Public Storage director granted 3,232 AO LTIP units

Public Storage director Rebecca L. Owen reported receiving an equity-based award tied to the company’s operating partnership.

Rhea-AI Filing Summary

Public Storage director Rebecca L. Owen reported receiving an equity-based award tied to the company’s operating partnership. She was granted 3,232 AO LTIP Units of Public Storage OP, L.P. at no cost under the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan, bringing her total AO LTIP Units to 3,232.

The AO LTIP Units vest in full one year from the grant date. Once vested, they may be converted at her election into LTIP Units and then into OP Units, which can be exchanged for Public Storage common shares or the cash equivalent, subject to federal income tax allocation conditions.

Insider Trade Summary

Grant/Award: 3,232 shares

Grant/Award 1 txn

Insider Owen Rebecca L

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 Transaction price per AO LTIP Unit: $0.00 Conversion/exercise price: $308.98 per share +4 more

7 metrics

AO LTIP Units granted 3,232 units Award to director Rebecca L. Owen on May 6, 2026

Transaction price per AO LTIP Unit $0.00 Equity award granted at no cash cost to recipient

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

Underlying common shares 3,232 shares Common Shares underlying the AO LTIP Units

Total AO LTIP Units after grant 3,232 units Director’s derivative holdings following the reported transaction

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

Expiration date May 5, 2036 Expiration date for the AO LTIP Units

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 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 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 insider transaction did Public Storage (PSA) disclose for Rebecca L. Owen?

Public Storage disclosed that director Rebecca L. Owen received an equity award of AO LTIP Units. She was granted 3,232 AO LTIP Units in Public Storage OP, L.P. under the company’s 2021 equity and performance-based incentive plan, increasing her derivative holdings linked to Public Storage common shares.

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

Rebecca L. Owen was granted 3,232 AO LTIP Units at a stated price of $0.00 per unit. The filing lists a conversion or exercise price of $308.98 per underlying Public Storage common share for these derivative units, reflecting the reference value for potential future share exchanges.

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

The AO LTIP Units granted to Rebecca L. Owen vest in full one year from the grant date. After this one-year vesting period, the vested AO LTIP Units become eligible to convert into LTIP Units of Public Storage OP, subject to the plan’s conditions and tax allocation requirements.

How can the AO LTIP Units for Public Storage (PSA) eventually turn into common shares?

Vested AO LTIP Units may be converted into LTIP Units, then OP Units, and finally into Public Storage common shares or cash. This multi-step structure allows the reporting person to exchange OP Units for either Public Storage common shares or their cash equivalent, as determined by Public Storage.

Are the AO LTIP Units reported by Public Storage (PSA) treated as profits interests for tax purposes?

The filing states that AO LTIP Units and LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes. This designation typically means the award is structured so the holder participates mainly in future appreciation and profits rather than current capital value.

What equity plan governs the AO LTIP Unit grant reported by Public Storage (PSA)?

The AO LTIP Unit grant was made under the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. This plan governs equity and performance-based awards, including the AO LTIP Units issued to director Rebecca L. Owen as disclosed in the Form 4 filing.

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

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Accepted by SEC EDGAR 05/08/2026 - 10:55 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^*

Owen Rebecca L

(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)