Public Storage — Director's Dealing 2026

Feb 24, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2026-02-20

Reporting Person: Mitra Shankh (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-20	OP Options	$350	P	561293	Acquired	2036-02-20	Common Shares (561293)	Direct

Footnotes

F1: Reflects the private purchase by the reporting person from Public Storage OP, L.P. ("Public Storage OP") of out-of-the-money non-qualified options ("OP Options") to purchase common units ("OP
Units") of Public Storage OP. The OP Options become exercisable 100% on the sixth anniversary of the settlement date. 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.