Public Storage director receives stock-based awards

Public Storage director Ronald P. Spogli reported stock-based compensation awards rather than open-market trades.

Rhea-AI Filing Summary

Public Storage director Ronald P. Spogli reported stock-based compensation awards rather than open-market trades. He received 174 LTIP Units tied to Public Storage OP, L.P. and 6.5 common shares as fully vested awards for quarterly retainers and dividend equivalents under the company’s trustee compensation and deferral programs.

After these awards, he holds 4,937.72 LTIP Units and 12,827.92 common shares directly, plus 2,000 common shares held indirectly by a trust. The LTIP Units and deferred share units are designed to convert into common equity or cash under specified conditions, aligning trustee compensation with shareholder interests.

Insider Trade Summary

Grant/Award: 180.5 shares

Grant/Award 3 txns

Insider SPOGLI RONALD P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	174	$0.00	$0.00
Grant/Award	Common Shares	6.5	$270.88	$2K
holding	Common Shares	--	--	--

Holdings After Transaction: LTIP Units — 4,937.72 contracts (Direct); Common Shares — 12,827.92 shares (Direct); Common Shares — 2,000 shares (Indirect, By Trust)

Footnotes (5)

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 2,664.92 DSUs.
3. F3. By Ronald P. Spogli as trustee.
4. F4. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), 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. The number of LTIP Units 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 LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues]
5. F5. [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.

Key Figures

LTIP Units granted: 174 LTIP Units Common shares granted: 6.5 shares at $270.88 LTIP Units holding: 4,937.72 LTIP Units +3 more

6 metrics

LTIP Units granted 174 LTIP Units Fully vested grant for applicable calendar quarter retainers

Common shares granted 6.5 shares at $270.88 Fully vested award in lieu of dividend equivalents

LTIP Units holding 4,937.72 LTIP Units Total direct LTIP Units following transaction

Direct common shares holding 12,827.92 shares Total direct common shares following transaction

Indirect common shares holding 2,000 shares Held indirectly by trust with Spogli as trustee

Deferred share units included 2,664.92 DSUs Included within reported common share-related units

Key Terms

LTIP Units, deferred share units (DSUs), Non-Management Trustee Compensation and Deferral Program, profits interests, +1 more

5 terms

LTIP Units financial

"designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

deferred share units (DSUs) financial

"Grant of fully-vested deferred share units (DSUs) in lieu of dividend equivalents"

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

profits interests financial

"LTIP Units are intended to qualify as profits interests for US federal income tax purposes"

OP Units financial

"convertible ... into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged"

OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.

FAQ

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

What insider transactions did PSA director Ronald P. Spogli report on this Form 4?

Ronald P. Spogli reported compensation-related awards, not market purchases or sales. He received 174 LTIP Units and 6.5 Public Storage common shares as fully vested grants for quarterly retainers and dividend equivalents, under the company’s Non-Management Trustee Compensation and Deferral Programs.

How many Public Storage LTIP Units did Ronald P. Spogli receive and now hold?

He received 174 LTIP Units as part of his quarterly trustee compensation. Following this grant, his total direct LTIP Unit holdings increased to 4,937.72, which are membership interests in Public Storage OP, L.P. intended to qualify as profits interests and potentially convert into OP Units.

What are the details of the Public Storage common share award to Ronald P. Spogli?

Spogli received 6.5 fully vested common shares valued at $270.88 per share, issued as deferred share units in lieu of cash dividend equivalents. These DSUs represent the right to receive common shares in a lump sum after his board service ends, death, disability, or a change of control.

How many Public Storage common shares does Ronald P. Spogli hold after these grants?

After the reported grants, he directly holds 12,827.92 Public Storage common shares. In addition, a trust for which he serves as trustee holds 2,000 common shares indirectly, providing a mix of direct and trust-based ownership exposure to the company’s equity.

How do the deferred share units (DSUs) work in Public Storage’s trustee compensation plan?

Each DSU represents the right to receive one common share. The number of DSUs granted equals the elected cash dividend equivalents divided by the closing share price. They are settled in unrestricted common shares after Mr. Spogli’s separation, earlier death or disability, or an earlier change of control.

How are Public Storage LTIP Units structured for Ronald P. Spogli’s compensation?

LTIP Units are fully vested membership interests in Public Storage OP, L.P. awarded instead of cash retainers. They are intended as profits interests and may convert into OP Units once minimum tax allocations are satisfied, with resulting OP Units exchangeable for common shares or equivalent cash value.

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

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Accepted by SEC EDGAR 04/02/2026 - 10:48 AM 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)
03/31/2026

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	03/31/2026		A		6.5(1)	A	$270.88	12,827.92(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
LTIP Units	(4)(5)	03/31/2026		A		174(4)(5)		(4)(5)	(4)(5)	Common Shares	174	(4)(5)	4,937.72	D

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 2,664.92 DSUs.

3. By Ronald P. Spogli as trustee.

4. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), 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. The number of LTIP Units 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 LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues]

5. [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	04/02/2026
	** 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)