Public Storage director granted 3,232 AO LTIP units

Public Storage director Tamara Hughes Gustavson received an equity-based award linked to company units.

Rhea-AI Filing Summary

Public Storage director Tamara Hughes Gustavson received an equity-based award linked to company units. She was granted 3,232 AO LTIP Units of Public Storage OP, L.P. on May 6, 2026 at a stated price of $0.00 per unit.

The AO LTIP Units vest in full one year from the grant date and can then be converted, through several partnership-unit steps, into Public Storage common shares or an equivalent cash value, subject to tax-related capital account conditions.

Insider Trade Summary

Grant/Award: 3,232 shares

Grant/Award 1 txn

Insider GUSTAVSON TAMARA HUGHES

Role Director

Type	Security	Shares	Price	Value
Grant/Award	AO LTIP Units	3,232	$0.00	$0.00

Holdings After Transaction: AO LTIP Units — 3,232 contracts (Direct)

Footnotes (1)

1. F1. Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in full one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

Key Figures

AO LTIP Units granted: 3,232 units Transaction price per unit: $0.00 Conversion/exercise price: $308.98 per share +4 more

7 metrics

AO LTIP Units granted 3,232 units Award granted on May 6, 2026

Transaction price per unit $0.00 Grant price for AO LTIP Units

Conversion/exercise price $308.98 per share Price for underlying common shares

Underlying common shares 3,232 shares Shares underlying AO LTIP Units

Vesting period 1 year AO LTIP Units vest one year from grant date

Expiration date May 5, 2036 AO LTIP Units expiration

Total AO LTIP Units after grant 3,232 units Holdings following transaction

Key Terms

AO LTIP Units, LTIP Units, OP Units, Equity and Performance-Based Incentive Compensation Plan, +1 more

5 terms

AO LTIP Units financial

"membership interests in Public Storage OP, L.P. designated as AO LTIP Units"

LTIP Units financial

"convertible at the reporting person's election into vested LTIP Units of Public Storage OP"

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.

OP Units financial

"convertible ... into Common Units in Public Storage OP ("OP Units")"

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.

Equity and Performance-Based Incentive Compensation Plan financial

"granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan"

profits interests financial

"AO LTIP Units and LTIP Units are intended to qualify as profits interests"

FAQ

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

What did Public Storage (PSA) director Tamara Hughes Gustavson report on this Form 4?

She reported receiving an award of 3,232 AO LTIP Units in Public Storage OP, L.P. The units were granted at a stated price of $0.00 and are part of Public Storage’s 2021 Equity and Performance-Based Incentive Compensation Plan.

How many AO LTIP Units did the Public Storage (PSA) director receive?

The director received 3,232 AO LTIP Units linked to Public Storage OP, L.P. Each AO LTIP Unit corresponds to 3,232 underlying Public Storage common shares in total, reflecting a one-for-one relationship between each AO LTIP Unit and an underlying common share.

When do the AO LTIP Units reported by Public Storage (PSA) vest?

The AO LTIP Units vest in full one year from the May 6, 2026 grant date. After vesting, they may be converted into LTIP Units, then into OP Units, and ultimately exchanged for Public Storage common shares or equivalent cash value.

What is the conversion or exercise price for the AO LTIP Units at Public Storage (PSA)?

The award has a stated conversion or exercise price of $308.98 per underlying common share. This price applies when AO LTIP Units are ultimately converted through LTIP Units and OP Units into Public Storage common shares, subject to the plan’s tax allocation conditions.

How can the AO LTIP Units at Public Storage (PSA) ultimately turn into common shares?

Vested AO LTIP Units may be converted into LTIP Units, then into OP Units in Public Storage OP, L.P. OP Units can be exchanged by the reporting person for Public Storage common shares or their cash equivalent, as determined by Public Storage under the plan.

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

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Accepted by SEC EDGAR 05/08/2026 - 10:55 AM EDT 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^*

GUSTAVSON TAMARA HUGHES

(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)
05/06/2026

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

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
AO LTIP Units(1)	$308.98	05/06/2026		A		3,232		05/06/2027	05/05/2036	Common Shares	3,232	$0	3,232	D

Explanation of Responses:

1. Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in full one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	05/08/2026
	** 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)