Public Storage (PSA) director discloses new DSU grant and 357 LTIP Units

Rhea-AI Filing Summary

Public Storage director equity awards and holdings update. A Public Storage (PSA) director reported receiving 4.75 fully vested deferred share units (DSUs) on 12/30/2025 at a reference price of $261.13 per share, bringing directly held common shares (including DSUs) to 7,721.99 and additional indirect holdings of 317,053 shares through a family trust and 1,900 shares through a spouse IRA.

The director also received 357 fully vested LTIP Units in Public Storage OP, L.P. for quarterly retainers, contributing to 147,357.4 LTIP Units beneficially owned. DSUs will be settled in unrestricted common shares upon separation from board service, death, disability, or a change of control, while LTIP Units are intended as profits interests that can convert into OP Units and then into common shares or 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

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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^*

HAVNER RONALD L JR

(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		4.75(1)	A	$261.13	7,721.99(2)	D
Common Shares								317,053	I	By Trust(3)
Common Shares								1,900	I	By Spouse IRA

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		357(4)(5)		(4)(5)	(4)(5)	Common Shares	357	(4)(5)	147,357.4(6)	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. Havner 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 upon Mr. Havner's separation from service as a trustee or (ii) in a lump sum upon Mr. Havner's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Havner's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.

2. Includes 2,721.99 DSUs. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 5,000 remain subject to deferred receipt and are also included here.

3. Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust.

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.

6. Includes 144,232.40 vested LTIP Units and 3,125 LTIP Units subject to time-based vesting.

Remarks:

	/s/ Nathaniel A. Vitan, 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.
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FAQ

What insider transaction did Public Storage (PSA) report in this Form 4?

The filing reports that a Public Storage director received 4.75 fully vested deferred share units (DSUs) on 12/30/2025 and 357 fully vested LTIP Units in Public Storage OP, L.P., reflecting equity compensation for board service and elected deferrals.

How many Public Storage (PSA) common shares does the director beneficially own after this transaction?

After the reported transaction, the director beneficially owns 7,721.99 common shares directly (including DSUs), plus 317,053 common shares held indirectly by a family trust and 1,900 common shares held indirectly through a spouse IRA.

What are DSUs and how are they settled for the Public Storage (PSA) director?

The DSUs are fully vested deferred share units granted in lieu of cash dividend equivalents under the company’s Non-Management Trustee Compensation and Deferral Program. Each DSU represents the right to receive one Public Storage common share and will be settled in unrestricted common shares in a lump sum upon the director’s separation from service, earlier death or disability, or an earlier change of control.

How were the 4.75 DSUs for the Public Storage (PSA) director calculated?

The 4.75 DSUs represent the quotient of the dollar amount of cash dividend equivalents the director elected to receive in DSUs for the applicable quarter, divided by Public Storage’s closing share price on the grant date, which is noted as $261.13.

What LTIP Units were granted and what are the director’s total LTIP holdings at Public Storage (PSA)?

The director was granted 357 fully vested LTIP Units in Public Storage OP, L.P. as compensation elected in LTIP Units. Following this grant, the director beneficially owns 147,357.4 LTIP Units, including 144,232.40 vested LTIP Units and 3,125 LTIP Units subject to time-based vesting.

How can the Public Storage (PSA) director’s LTIP Units ultimately convert into common shares or cash?

The LTIP Units are designed as profits interests and are convertible into OP Units in Public Storage OP, L.P. once specified tax allocation conditions are met. These OP Units may then be exchanged for Public Storage common shares or the equivalent cash value, as determined by the company.

What deferred equity awards are included in the director’s reported Public Storage (PSA) holdings?

The report notes that the holdings include 2,721.99 DSUs and 5,000 vested restricted share units whose receipt has been postponed. Those restricted share units are scheduled for payment in 10 equal installments from April 1, 2021 through April 1, 2030, with 5,000 still subject to deferred receipt.