Equity awards exercised by Public Storage (PSA) director Rebecca Owen

Rhea-AI Filing Summary

Public Storage director Rebecca L. Owen reported exercising equity-based awards tied to 5,495.57 common shares of the company. These transactions involved the exercise or conversion of AO LTIP Units and LTIP Units into common share equivalents, with no open-market purchases or sales reported in this filing.

The AO LTIP Units carry an exercise or conversion price of $210.48 per common share and function similarly to net-exercise stock option awards, ultimately settling in limited partnership units that are redeemable for Public Storage common shares or their cash value at the company’s option.

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

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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 TX 75034

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	$210.48(1)(2)	03/12/2026		M			4,250	01/05/2022(1)(2)	01/04/2031(1)(2)	Common Shares	4,250	(1)(2)	6,077	D
LTIP Units	(3)	03/12/2026		M		1,245.57		(3)	(3)	Common Shares	1,245.57	$0	1,245.57	D

Explanation of Responses:

1. On May 7, 2024, the reporting person exchanged an option to purchase 10,327 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 10,327 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $210.48, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

2. [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

3. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	03/13/2026
	** 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).
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FAQ

What insider transactions did Public Storage (PSA) director Rebecca L. Owen report?

Rebecca L. Owen reported exercising equity-based derivative awards tied to 5,495.57 common shares. The transactions involved AO LTIP Units and LTIP Units, converting into common share equivalents without any open-market buying or selling disclosed in this Form 4.

Did Public Storage (PSA) director Rebecca Owen sell any shares in this Form 4?

No, the filing shows only exercises or conversions of equity-based awards, not sales. The transactions converted AO LTIP Units and LTIP Units into common share equivalents, with no open-market dispositions or cash sales reported in this specific Form 4.

What are AO LTIP Units in the Public Storage (PSA) insider filing?

AO LTIP Units are equity-based awards similar to net-exercise stock option arrangements. Once vested, they convert into LTIP Units and then OP Units, which are redeemable for either one Public Storage common share per unit or the cash value of a common share.

How many derivative securities did Public Storage (PSA) director Owen exercise?

The filing shows exercises of derivative securities covering 5,495.57 common-share equivalents. This total comes from AO LTIP Units and LTIP Units that were exercised or converted, as summarized in the transaction data for this Form 4 filing.

Do AO LTIP and LTIP Units at Public Storage (PSA) convert into common shares?

Yes, vested AO LTIP Units convert into LTIP Units, which then convert into OP Units. Each OP Unit is redeemable, at the company’s option, for either one Public Storage common share or the cash value of one common share.