Ronald L. Havner Jr - 07 May 2025 Form 4 Insider Report for Public Storage (PSA)

Role: Director
Signature: /s/ Nathaniel A. Vitan, Attorney-in-Fact
Issuer symbol: PSA
Transactions as of: 07 May 2025
Transactions value $: $0
Form type: 4
Filing time: 09 May 2025, 14:39:11
Previous filing: 02 Apr 2025
Next filing: 22 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
HAVNER RONALD L JR	Director	C/O PUBLIC STORAGE, 701 WESTERN AVENUE, GLENDALE	/s/ Nathaniel A. Vitan, Attorney-in-Fact	09 May 2025	0001227384

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Shares	Gift	$0	-734	-8.69%	$0.00	7.71K	08 May 2025	Direct	F1, F2
holding	PSA	Common Shares						317K	07 May 2025	By Trust	F3
holding	PSA	Common Shares						1.9K	07 May 2025	By Spouse IRA

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	AO LTIP Units	Award	$0	+3.18K		$0.00	3.18K	07 May 2025	Common Shares	3.18K	$299.90	Direct	F4

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

Explanation of Responses:

Id	Content
F1	Reflects transfer of shares to Mr. Havner's trust.
F2	Includes 2,708.85 deferred share units. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 5,000 remain subject to deferred receipt and are also included here.
F3	Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust.
F4	Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in full one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which 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. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.