Director at Public Storage (NYSE: PSA) takes 128 shares as fees

Rhea-AI Filing Summary

Public Storage director Mitra Shankh received 128 common shares as equity compensation. The shares were granted at a reference price of $270.88 per share under the company’s Non-Management Trustee Compensation and Deferral Program.

The grant represents board retainers that Shankh elected to take in stock instead of cash, and brings the director’s direct holdings to 9,024 common shares. This is a routine, compensation-related acquisition rather than an open-market purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Mitra Shankh

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	128	$270.88	$35K

Holdings After Transaction: Common Shares — 9,024 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 128 common shares Grant valuation price: $270.88 per share Shares owned after grant: 9,024 common shares

3 metrics

Shares granted 128 common shares Equity compensation grant on March 31, 2026

Grant valuation price $270.88 per share Company closing share price used to calculate grant

Shares owned after grant 9,024 common shares Total direct holdings following the Form 4 transaction

Key Terms

Non-Management Trustee Compensation and Deferral Program, Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan, unrestricted Company common shares

3 terms

Non-Management Trustee Compensation and Deferral Program financial

"Grant of unrestricted Company common shares pursuant to the Company's Non-Management Trustee Compensation and Deferral Program"

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"

unrestricted Company common shares financial

"Grant of unrestricted Company common shares pursuant to the Company's Non-Management Trustee Compensation"

Form 4 Insider Transactions: What Each Field Means →

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^*

Mitra Shankh

(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)
			Code	V	Amount	(A) or (D)	Price
Common Shares	03/31/2026		A		128(1)	A	$270.88	9,024	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Grant of unrestricted Company common shares 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. The number of shares 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 common shares, divided by the Company's closing share price on the grant date, rounded up to the nearest share.

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)

FAQ

What did Public Storage (PSA) director Mitra Shankh report on this Form 4?

Director Mitra Shankh reported receiving 128 Public Storage common shares as compensation. The shares were granted instead of part of quarterly cash retainers and are unrestricted equity, increasing direct holdings to 9,024 shares following the transaction on March 31, 2026.

Was the Public Storage (PSA) Form 4 transaction a market buy or a compensation grant?

The Form 4 transaction was a compensation grant, not an open-market purchase. Shankh received 128 unrestricted common shares in lieu of a portion of board cash retainers, under the company’s Non-Management Trustee Compensation and Deferral Program.

At what price were the Public Storage (PSA) shares valued in the grant to Mitra Shankh?

The 128 granted Public Storage common shares were valued using the company’s closing share price of $270.88 on the grant date. The number of shares equals the elected cash retainer amount divided by that closing price, rounded up to the nearest share.

How many Public Storage (PSA) shares does director Mitra Shankh hold after this grant?

After the grant, director Mitra Shankh directly holds 9,024 Public Storage common shares. The transaction added 128 unrestricted shares to the director’s existing position, as reported in the Form 4 for the March 31, 2026 grant date.

What plan governed the 128-share grant reported for Public Storage (PSA) director Mitra Shankh?

The 128-share grant was made under Public Storage’s Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. It followed the company’s Non-Management Trustee Compensation and Deferral Program, which lets trustees elect stock instead of part of their cash retainers.