Public Storage grants director Williams 52 share units

The award represents cash retainers Williams earned for the quarter and elected to defer into DSUs.

Rhea-AI Filing Summary

Public Storage director Paul S. Williams acquired 52 fully vested deferred share units (DSUs) on September 30, 2026, under the company's Non-Management Trustee Compensation and Deferral Program. The grant-date closing share price used to calculate the DSUs was $282.84 per share; each DSU represents the right to receive one common share. Williams held 1,530 DSUs after the grant. The units are settled in unrestricted common shares after separation from trustee service, or earlier upon death, disability, or a change of control.

Insider Trade Summary

Grant/Award: 52 shares

Grant/Award 1 txn

Insider WILLIAMS PAUL S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares F1, F2	52	$282.84	$15K

Holdings After Transaction: Common Shares — 1,530 shares (Direct)

Footnotes (2)

1. F1. 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 following 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. F2. Includes 1,530 DSUs.

Key Figures

DSUs granted: 52 DSUs Grant-date closing share price: $282.84 per share DSUs following grant: 1,530 DSUs

3 metrics

DSUs granted 52 DSUs September 30, 2026; fully vested grant

Grant-date closing share price $282.84 per share Used to calculate the DSU grant

DSUs following grant 1,530 DSUs Paul S. Williams's reported position after the grant

Key Terms

deferred share units (DSUs), Non-Management Trustee Compensation and Deferral Program, Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan

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.

Non-Management Trustee Compensation and Deferral Program financial

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

Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan financial

"under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan"

FAQ

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

How many DSUs did Public Storage director Paul S. Williams receive?

Paul S. Williams received 52 fully vested DSUs on September 30, 2026, and held 1,530 DSUs after the grant. Each DSU represents the right to receive one Public Storage common share.

How were Paul Williams's Public Storage DSUs calculated?

The 52 DSUs were calculated by dividing the portion of cash retainers Williams earned for the applicable calendar quarter and elected to receive in DSUs by Public Storage's closing share price on the grant date, then rounding up to the nearest DSU. The closing share price was $282.84 per share.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/02/2026 - 06:45 PM Accepted by SEC EDGAR 10/02/2026 - 06:45 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^*

WILLIAMS PAUL S

(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)
09/30/2026

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	09/30/2026		A		52(1)	A	$282.84	1,530(2)	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 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 following 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 1,530 DSUs.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	10/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)