Public Storage director awarded 3,232 LTIP units

POLADIAN AVEDICK BARUYR reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

POLADIAN AVEDICK BARUYR reported acquisition or exercise transactions in this Form 4 filing.

Public Storage director Avedick Baruyr Poladian received a compensation award of 3,232 AO LTIP Units linked to common shares. The award was granted on May 6, 2026 at no cash cost to him and represents a derivative interest in Public Storage OP, L.P.

The AO LTIP Units vest in full one year after the grant date and are ultimately convertible into an equal number of Public Storage common shares or their cash value through OP Units. After this grant, he holds 3,232 AO LTIP Units directly, with no open-market share purchase or sale reported.

Insider Trade Summary

Grant/Award: 3,232 shares

Grant/Award 1 txn

Insider POLADIAN AVEDICK BARUYR

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 contracts (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 Price per AO LTIP Unit: $0.00 Conversion/exercise price: $308.98 per share +2 more

5 metrics

AO LTIP Units granted 3,232 units Equity-based award to director on May 6, 2026

Price per AO LTIP Unit $0.00 No cash paid by director for the award

Conversion/exercise price $308.98 per share Listed conversion or exercise price for underlying common shares

Underlying common shares 3,232 shares Common shares linked to the AO LTIP Units award

Award expiration date May 5, 2036 Expiration date for the AO LTIP Units award

Key Terms

AO LTIP Units, LTIP Units, OP Units, profits interests, +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"

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

"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.

profits interests financial

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

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"

FAQ

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

What did Public Storage (PSA) director Avedick Poladian receive in this Form 4 filing?

Director Avedick Poladian received an award of 3,232 AO LTIP Units tied to Public Storage OP, L.P. These derivative units are a form of equity-based compensation that can ultimately convert into Public Storage common shares or their cash value through OP Units.

Does the Public Storage (PSA) Form 4 show an insider buying or selling stock?

The Form 4 reports an equity award, not an open-market trade. Poladian acquired 3,232 AO LTIP Units as compensation at no cash cost, with no reported purchase or sale of Public Storage common shares on the market.

How do the AO LTIP Units reported for Public Storage (PSA) convert into common shares?

The AO LTIP Units first convert into LTIP Units of Public Storage OP once vested. Subject to certain tax-related capital account conditions, those LTIP Units convert into OP Units, which the holder may exchange for Public Storage common shares or their equivalent cash value.

When do the AO LTIP Units granted to the Public Storage (PSA) director vest?

The AO LTIP Units granted to the director vest in full one year from the May 6, 2026 grant date. Vesting must occur before they can convert into LTIP Units, then OP Units, and ultimately into Public Storage common shares or cash.

What is the conversion price associated with the Public Storage (PSA) AO LTIP Units grant?

The Form 4 lists a conversion or exercise price of $308.98 per underlying common share for the AO LTIP Units. This figure is tied to the derivative award structure, not to an open-market stock purchase price paid by the director.

How many Public Storage (PSA) common shares could this Form 4 award eventually represent?

The award covers 3,232 underlying common shares. Once AO LTIP Units vest, convert into LTIP Units, then OP Units, the director may exchange OP Units for up to 3,232 Public Storage common shares or their equivalent cash value, subject to plan terms and tax conditions.

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

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Accepted by SEC EDGAR 05/08/2026 - 10:54 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^*

POLADIAN AVEDICK BARUYR

(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)