Public Storage director Spogli receives 6.28 share units

DSUs will be settled in unrestricted common shares on January 1 of the year after trustee separation, or upon an earlier death, disability or change of control.

Rhea-AI Filing Summary

Public Storage director Ronald P. Spogli received a grant of 6.28 fully vested deferred share units (DSUs) on October 6, 2026, in lieu of dividend equivalents under the company’s trustee compensation program. Each DSU represents the right to receive one common share; the grant amount was calculated using the company’s $285.85 closing share price on the grant date.

After the grant, his directly held position was 12,840 common shares, including 2,676.78 DSUs. He also reported 2,000 common shares held indirectly by him as trustee.

Insider Trade Summary

Grant/Award: 6.28 shares

Grant/Award 2 txns

Insider SPOGLI RONALD P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares F1, F2	6.28	$285.85	$2K
holding	Common Shares F3	--	--	--

Holdings After Transaction: Common Shares — 12,839.78 shares (Direct); Common Shares — 2,000 shares (Indirect, By Trust)

Footnotes (3)

1. F1. 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. Spogli 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 on January 1st of the calendar year following Mr. Spogli's separation from service as a trustee or (ii) in a lump sum upon Mr. Spogli's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Spogli's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.
2. F2. Includes 2,676.78 DSUs.
3. F3. By Ronald P. Spogli as trustee.

Key Figures

DSUs granted: 6.28 DSUs Grant-date closing share price: $285.85 per share Direct shares following transaction: 12,840 common shares +2 more

5 metrics

DSUs granted 6.28 DSUs October 6, 2026; granted in lieu of dividend equivalents

Grant-date closing share price $285.85 per share October 6, 2026

Direct shares following transaction 12,840 common shares Following the October 6, 2026 grant; includes 2,676.78 DSUs

DSUs included in direct position 2,676.78 DSUs Included in the reported position following the grant

Indirect holdings as trustee 2,000 common shares Held indirectly by Ronald P. Spogli as trustee

Key Terms

deferred share units (DSUs), dividend equivalents, Non-Management Trustee Compensation and Deferral Program

3 terms

deferred share units (DSUs) financial

"Grant of fully-vested deferred share units (DSUs)"

Deferred share units (DSUs) are a form of long-term compensation that give an executive or director a payable claim whose value moves with the company’s stock price but is not paid out until a later date, often when they leave the company. Think of a DSU as an IOU tied to the share price that becomes cash or shares in the future; investors watch DSUs because they affect potential share dilution, the timing of cash outflows, and whether management’s interests align with long-term shareholder value.

dividend equivalents financial

"in lieu of dividend equivalents"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Non-Management Trustee Compensation and Deferral Program financial

"pursuant to the Company’s Non-Management Trustee Compensation and Deferral Program"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How will Public Storage’s DSUs granted to Ronald P. Spogli be settled?

The DSUs will be settled in unrestricted common shares in a lump sum on January 1 of the calendar year following his separation from service as a trustee. They will instead be settled in a lump sum upon his earlier death or disability, or upon an earlier change of control of the company. Dividend equivalents on the DSUs will be issued as additional DSUs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/07/2026 - 12:53 PM Accepted by SEC EDGAR 10/07/2026 - 12:53 PM Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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^*

SPOGLI RONALD P

(Last) (First) (Middle)

C/O PUBLIC STORAGE

2811 INTERNET BOULEVARD

(Street)

FRISCO TEXAS 75034

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	10/06/2026		A		6.28(1)	A	$285.85	12,839.78(2)	D
Common Shares								2,000	I	By Trust(3)

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

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. Spogli 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 on January 1st of the calendar year following Mr. Spogli's separation from service as a trustee or (ii) in a lump sum upon Mr. Spogli's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Spogli's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.

2. Includes 2,676.78 DSUs.

3. By Ronald P. Spogli as trustee.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	10/07/2026
	** 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.
* Form 4: SEC 1474 (03-26)