Ronald P. Spogli - 27 Jun 2025 Form 4 Insider Report for Public Storage (PSA)

Role: Director
Signature: /s/ Steven C. Babinski, Attorney-in-Fact
Issuer symbol: PSA
Transactions as of: 27 Jun 2025
Net transactions value: +$1,704
Form type: 4
Filing time: 01 Jul 2025, 16:57:23 UTC
Previous filing: 09 May 2025
Next filing: 02 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
SPOGLI RONALD P	Director	C/O PUBLIC STORAGE, 701 WESTERN AVENUE, GLENDALE	/s/ Steven C. Babinski, Attorney-in-Fact	01 Jul 2025	0000916867

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Shares	Award	$1,704	+6	+0.05%	$289.88	12,809	27 Jun 2025	Direct	F1, F2
holding	PSA	Common Shares						2,000	27 Jun 2025	By Trust	F3

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		+145	+3.4%		4,452	30 Jun 2025	Common Shares	145		Direct	F4, F5

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

Explanation of Responses:

Id	Content
F1	Grant of fully-vested deferred share units (DSUs) in lieu of dividend equivalents pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. Each DSU represents the right to receive one Company common share. The number of DSUs granted represents the quotient of the dollar amount of the portion of the cash dividend equivalents paid on DSUs for the applicable calendar quarter Mr. Spogli has elected to be paid in DSUs, divided by the Company's closing share price on the grant date. The DSUs will be settled in unrestricted common shares (i) in a lump sum on January 1st of the calendar year following Mr. Spogli's separation from service as a trustee or (ii) in a lump sum upon Mr. Spogli's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Spogli's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.
F2	Includes 2,645.75 DSUs.
F3	By Ronald P. Spogli as trustee.
F4	Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. The number of LTIP Units granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues]
F5	[footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.