Public Storage (PSA) CFO granted 242,248 AO LTIP Units as promotion award

Rhea-AI Filing Summary

Public Storage executive Tom Boyle, the company’s CFO and CIO, received a promotion-related grant of 242,248 AO LTIP Units in Public Storage OP, L.P. on February 10, 2026. These units were awarded at a price of $0 per unit as equity-based compensation.

The AO LTIP Units vest 60% on the sixth anniversary of the grant date, with the remaining 40% vesting ratably over the following two years. They become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034, and are scheduled to expire on February 9, 2036.

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^*

Boyle Tom

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO and CIO

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

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(1)(2)	$350	02/10/2026		A		242,248		(3)	02/09/2036	Common Shares	242,248	$0	242,248	D

Explanation of Responses:

1. Reflects a promotion 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 as to 60% on the sixth anniversary of the grant date with the remaining 40% vesting ratably over the following two years. [footnote continues]

2. [continued from footnote] 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.

3. These AO LTIP Units become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034.

Remarks:

	/s/ Nathaniel A. Vitan, Attorney-in-Fact	02/12/2026
	** 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 did Public Storage (PSA) CFO Tom Boyle receive in this Form 4?

Tom Boyle received a promotion-related grant of 242,248 AO LTIP Units. These are equity-based awards in Public Storage OP, L.P., provided at a price of $0 per unit as part of the company’s 2021 equity and performance-based incentive compensation plan.

How do the 242,248 AO LTIP Units for PSA’s CFO vest over time?

The AO LTIP Units vest 60% on the sixth anniversary of the grant date. The remaining 40% vests ratably over the next two years, creating a long-term incentive structure that encourages continued service and alignment with Public Storage’s long-term performance.

When do the AO LTIP Units granted to Tom Boyle become exercisable?

The AO LTIP Units become exercisable as to 60% on February 10, 2032. An additional 20% becomes exercisable on February 10, 2033, and the final 20% on February 10, 2034, with an expiration date of February 9, 2036.

What can PSA’s AO LTIP Units ultimately convert into for Tom Boyle?

Vested AO LTIP Units can be converted into LTIP Units of Public Storage OP. Subject to certain tax allocation conditions, these LTIP Units convert into OP Units, which may then be exchanged for Public Storage common shares or equivalent cash value, at Public Storage’s determination.

Is this Form 4 transaction a purchase or sale of PSA common shares?

This transaction is a grant of derivative AO LTIP Units, not a market purchase or sale of common shares. It is classified as an acquisition under code "A" and reflects equity compensation rather than an open-market trade in Public Storage stock.