Public Storage (PSA) director discloses 128 DSUs and over 150K shares held

Rhea-AI Filing Summary

Public Storage director reports deferred share unit grant

A director of Public Storage reported receiving 128 fully vested deferred share units (DSUs) on 12/31/2025 under the company’s Non-Management Trustee Compensation and Deferral Program, at a reference share price of $259.5. Each DSU represents the right to receive one common share of Public Storage.

After this grant, the director beneficially owns 3,191 common shares in the form of DSUs directly and an additional 154,685 common shares indirectly through a trust. The DSUs will be settled in unrestricted common shares in a lump sum when the director leaves the board, or earlier upon death, disability, or a change of control of the company.

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

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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^*

REYES JOHN

(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)
12/31/2025

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	12/31/2025		A		128(1)	A	$259.5	3,191(2)	D
Common Shares								154,685	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) 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. 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 retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in DSUs, divided by the Company's closing share price on the grant date, rounded up to the nearest DSU. The DSUs will be settled in unrestricted common shares (i) in a lump sum upon the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.

2. Includes 3,191 DSUs.

3. Reporting person and spouse, trustees of Reyes Trust, date December 27, 2012.

Remarks:

	/s/ Steven C. Babinski, 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.
* 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 insider transaction did Public Storage (PSA) report in this Form 4?

A Public Storage director reported receiving 128 fully vested deferred share units (DSUs) of the company’s common shares on 12/31/2025 as part of trustee compensation.

What is a deferred share unit (DSU) in the Public Storage (PSA) filing?

Each deferred share unit (DSU) represents the right to receive one Public Storage common share, granted in lieu of cash retainers under the company’s trustee compensation and deferral program.

How were the 128 DSUs for the Public Storage (PSA) director calculated?

The 128 DSUs equal the portion of the director’s cash retainers elected to be paid in DSUs, divided by Public Storage’s closing share price on the grant date and rounded up to the nearest DSU, using a price of $259.5.

When will the Public Storage (PSA) director receive common shares for these DSUs?

The DSUs will be settled in unrestricted common shares in a lump sum when the director separates from service as a trustee, or earlier upon death, disability, or a change of control of Public Storage.

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

Following the transaction, the director beneficially owns 3,191 common shares in the form of DSUs directly and 154,685 common shares indirectly through a trust for which the director and spouse serve as trustees.

What is the relationship of the reporting person to Public Storage (PSA)?

The reporting person is identified as a director of Public Storage, with the filing marked as a Form 4 submitted by one reporting person.