SEC Form 4 · accession 0001726283-26-000004
Public Storage · PSA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Natalia Johnson
Officer — CD&TO
Period of report
Jul 28, 2026
Accepted (ET)
Jul 30, 2026 · 7:27 pm EDT
Rule 10b5-1 plan
box not checked
Issuer CIK
0001393311
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AO LTIP UnitsF1,F2 | $225.38 | Jul 28, 2026 | M | 10,327 | D | Aug 5, 2017 | Aug 4, 2026 | Common Shares | 10,327 | 0 | D |
| LTIP UnitsF4,F3 | — | Jul 28, 2026 | M | 3,284 | A | — | — | Common Shares | 3,284 | 26,493 | D |
Explanation of responses
- F1On February 26, 2024, the reporting person exchanged an option to purchase 10,327 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 10,327 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 $225.38, 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.
- F4Includes 9,398 LTIP Units subject to time-based vesting.