Joseph D. Russell Jr. - 27 Jan 2026 Form 4 Insider Report for Public Storage (PSA)

Role: President and CEO, Director
Signature: /s/ Nathaniel A. Vitan, Attorney-in-Fact
Issuer symbol: PSA
Transactions as of: 27 Jan 2026
Net transactions value: $0
Form type: 4
Filing time: 29 Jan 2026, 10:19:36 UTC
Previous filing: 07 Mar 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
RUSSELL JOSEPH D JR	President and CEO, Director	C/O PUBLIC STORAGE, 701 WESTERN AVENUE, GLENDALE	/s/ Nathaniel A. Vitan, Attorney-in-Fact	29 Jan 2026	0001230471

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PSA	LTIP Units	Award	$0	+25,207	+36%	$0.000000	95,876	27 Jan 2026	Common Shares	25,207		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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.

Content

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.

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