[Form 4] Public Storage Insider Trading Activity

Rhea-AI Filing Summary

Luke J. Petherbridge, a director of Public Storage (PSA), was granted 80 LTIP Units on 09/30/2025 under the companys Non-Management Trustee Compensation and Deferral Program. The LTIP Units are fully vested on grant and are economic interests in Public Storage OP, L.P., intended to qualify as profits interests for U.S. federal tax purposes. Subject to tax-related conversion conditions, LTIP Units convert into OP Units that may be exchanged for common shares or the cash equivalent, using the companys closing share price on the grant date to determine unit quantity. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• Director compensation aligned with equity: 80 LTIP Units convert into OP Units and may become common shares, linking pay to shareholder value
• Full vesting on grant: LTIP Units were granted fully vested on 09/30/2025, providing immediate equity alignment
• Timely disclosure: Form 4 filed and signed by attorney-in-fact on 10/02/2025, meeting Section 16 reporting requirements

Negative

• None.

Insights

Compensation Analyst

TL;DR: This is a routine director compensation deferral into equity-linked units.

The filing shows a director elected or received compensation in the form of 80 LTIP Units, fully vested on grant, rather than immediate cash. That structure aligns director pay with shareholder outcomes because the LTIP Units convert into OP Units and ultimately common shares or cash tied to share value. This is standard for aligning non-management trustees interests with equity performance and does not disclose additional cash costs or extraordinary one-time awards.

Corporate Governance Expert

TL;DR: Disclosure indicates routine, transparent reporting of beneficial ownership change.

The Form 4 provides required Section 16 disclosure: the exact grant amount (80 LTIP Units), grant date (09/30/2025), and conversion mechanics tied to tax treatment and company closing price. The signature by an attorney-in-fact on 10/02/2025 completes the compliance record. No departures, sales, or unusual transfers are reported, so this is a standard governance disclosure rather than a material corporate action.

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^*

PETHERBRIDGE LUKE J

(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

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	(1)(2)	09/30/2025		A		80(1)(2)		(1)(2)	(1)(2)	Common Shares	80	(1)(2)	80	D

Explanation of Responses:

1. 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 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]

2. [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	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 PSA director Luke J. Petherbridge receive on 09/30/2025?

He was granted 80 LTIP Units under the Non-Management Trustee Compensation and Deferral Program, fully vested on grant.

How do LTIP Units convert to common shares for PSA (Public Storage)?

LTIP Units convert into OP Units upon satisfying tax-related allocation conditions; OP Units may be exchanged for common shares or equivalent cash based on the companys closing share price.

Is the Form 4 filing for PSA compliant and timely?

The Form 4 records a 09/30/2025 grant and bears a signature by an attorney-in-fact dated 10/02/2025, indicating required Section 16 disclosure was made.

Does the filing disclose any share sales or stock option exercises for PSA director?

No. The filing only discloses an acquisition (grant) of 80 LTIP Units and no disposals or option exercises.

Are the LTIP Units taxable immediately for PSA director?

The filing states LTIP Units are intended to qualify as profits interests for U.S. federal tax purposes; specific tax timing or liabilities are not detailed in the Form 4.