[Form 4] Public Storage Insider Trading Activity

Rhea-AI Filing Summary

John Reyes, a director of Public Storage (PSA), received a grant of 115 fully-vested deferred share units (DSUs) on 09/30/2025 under the company’s Non-Management Trustee Compensation and Deferral Program. Each DSU represents the right to one common share and will be settled in unrestricted common shares upon the director’s separation, death, disability, or an earlier change of control. The grant used the company’s closing share price on the grant date of $288.85. After the reported transaction the filing shows 3,063 DSUs beneficially owned directly and 154,685 shares held indirectly through the Reyes Trust.

Positive

• 115 DSUs granted to the director on 09/30/2025, increasing equity alignment
• 3,063 DSUs shown as direct beneficial ownership after the transaction
• 154,685 shares held indirectly via the Reyes Trust, indicating substantial existing insider ownership
• Grant price disclosed as $288.85, clarifying valuation used for the DSU conversion

Negative

• None.

Insights

Corporate Governance Expert

Director compensation granted as equity aligns interests with shareholders.

The filing discloses a grant of 115 DSUs to John Reyes under the Non-Management Trustee plan, which converts to common shares when settled. Equity-based pay that vests immediately increases the director’s direct economic stake, shown as 3,063 DSUs directly owned.

This form shows the director already has substantial indirect holdings via the Reyes Trust of 154,685 shares, indicating long-term alignment with shareholder outcomes.

Securities Compliance Analyst

Form 4 timely reports an awarded equity and updates beneficial ownership.

The Form 4 records a transaction dated 09/30/2025 and is signed/dated 10/02/2025, showing acquisition code A for the DSU grant and the price used ($288.85), consistent with disclosure of deferred-unit grants settled in shares.

The filing also identifies indirect ownership through a trust established on 12/27/2012, meeting Section 16 disclosure requirements for related-party holdings.

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^*

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)
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	3,063(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 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 3,063 DSUs.

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

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

What did John Reyes report in the Form 4 for PSA?

The Form 4 reports that John Reyes received 115 DSUs on 09/30/2025, representing rights to common shares, and shows 3,063 DSUs directly owned and 154,685 shares indirectly owned through a trust.

What is a DSU and how will PSA DSUs be settled?

Per the filing, each DSU represents the right to one common share and will be settled in unrestricted common shares upon the reporting person’s separation, death, disability, or an earlier change of control.

What price was used to calculate the DSU grant on the Form 4?

The company’s closing share price used for the grant calculation is shown as $288.85.

How much indirect ownership does John Reyes have in PSA?

The filing discloses 154,685 shares held indirectly by the reporting person and spouse as trustees of the Reyes Trust.

When was the Form 4 signed and filed?

The Form 4 is signed by an attorney-in-fact and dated 10/02/2025.