Public Storage (PSA) director Spogli reports new DSUs and LTIP Units

Rhea-AI Filing Summary

Public Storage director equity compensation and holdings updated. Director Ronald P. Spogli received 6.7 fully vested deferred share units (DSUs) on 12/30/2025 in lieu of cash dividend equivalents at a price of $261.13 per share under the company’s 2021 incentive plan. After this transaction, he beneficially owned 12,821.42 common shares directly, including 2,658.42 DSUs, and 2,000 common shares indirectly through a trust he serves as trustee.

Spogli also acquired 164 fully vested LTIP Units in Public Storage OP, L.P. on 12/31/2025 as part of his non-management trustee retainers, bringing his total derivative securities holdings to 4,763.72. Each DSU represents the right to receive one Public Storage common share, and LTIP Units are intended as profits interests that can become OP Units and then be exchanged for common shares or their cash value, subject to tax-related allocation conditions.

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
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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^*

SPOGLI RONALD P

(Last) (First) (Middle)

C/O PUBLIC STORAGE

701 WESTERN AVENUE

(Street)

GLENDALE CA 91201

(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)
12/30/2025

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
Common Shares	12/30/2025		A		6.7(1)	A	$261.13	12,821.42(2)	D
Common Shares								2,000	I	By Trust(3)

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
LTIP Units	(4)(5)	12/31/2025		A		164(4)(5)		(4)(5)	(4)(5)	Common Shares	164	(4)(5)	4,763.72	D

Explanation of Responses:

1. Grant of fully-vested deferred share units (DSUs) in lieu of dividend equivalents pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 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 dividend equivalents paid on DSUs for the applicable calendar quarter Mr. Spogli has elected to be paid in DSUs, divided by the Company's closing share price on the grant date. The DSUs will be settled in unrestricted common shares (i) in a lump sum on January 1st of the calendar year following Mr. Spogli's separation from service as a trustee or (ii) in a lump sum upon Mr. Spogli's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Spogli's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.

2. Includes 2,658.42 DSUs.

3. By Ronald P. Spogli as trustee.

4. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), 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 LTIP Units 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 LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues]

5. [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	01/02/2026
	** 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).
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FAQ

What insider transactions did Public Storage (PSA) report for Ronald P. Spogli?

The report shows that director Ronald P. Spogli received 6.7 deferred share units (DSUs) on 12/30/2025 in lieu of cash dividend equivalents and 164 LTIP Units in Public Storage OP, L.P. on 12/31/2025 as part of his non-management trustee compensation.

How many Public Storage (PSA) shares does Ronald P. Spogli beneficially own after these transactions?

After the reported transactions, Ronald P. Spogli beneficially owned 12,821.42 common shares directly, which includes 2,658.42 DSUs, and an additional 2,000 common shares indirectly through a trust for which he serves as trustee.

What are deferred share units (DSUs) in the Public Storage (PSA) Form 4?

The DSUs are fully vested units granted under Public Storage’s 2021 Equity and Performance-Based Incentive Compensation Plan. Each DSU represents the right to receive one common share, with these DSUs issued in lieu of cash dividend equivalents on existing DSUs, based on the company’s closing share price on the grant date.

When will Ronald P. Spogli’s DSUs at Public Storage (PSA) be settled into common shares?

The DSUs will be settled in unrestricted common shares either in a lump sum on January 1st of the calendar year following his separation from service as a trustee, or in a lump sum upon his earlier death, disability, or a change of control of Public Storage.

What are LTIP Units reported for Public Storage (PSA) and how can they convert?

The LTIP Units are fully vested membership interests in Public Storage OP, L.P. granted under the company’s Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. They are intended to qualify as profits interests and, once certain federal income tax allocation conditions are met, may be converted into OP Units, which the holder may then exchange for Public Storage common shares or the equivalent cash value, as determined by the company.

How were the numbers of DSUs and LTIP Units for Ronald P. Spogli at Public Storage (PSA) determined?

The number of DSUs granted equals the dollar amount of cash dividend equivalents he elected to receive in DSUs for the quarter, divided by the company’s closing share price on the grant date. The number of LTIP Units granted equals the cash retainers he earned for the quarter and elected to take in LTIP Units, divided by the closing share price on the grant date, rounded up to the nearest LTIP Unit.