[Form 4] Public Storage Insider Trading Activity

Rhea-AI Filing Summary

Mitra Shankh, a director of Public Storage (PSA), received 115 unrestricted common shares on 09/30/2025 under the company's Non-Management Trustee Compensation and Deferral Program within the 2021 Equity and Performance-Based Incentive Compensation Plan. The shares were issued as the share-equivalent of cash retainers the reporting person elected to receive in stock; the grant used the company closing price on the grant date at $288.85 per share. After the transaction the reporting person directly beneficially owned 8,768 shares. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 10/02/2025.

Positive

• 115 unrestricted common shares issued to director under compensation program
• Director increased direct ownership to 8,768 shares following the grant
• Grant price explicitly disclosed at $288.85 per share
• Transaction clearly tied to the 2021 Equity and Performance-Based Incentive Compensation Plan

Negative

• None.

Insights

Equity Compensation Specialist

Grant reflects standard director compensation conversion to shares.

The filing documents a routine issuance of unrestricted common shares as part of the company's director pay-deferral program, using cash retainers converted at the closing share price on the grant date. This increases the director's direct holdings by a known, fixed amount (115 shares) and follows the plan mechanics described in the filing.

Transaction date 09/30/2025 and the per-share price $288.85 are explicit in the filing.

Corporate Governance Analyst

Transaction signals alignment via equity-based director compensation.

The disclosure shows the director elected to receive compensation in shares, which is a disclosed component of the company's 2021 equity plan and the Non-Management Trustee Compensation program. The Form 4 confirms direct beneficial ownership of 8,768 shares following the grant and provides a clear, dated record of the change in ownership.

The filing was executed by an attorney-in-fact on 10/02/2025.

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).

1. Name and Address of Reporting Person^*

Mitra Shankh

(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)
09/30/2025

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	09/30/2025		A		115(1)	A	$288.85	8,768	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

Explanation of Responses:

1. Grant of unrestricted Company common shares pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. The number of shares 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 common shares, divided by the Company's closing share price on the grant date, rounded up to the nearest share.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	10/02/2025
	** 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

Who filed the Form 4 for PSA and what is their role?

The Form 4 reports transactions for Mitra Shankh, who is listed as a Director of Public Storage (PSA).

What transaction occurred on 09/30/2025 for PSA insider Mitra Shankh?

The reporting person acquired 115 unrestricted common shares on 09/30/2025 as part of a compensation deferral.

At what price were the shares issued in this Form 4?

The shares were issued using the company's closing price on the grant date: $288.85 per share.

How many shares does the reporting person own after the transaction?

After the reported transaction the reporting person directly beneficially owned 8,768 shares.

Under what plan were the shares granted?

The grant was made under the Non-Management Trustee Compensation and Deferral Program pursuant to the company's 2021 Equity and Performance-Based Incentive Compensation Plan.

When was the Form 4 signed and by whom?

The Form 4 is signed by Steven C. Babinski, Attorney-in-Fact on behalf of the reporting person on 10/02/2025.