Public Storage (PSA) director acquires AO LTIP and LTIP incentive units

Rhea-AI Filing Summary

Public Storage director Paul S. Williams reported two equity incentive transactions involving partnership-based units linked to the company’s common shares. On the reported date, he exercised or converted derivative awards for 6,000 AO LTIP Units and separately for 1,685.15 LTIP Units, all held directly.

The footnotes explain that AO LTIP Units function like “net exercise” stock options. Once vested, they can convert into LTIP Units based on the increase in Public Storage’s common share value over $223.61. Vested LTIP Units may then convert into OP Units, which are redeemable, at the company’s option, for either one common share per OP Unit or cash equal to the value of one common share.

Insider Trade Summary

7,685.15 shares exercised/converted

Mixed 2 txns

Insider WILLIAMS PAUL S

Role Director

Type	Security	Shares	Price	Value
Exercise	AO LTIP Units	6,000	$0.00	--
Exercise	LTIP Units	1,685.15	$0.00	--

Holdings After Transaction: AO LTIP Units — 9,491 shares (Direct); LTIP Units — 1,685.15 shares (Direct)

Footnotes (1)

1. On March 5, 2024, the reporting person exchanged an option to purchase 15,491 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 15,491 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 $223.61, 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] [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. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

Form 4 Insider Transactions: What Each Field Means →

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^*

WILLIAMS PAUL S

(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)
03/02/2026

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	$223.61(1)(2)	03/02/2026		M			6,000	01/01/2022(1)(2)	12/31/2030(1)(2)	Common Shares	6,000	(1)(2)	9,491	D
LTIP Units	(3)	03/02/2026		M		1,685.15		(3)	(3)	Common Shares	1,685.15	$0	1,685.15	D

Explanation of Responses:

1. On March 5, 2024, the reporting person exchanged an option to purchase 15,491 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 15,491 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 $223.61, 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	03/03/2026
	** 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 activity did Public Storage (PSA) report for Paul S. Williams?

Public Storage reported that director Paul S. Williams exercised or converted derivative awards into 6,000 AO LTIP Units and 1,685.15 LTIP Units. These awards are part of an equity incentive structure ultimately tied to the company’s common shares through convertible partnership units.

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

AO LTIP Units are limited partnership units in Public Storage OP, L.P. that function similarly to “net exercise” stock options. Once vested, they convert into LTIP Units based on the increase in Public Storage’s common share value above $223.61 at the time of conversion.

How can LTIP Units reported by Public Storage (PSA) be converted into common shares?

Vested LTIP Units may convert into OP Units of Public Storage OP, L.P. The resulting OP Units are then redeemable, at the company’s option, for either one Public Storage common share per OP Unit or the cash value of a common share, on a one-for-one basis.

Did the Public Storage (PSA) Form 4 show open-market buying or selling by Paul S. Williams?

The Form 4 shows exercises or conversions of derivative securities, not open-market buying or selling. Paul S. Williams acquired AO LTIP Units and LTIP Units through equity incentive mechanics, with no stated cash purchase price per unit in these derivative transactions.

What is the strike-like threshold mentioned for Public Storage (PSA) AO LTIP Units?

The AO LTIP Units convert into LTIP Units based on the excess of Public Storage’s common share value over $223.61 at the conversion date. The quotient of that excess divided by the common share value determines how many LTIP Units are received from the AO LTIP Units.

Do OP Units related to Public Storage (PSA) equity awards have an expiration date?

According to the disclosure, OP Units have no expiration date. Common shares are issued upon redemption of OP Units on a one-for-one basis or, alternatively, the holder may receive cash equal to the value of a Public Storage common share, at the company’s option.