Public Storage — Director's Dealing 2026

Feb 12, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2026-02-10

Reporting Person: Boyle Tom (CFO and CIO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-10	AO LTIP Units	$350	A	242248	Acquired	2036-02-09	Common Shares (242248)	Direct

Footnotes

F1: Reflects a promotion award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest as to 60% on the sixth anniversary of the grant date with the remaining 40% vesting ratably over the following two years. [footnote continues]

F2: [continued from footnote] Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F3: These AO LTIP Units become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034.