[Form 4] Public Storage Insider Trading Activity

Rhea-AI Filing Summary

Public Storage (NYSE: PSA) filed a Form 4 detailing director John Reyes’ quarterly equity compensation election.

• Transaction date: 30 June 2025
• Securities: 113 fully-vested deferred share units (DSUs), each economically equivalent to one PSA common share.
• Pricing: DSUs valued at the 30 June 2025 closing price of $293.42, implying an aggregate value of roughly $33 000.
• Purpose: Not an open-market purchase; the shares were granted under the company’s Non-Management Trustee Compensation and Deferral Program as the director elected to receive a portion of his cash retainer in DSUs.
• Post-transaction holdings: 2,948 DSUs held directly and 154,685 shares held indirectly through the Reyes Trust.
• Settlement terms: DSUs convert 1-for-1 into unrestricted common shares upon the director’s separation from the board, earlier death/disability, or a change of control.

The filing reflects routine director compensation rather than opportunistic buying or selling and therefore carries limited signalling value for short-term investors.

Insights

Corporate Governance Analyst

TL;DR: Routine DSU grant; immaterial for valuation, neutral governance signal.

The 113-unit grant—worth about $33 k—stems from Mr. Reyes’ regular quarterly retainer deferral. Because it is automatic under the board compensation plan, it does not suggest incremental bullishness nor raise governance red flags. Post-grant ownership remains sizable at 154.7 k indirect shares plus 2.9 k DSUs, aligning the director with shareholder interests. No cash changed hands, no dilution occurs, and the percentage change in insider ownership is de-minimis. I classify the event as not impactful; investors can safely view it as administrative.

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^*

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)
06/30/2025

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	06/30/2025		A		113(1)	A	$293.42	2,948(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 2,948 DSUs.

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

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	07/01/2025
	** 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

How many Public Storage shares did director John Reyes acquire on 30 June 2025?

He received 113 fully-vested deferred share units, each equivalent to one PSA common share.

What was the grant price for the PSA deferred share units?

The units were valued at the closing price of $293.42 on 30 June 2025.

Is the transaction an open-market purchase?

No. The DSUs were issued under the company’s Non-Management Trustee Compensation and Deferral Program as part of regular board fees.

What is John Reyes’s total beneficial ownership after the transaction?

He holds 2,948 DSUs directly and 154,685 shares indirectly via the Reyes Trust.

When will the DSUs convert into PSA common shares?

They settle in a lump sum upon board separation, death/disability, or a change of control.