SEC Form 4 · accession 0000916867-26-000010
Public Storage · PSA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Ronald P Spogli
Director
Period of report
Jun 30, 2026
Accepted (ET)
Jul 2, 2026 · 11:04 am EDT
Rule 10b5-1 plan
box not checked
Issuer CIK
0001393311
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common SharesF1,F2 | Jun 30, 2026 | A | 6 | $318.31 | A | 12,834 | D | |
| Common SharesF3 | holding | — | — | — | 2,000 | I | By Trust |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF4,F5 | — | Jun 30, 2026 | A | 145 | A | — | — | Common Shares | 145 | 6,055 | D |
Explanation of responses
- F1Grant 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.
- F2Includes 2,670.5 DSUs.
- F3By Ronald P. Spogli as trustee.
- F4Grant 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]
- 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.