SEC Form 4 · accession 0001227384-26-000017

Public Storage · PSA

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Director

Period of report

Jul 29, 2026

Accepted (ET)

Jul 30, 2026 · 5:23 pm EDT

Rule 10b5-1 plan

box not checked

Issuer CIK

0001393311

Table I — non-derivative securities

No Table I lines on this filing.

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
AO LTIP Units^F1,F2	$219.07	Jul 29, 2026	M	103,275	D	Feb 22, 2018	Feb 21, 2027	Common Shares	103,275	0	D
LTIP Units^F3	—	Jul 29, 2026	M	34,600	A	—	—	Common Shares	34,600	182,394	D

F1On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $219.07, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]
F2[Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.
F3Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.