Public Storage trustee granted 46 DSUs

WILLIAMS PAUL S reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

WILLIAMS PAUL S reported acquisition or exercise transactions in this Form 4 filing.

Public Storage director Paul S. Williams reported an award of 46 common share-equivalent deferred share units (DSUs). The DSUs were valued using a reference share price of $318.31, and each DSU represents the right to receive one Public Storage common share in the future.

After this grant, Williams holds a total of 1,478 DSUs. These DSUs are part of the company’s Non-Management Trustee Compensation and Deferral Program and will be settled in unrestricted common shares in a lump sum after he separates from service as a trustee, or earlier upon death, disability, or a change of control of the company.

Insider Trade Summary

Grant/Award: 46 shares

Grant/Award 1 txn

Insider WILLIAMS PAUL S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	46	$318.31	$15K

Holdings After Transaction: Common Shares — 1,478 shares (Direct)

Footnotes (2)

1. F1. 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 following 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. F2. Includes 1,478 DSUs.

Key Figures

DSUs granted: 46 DSUs Reference share price: $318.31 per share Total DSUs after grant: 1,478 DSUs +1 more

4 metrics

DSUs granted 46 DSUs Grant of fully-vested DSUs elected in lieu of cash retainers

Reference share price $318.31 per share Company closing share price on the grant date used to calculate DSUs

Total DSUs after grant 1,478 DSUs Includes all deferred share units held by Paul S. Williams

Settlement form Unrestricted common shares DSUs settle in a lump sum after separation, death, disability, or change of control

Key Terms

deferred share units (DSUs), Non-Management Trustee Compensation and Deferral Program, Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan, change of control

4 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"

Deferred share units (DSUs) are a form of long-term compensation that give an executive or director a payable claim whose value moves with the company’s stock price but is not paid out until a later date, often when they leave the company. Think of a DSU as an IOU tied to the share price that becomes cash or shares in the future; investors watch DSUs because they affect potential share dilution, the timing of cash outflows, and whether management’s interests align with long-term shareholder value.

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"

Amended and Restated 2021 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.

FAQ

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

What insider transaction did Public Storage (PSA) disclose for Paul S. Williams?

Public Storage reported that director Paul S. Williams received 46 deferred share units (DSUs). These DSUs are equity-based compensation tied to common shares, granted under the company’s Non-Management Trustee Compensation and Deferral Program for the applicable calendar quarter.

How are the 46 DSUs for Public Storage (PSA) valued and structured?

Each DSU represents the right to receive one Public Storage common share. The 46 DSUs were determined by dividing the elected cash retainer amount by the company’s $318.31 closing share price on the grant date and rounding up to the nearest DSU.

When will Paul S. Williams receive Public Storage (PSA) shares for his DSUs?

The DSUs will be settled in unrestricted Public Storage common shares in a lump sum. Settlement occurs after his separation from service as a trustee, or earlier upon death, disability, or a change of control of the company, as specified in the plan.

How many deferred share units does Paul S. Williams hold in total at Public Storage (PSA)?

Following this grant, Paul S. Williams holds 1,478 deferred share units in total. The filing notes that his holdings include 1,478 DSUs, each representing the right to receive one Public Storage common share upon settlement under the company’s equity plan.

What is Public Storage’s Non-Management Trustee Compensation and Deferral Program?

It is a compensation program under Public Storage’s Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. Non-management trustees can elect to receive portions of their cash retainers as fully vested deferred share units, which later settle in common shares.

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

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Accepted by SEC EDGAR 07/02/2026 - 11:35 AM 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^*

WILLIAMS PAUL S

(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)
06/30/2026

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	06/30/2026		A		46(1)	A	$318.31	1,478(2)	D

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 following 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 1,478 DSUs.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	07/02/2026
	** 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)