Public Storage (PSA) director granted 77 DSUs under equity incentive plan

Rhea-AI Filing Summary

Public Storage reported that one of its directors acquired additional equity-based compensation. On 12/31/2025, the director received 77 fully-vested deferred share units (DSUs) under the company’s Non-Management Trustee Compensation and Deferral Program, part of its Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The grant was valued using the company’s closing share price of $259.5 on the grant date.

Each DSU represents the right to receive one Public Storage common share. The DSUs will be settled in unrestricted common shares in a lump sum after the director’s separation from service as a trustee, or earlier upon death, disability, or a change of control of the company. Following this grant, the director beneficially owns 1,378 DSUs directly.

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

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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

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)
12/31/2025

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	12/31/2025		A		77(1)	A	$259.5	1,378(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 1,378 DSUs.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	01/02/2026
	** 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.

FAQ

What insider transaction did Public Storage (PSA) report in this filing?

A director of Public Storage reported receiving 77 fully-vested deferred share units (DSUs) on 12/31/2025 as part of the company’s trustee compensation program.

How many Public Storage DSUs does the director own after this transaction?

After the reported grant, the director beneficially owns 1,378 deferred share units (DSUs), each tied to one Public Storage common share.

What are deferred share units (DSUs) in the context of Public Storage (PSA)?

Each DSU represents the right to receive one Public Storage common share, granted as part of compensation instead of cash retainers for the applicable calendar quarter.

How was the number of DSUs granted to the Public Storage director determined?

The 77 DSUs were calculated by dividing the elected dollar amount of cash retainers for the quarter by Public Storage’s closing share price of $259.5 on the grant date, then rounding up to the nearest DSU.

When will the Public Storage director receive common shares for these DSUs?

The DSUs will be settled in unrestricted common shares in a lump sum after the director’s separation from service as a trustee, or earlier upon the director’s death, disability, or a change of control of Public Storage.

Under which compensation plan were the Public Storage (PSA) DSUs granted?

The DSUs were granted under Public Storage’s Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan, through the Non-Management Trustee Compensation and Deferral Program.