Public Storage 4

Public Storage CD&TO Natalia Johnson converted AO LTIP Units into 3,284 common shares (economic value of roughly $1.0 million) and now directly holds 26,493 common shares.

On July 28, 2026, Natalia Johnson, Chief Development and Technology Officer of Public Storage, effected a derivative-to-equity conversion related to previously exchanged AO LTIP Units. An outstanding option for 10,327 common shares had earlier been swapped for 10,327 AO LTIP Units, which function economically like a net-exercise stock option with a $225.38 base value per share. On this Form 4, 10,327 AO LTIP Units were converted into 3,284 common shares of beneficial interest, reflecting the in-the-money portion of the award based on the company’s share price versus the $225.38 base, and increasing Johnson’s direct ownership to 26,493 common shares, plus additional LTIP Units (including 9,398 subject to time-based vesting). At an approximate market price of $317.45 per share, the transaction represents about $1.04 million of equity value realized into common shares, and brings her total common-share holdings to an estimated market value of roughly $8.4 million, not including the value of remaining partnership units.

Filing Facts

CIK

1393311

Ticker

PSA

Form

4

Source Type

sec

Accession

0001726283-26-000004

Alert Tier

6