares	128	(1)(2)	336	D

Explanation of Responses:

1. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), 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. The number of LTIP Units 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 LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues]

2. [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and 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 or the equivalent cash value of common shares, as determined by the Company.

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 Luke Petherbridge receive in this Form 4 filing?

Luke J. Petherbridge received a grant of 128 LTIP Units as compensation. These units are fully vested membership interests in Public Storage OP, L.P. issued under the Non-Management Trustee Compensation and Deferral Program in place of part of his quarterly cash retainers.

How were the 128 LTIP Units for Public Storage (PSA) calculated?

The 128 LTIP Units equal the dollar amount of Petherbridge’s elected quarterly cash retainers divided by Public Storage’s closing share price on the grant date. That quotient was then rounded up to the nearest LTIP Unit, directly tying the grant size to the company’s share price.

What can Public Storage (PSA) LTIP Units be converted into for Luke Petherbridge?

The LTIP Units may convert into OP Units of Public Storage OP once specified tax allocation conditions are satisfied. Petherbridge can then exchange the resulting OP Units for Public Storage common shares or the equivalent cash value, as determined by the company.

Are the LTIP Units granted to the Public Storage (PSA) director fully vested?

Yes, the LTIP Units granted to Petherbridge are described as fully vested membership interests in Public Storage OP, L.P. This means he does not need to meet additional service-based vesting conditions, though tax allocation requirements apply before conversion into OP Units.

How many LTIP Units does the Public Storage (PSA) director hold after this grant?

After receiving 128 LTIP Units in this transaction, Petherbridge’s total holdings rise to 336 LTIP Units. This total reflects his direct beneficial interest in LTIP Units associated with Public Storage OP, providing potential future exchange into common shares or equivalent cash.

Is this Public Storage (PSA) Form 4 a market purchase or sale of common stock?

No, this Form 4 reports a grant of LTIP Units as compensation, not an open-market trade of common shares. The units are derivative interests that may later convert into OP Units and then into Public Storage common shares or cash, subject to specified conditions.