[Form 4] Public Storage Insider Trading Activity

Rhea-AI Filing Summary

Public Storage President and CEO Joseph D. Russell Jr. reported new equity-based awards tied to company performance rather than any open-market trading. He received 40,555 AO LTIP Units in Public Storage OP, L.P. and 10,520 LTIP Units, both granted at a price of $0.00 per unit as compensation.

The AO LTIP Units carry a conversion reference price of $288.56 per underlying common share and are linked to a three-year 2023–2026 performance period that was certified at 100% of target. Three-fifths of one award will vest on March 20, 2026, with the remainder vesting ratably over the following two years.

These AO LTIP Units and LTIP Units are structured as profits interests that can ultimately be converted into operating partnership units and then exchanged for Public Storage common shares or cash. After these awards, Russell directly holds 19,096 common shares and a total of 106,395.82 LTIP Units, including both vested and time-based awards.

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^*

RUSSELL JOSEPH D JR

(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
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

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
Common Shares								19,096	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
AO LTIP Units(1)(2)	$288.56	03/15/2026		A		40,555(2)		(3)	03/14/2033	Common Shares	40,555	$0	40,555	D
LTIP Units(4)(5)	(4)	03/15/2026		A		10,520(5)		(3)	(4)	Common Shares	10,520	$0	106,395.82(6)	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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. AO LTIP Units, if and as they become vested, 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.

2. Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted March 15, 2023), subject to a three year (2023-2026) performance period. As originally granted, this award was for 40,555 options (at target) with an exercise price of $288.56 per share. On February 26, 2024, the option award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of AO LTIP Units upon substantially identical terms. On March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.

3. Three-fifths of this award will vest on March 20, 2026, with the remaining vesting ratably over the next two years.

4. Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

5. Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted March 15, 2023), subject to a three year (2023-2026) performance period. On February 26, 2024, the restricted share unit award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of LTIP Units upon substantially identical terms. On March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.

6. Includes 64,069.82 vested LTIP Units and 42,326 LTIP Units subject to time-based vesting.

Remarks:

	/s/ Nathaniel A. Vitan, Attorney-in-Fact	03/17/2026
	** 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.

FAQ

What equity awards did Public Storage (PSA) CEO Joseph Russell report on this Form 4?

He reported a grant of 40,555 AO LTIP Units and 10,520 LTIP Units. These awards are equity-based compensation that can ultimately convert into Public Storage operating partnership units and then into common shares or their cash equivalent.

Were there any open-market stock purchases or sales by the PSA CEO in this filing?

No, the filing shows no open-market buys or sells. All reported entries are grants of AO LTIP Units and LTIP Units and an updated common share holding line, reflecting compensation awards rather than trading activity in Public Storage stock.

How are the AO LTIP Units granted to the PSA CEO structured?

The AO LTIP Units are membership interests in Public Storage OP, L.P. that, once vested, can convert into LTIP Units and then OP Units. OP Units may be exchanged for Public Storage common shares or equivalent cash value, subject to tax-related capital account conditions.

What performance period applies to the PSA CEO’s AO LTIP and LTIP awards?

Both the AO LTIP Units and LTIP Units are tied to a three-year 2023–2026 performance period. After this period, the Compensation and Human Capital Committee certified performance at 100% of target, which determined the final number of units reported.

What is the vesting schedule for the new LTIP-related awards at Public Storage?

For one award, three-fifths will vest on March 20, 2026, with the remainder vesting ratably over the next two years. This schedule creates a multi-year retention incentive for the CEO, aligning continued service with full vesting of the units.

How many LTIP Units and common shares does the PSA CEO hold after these transactions?

After these awards, he directly holds 106,395.82 LTIP Units, combining vested and time-based units, and 19,096 Public Storage common shares. These figures reflect his updated equity-based stake as reported in this Form 4 filing.