Public Storage director awarded 305-share grant

Mitra Shankh reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Mitra Shankh reported acquisition or exercise transactions in this Form 4 filing.

Public Storage director Mitra Shankh received 305 common shares as equity compensation for service in the applicable calendar quarter. The shares are unrestricted and were granted under the company’s Non-Management Trustee Compensation and Deferral Program within the Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan.

The number of shares granted was calculated by dividing the dollar amount of cash retainers elected to be paid in stock by the company’s closing share price of $318.31 on the grant date, then rounding up. After this award, Shankh directly holds a total of 9,329 common shares.

Insider Trade Summary

Grant/Award: 305 shares

Grant/Award 1 txn

Insider Mitra Shankh

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	305	$318.31	$97K

Holdings After Transaction: Common Shares — 9,329 shares (Direct)

Footnotes (1)

1. F1. Grant of unrestricted Company common shares 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 shares 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 common shares, divided by the Company's closing share price on the grant date, rounded up to the nearest share.

Key Figures

Shares granted: 305 shares Grant valuation price: $318.31 per share Total shares after grant: 9,329 shares +2 more

5 metrics

Shares granted 305 shares Quarterly unrestricted common share grant as compensation

Grant valuation price $318.31 per share Company closing share price on grant date used for calculation

Total shares after grant 9,329 shares Common shares directly owned by Mitra Shankh following the award

Acquisition transactions 1 transaction Single grant, award, or other acquisition reported in this filing

Buy and sell activity 0 buys, 0 sells No open-market purchases or sales reported in this Form 4

Key Terms

unrestricted Company common shares, Non-Management Trustee Compensation and Deferral Program, Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan, grant, award, or other acquisition

4 terms

unrestricted Company common shares financial

"Grant of unrestricted Company common shares pursuant to the Company's Non-Management Trustee Compensation and Deferral Program"

Non-Management Trustee Compensation and Deferral Program financial

"Grant of unrestricted Company common shares pursuant to the Company's Non-Management Trustee Compensation and Deferral Program"

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"

grant, award, or other acquisition financial

"transaction code description: Grant, award, or other acquisition"

FAQ

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

What did Public Storage (PSA) director Mitra Shankh report in this Form 4?

Mitra Shankh reported receiving 305 unrestricted Public Storage common shares as equity compensation. The award reflects a quarterly cash retainer that was elected to be paid in stock instead of cash under the company’s trustee compensation and deferral program.

Was the Public Storage (PSA) Form 4 transaction an open-market purchase or sale?

The transaction was not an open-market trade; it was a grant of 305 unrestricted common shares. These shares were issued as part of a compensation program, converting a portion of quarterly cash retainers into stock based on the closing share price on the grant date.

How was the 305-share grant to Public Storage (PSA) director calculated?

The 305-share grant equals the dollar amount of cash retainers elected for stock, divided by Public Storage’s closing share price of $318.31 on the grant date. That quotient was then rounded up to the nearest whole share under the compensation program.

What is Mitra Shankh’s Public Storage (PSA) ownership after this Form 4 grant?

Following the grant, Mitra Shankh directly owns 9,329 Public Storage common shares. This total includes the newly issued 305 unrestricted shares received as quarterly compensation under the company’s Non-Management Trustee Compensation and Deferral Program.

Which compensation plan governed the Public Storage (PSA) share grant to Mitra Shankh?

The share grant was made under Public Storage’s Non-Management Trustee Compensation and Deferral Program, implemented within the Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan, which allows trustees to receive retainers in company common shares.

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

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Accepted by SEC EDGAR 07/02/2026 - 11:41 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^*

Mitra Shankh

(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		305(1)	A	$318.31	9,329	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 unrestricted Company common shares 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 shares 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 common shares, divided by the Company's closing share price on the grant date, rounded up to the nearest share.

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)