Public Storage — Director's Dealing 2026

Jan 29, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2026-01-27

Reporting Person: RUSSELL JOSEPH D JR (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-01-27	LTIP Units	$	A	25207	Acquired		Common Shares (25207)	Direct

Footnotes

F1: Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as LTIP Units ("LTIP Units") granted in connection with Public Storage's 2026 named executive officer equity compensation program and pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The LTIP Units vest in three (3) equal annual installments beginning one (1) year from the grant date. Vested LTIP Units 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F2: Includes 55,046.82 vested LTIP Units and 40,829 LTIP Units subject to time-based vesting.