Public Storage (NYSE: PSA) grants AO LTIP and LTIP awards to officer

Rhea-AI Filing Summary

Public Storage corporate officer Natalia Johnson received new equity awards linked to company performance. She was granted 25,551 AO LTIP Units with an underlying conversion price of $288.56 per common share equivalent, expiring on March 14, 2033, and 6,584 additional LTIP Units.

These awards reflect performance-based replacements for prior option and restricted share unit grants covering the 2023–2026 performance period, with performance certified at 100% of target on March 15, 2026. Three-fifths of one award vests on March 20, 2026, with the balance vesting ratably over the next two years.

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^*

Johnson Natalia

(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)
	CD&TO

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								8,110	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		25,551(2)		(3)	03/14/2033	Common Shares	25,551	$0	25,551	D
LTIP Units(4)(5)	(4)	03/15/2026		A		6,584(5)		(3)	(4)	Common Shares	6,584	$0	23,209(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 25,551 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 13,811 vested LTIP Units and 9,398 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).
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FAQ

What did Public Storage (PSA) officer Natalia Johnson report on this Form 4?

Natalia Johnson reported equity compensation grants, not open-market trades. She received 25,551 AO LTIP Units and 6,584 LTIP Units tied to Public Storage OP, both linked to future conversion into OP Units and ultimately Public Storage common shares or cash equivalents.

How large are the AO LTIP Unit and LTIP Unit awards for PSA’s Natalia Johnson?

She received 25,551 AO LTIP Units and 6,584 LTIP Units. Each AO LTIP Unit relates to an original option award with a $288.56 per share exercise price, while each LTIP Unit is designed as a profits interest that can convert into OP Units and then common shares or cash.

Are the new Public Storage awards to Natalia Johnson performance-based?

Yes. Both awards reflect performance-based AO LTIP Units and LTIP Units covering a three-year 2023–2026 performance period. The compensation committee certified performance at 100% of target on March 15, 2026, which determined the number of units ultimately reported on this Form 4.

What is the vesting schedule for Natalia Johnson’s new LTIP-related awards at Public Storage?

Three-fifths of one LTIP-related award will vest on March 20, 2026. The remaining portion vests ratably over the following two years, creating a multi-year retention and performance alignment structure rather than immediate, fully vested equity compensation.

How can the AO LTIP Units and LTIP Units convert into Public Storage common shares?

Once vested and after certain tax-related capital account conditions are met, AO LTIP Units convert into LTIP Units, then into OP Units. OP Units may then be exchanged for Public Storage common shares or equivalent cash, as determined by Public Storage, creating indirect equity exposure.

What ongoing LTIP Unit holdings does Natalia Johnson report after these transactions?

Following these awards, she reports 23,209 LTIP Units. Footnotes state this includes 13,811 vested LTIP Units and 9,398 LTIP Units subject to time-based vesting, in addition to 8,110 Public Storage common shares held directly after the reported date.