How are the deferred share units (DSUs) for PSA’s Paul S. Williams calculated?

The number of DSUs equals the dollar amount of cash retainers Williams elected to receive in DSUs divided by Public Storage’s closing share price on the grant date, then rounded up to the nearest DSU, resulting in 54 DSUs for this period.

What does each deferred share unit represent for Public Storage (PSA)?

Each deferred share unit represents the right to receive one Public Storage common share. The DSUs are fully vested and will ultimately be settled in unrestricted common shares when specific separation, death, disability, or change of control events occur.

How many deferred share units does Paul S. Williams hold after this PSA grant?

Following this grant of 54 deferred share units, Paul S. Williams holds a total of 1,432 DSUs. This total reflects all DSUs credited to him under Public Storage’s Non-Management Trustee Compensation and Deferral Program as of the reported transaction date.

Public Storage (PSA) director elects fees in deferred share units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

WILLIAMS PAUL S reported acquisition or exercise transactions in this Form 4 filing.

Public Storage director Paul S. Williams received a grant of 54 fully vested deferred share units (DSUs), calculated using the closing share price of $270.88 on the grant date. Each DSU represents one common share, bringing his total DSU holdings to 1,432 units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider WILLIAMS PAUL S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	54	$270.88	$15K

Holdings After Transaction: Common Shares — 1,432 shares (Direct)

Footnotes (1)

Grant of fully-vested deferred share units (DSUs) pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 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 retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in DSUs, divided by the Company's closing share price on the grant date, rounded up to the nearest DSU. The DSUs will be settled in unrestricted common shares (i) in a lump sum following the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company. Includes 1,432 DSUs.

Key Figures

DSUs granted: 54 units Reference share price: $270.88 per share Total DSUs after grant: 1,432 units

3 metrics

DSUs granted 54 units Grant of fully vested DSUs for applicable calendar quarter

Reference share price $270.88 per share Company closing share price on grant date used to calculate DSUs

Total DSUs after grant 1,432 units Deferred share units held by Paul S. Williams following transaction

Key Terms

deferred share units (DSUs), Non-Management Trustee Compensation and Deferral Program, Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan, change of control

4 terms

Non-Management Trustee Compensation and Deferral Program financial

"pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan"

Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan financial

"under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan"

change of control financial

"upon the reporting person's earlier death or disability or upon an earlier change of control of the Company"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 09:33 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WILLIAMS PAUL S

(Last)

(First)

(Middle)

C/O PUBLIC STORAGE

2811 INTERNET BOULEVARD

(Street)

FRISCO

TEXAS

75034

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	03/31/2026		A		54⁽¹⁾	A	$270.88	1,432⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Grant of fully-vested deferred share units (DSUs) pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 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 retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in DSUs, divided by the Company's closing share price on the grant date, rounded up to the nearest DSU. The DSUs will be settled in unrestricted common shares (i) in a lump sum following the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.

2. Includes 1,432 DSUs.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Public Storage (PSA) report for Paul S. Williams?

Public Storage reported that director Paul S. Williams received 54 fully vested deferred share units. These DSUs were granted in lieu of a portion of his quarterly cash retainers, based on the company’s closing share price on the grant date.

When will Paul S. Williams receive Public Storage shares for his DSUs?

The DSUs will be settled in a lump sum of unrestricted common shares after Williams separates from service as a trustee. Alternatively, settlement can occur earlier upon his death, disability, or a change of control of Public Storage, as described in the plan.

What compensation plan governs the DSU grant to Public Storage director Paul S. Williams?

The DSU grant is made under Public Storage’s Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. It is specifically part of the company’s Non-Management Trustee Compensation and Deferral Program for paying retainers in share-based units.

Public Storage (PSA) director elects fees in deferred share units

Rhea-AI Filing Summary

Positive