PSA

SEC source: 0001393311-25-000091 · wk-form4_1746815945.xml · nonDerivative · entry 1

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,708.85

F1 · shares: Reflects transfer of shares to Mr. Havner's trust.

F2 · balance_after: 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.

SEC source: 0001393311-25-000074 · wk-form4_1746807852.xml · derivative · entry 1

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000080 · wk-form4_1746809356.xml · derivative · entry 1

POLADIAN AVEDICK BARUYR · CIK 0001305254 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000072 · wk-form4_1746807517.xml · derivative · entry 1

WILLIAMS PAUL S · CIK 0001236458 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000087 · wk-form4_1746814222.xml · derivative · entry 1

HAWTHORNE MARIA R · CIK 0001227459 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000091 · wk-form4_1746815945.xml · derivative · entry 4

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F4 · security: 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.

SEC source: 0001393311-25-000078 · wk-form4_1746808574.xml · derivative · entry 1

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000089 · wk-form4_1746814821.xml · derivative · entry 1

GUSTAVSON TAMARA HUGHES · CIK 0001322750 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000084 · wk-form4_1746810202.xml · derivative · entry 1

Owen Rebecca L · CIK 0001331684 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000093 · wk-form4_1746816520.xml · derivative · entry 1

Mitra Shankh · CIK 0001698445 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: Stock Option granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. Option vests in full one (1) year from the grant date.

SEC source: 0001393311-25-000082 · wk-form4_1746809888.xml · derivative · entry 1

Pipes Kristy · CIK 0001783568 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000076 · wk-form4_1746808339.xml · derivative · entry 1

Shaukat Tariq M · CIK 0001545033 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,177

Underlying: Common Shares · 3,177 shares

Expires 2035-05-06

F1 · security: 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.

SEC source: 0001393311-25-000062 · wk-form4_1745538842.xml · derivative · entry 2

POLADIAN AVEDICK BARUYR · CIK 0001305254 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,761.27

Underlying: Common Shares · 1,981.05 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F3 · derivative.exercise_date: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F3 · derivative.expiration_date: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

SEC source: 0001393311-25-000062 · wk-form4_1745538842.xml · derivative · entry 1

POLADIAN AVEDICK BARUYR · CIK 0001305254 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 5,163 shares

Expires 2025-04-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $181.95, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · price: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

F1 · derivative.exercise_date: On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $181.95, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · derivative.exercise_date: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

SEC source: 0001393311-25-000060 · wk-form4_1743626750.xml · nonDerivative · entry 1

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,442.85

F1 · balance_after: 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.

SEC source: 0001393311-25-000052 · wk-form4_1743462743.xml · derivative · entry 3

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,306.72

Underlying: Common Shares · 143 shares

Expires not disclosed

F4 · derivative.exercise_price: 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 · derivative.exercise_price: [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.

F4 · shares: 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 · shares: [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.

F4 · price: 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 · price: [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.

F4 · derivative.exercise_date: 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 · derivative.exercise_date: [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.

F4 · derivative.expiration_date: 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 · derivative.expiration_date: [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.

SEC source: 0001393311-25-000056 · wk-form4_1743467581.xml · nonDerivative · entry 1

WILLIAMS PAUL S · CIK 0001236458 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,163

F1 · shares: Grant of fully-vested deferred share units (DSUs) 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 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.

F2 · balance_after: Includes 1,163 DSUs.

SEC source: 0001393311-25-000050 · wk-form4_1743462665.xml · derivative · entry 4

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 146,363.4

Underlying: Common Shares · 310 shares

Expires not disclosed

F4 · derivative.exercise_price: 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 · derivative.exercise_price: [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.

F4 · shares: 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 · shares: [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.

F4 · price: 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 · price: [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.

F4 · derivative.exercise_date: 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 · derivative.exercise_date: [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.

F4 · derivative.expiration_date: 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 · derivative.expiration_date: [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.

F6 · balance_after: Includes 143,238.40 vested LTIP Units and 3,125 LTIP Units subject to time-based vesting.

SEC source: 0001393311-25-000054 · wk-form4_1743467499.xml · nonDerivative · entry 1

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,835

F1 · shares: Grant of fully-vested deferred share units (DSUs) 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 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 upon 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.

F2 · balance_after: Reflects correction of totals to reflect prior transfer of 10,145 common shares from the reporting person's personal brokerage account to his trust brokerage account and correction of a 630 share overstatement of the reporting person's trust's holdings.

F3 · balance_after: Includes 2,835 DSUs.

SEC source: 0001393311-25-000058 · wk-form4_1743467678.xml · nonDerivative · entry 1

Mitra Shankh · CIK 0001698445 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,540

F1 · shares: Grant of unrestricted Company common shares 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 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.

SEC source: 0001393311-25-000052 · wk-form4_1743462743.xml · nonDerivative · entry 1

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,802.87

F1 · shares: 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 · balance_after: Includes 2,639.87 DSUs.

SEC source: 0001393311-25-000050 · wk-form4_1743462665.xml · nonDerivative · entry 1

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,708.85

F1 · shares: 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. Havner 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 upon Mr. Havner's separation from service as a trustee or (ii) in a lump sum upon Mr. Havner's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Havner's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.

F2 · balance_after: Includes 2,708.85 DSUs. 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. 6,000 remain subject to deferred receipt and are also included here.

SEC source: 0001393311-25-000048 · wk-form4_1741365476.xml · derivative · entry 1

Sambar Christopher · CIK 0002028756 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,748

Underlying: Common Shares · 9,748 shares

Expires 2035-03-04

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in five (5) equal annual installments beginning 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.

F2 · derivative.exercise_date: These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2026, 2027, 2028, 2029, and 2030.

SEC source: 0001393311-25-000042 · wk-form4_1741365286.xml · derivative · entry 1

Johnson Natalia · CIK 0001726283 · Chief Administrative Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,317

Underlying: Common Shares · 10,317 shares

Expires 2035-03-04

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in five (5) equal annual installments beginning 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.

F2 · derivative.exercise_date: These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2026, 2027, 2028, 2029, and 2030.

SEC source: 0001393311-25-000040 · wk-form4_1741365224.xml · derivative · entry 1

RUSSELL JOSEPH D JR · CIK 0001230471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,908

Underlying: Common Shares · 22,908 shares

Expires 2035-03-04

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in five (5) equal annual installments beginning 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.

F2 · derivative.exercise_date: These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2026, 2027, 2028, 2029, and 2030.

SEC source: 0001393311-25-000046 · wk-form4_1741365418.xml · derivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,264

Underlying: Common Shares · 5,264 shares

Expires 2035-03-04

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in five (5) equal annual installments beginning 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.

F2 · derivative.exercise_date: These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2026, 2027, 2028, 2029, and 2030.

SEC source: 0001393311-25-000044 · wk-form4_1741365342.xml · derivative · entry 1

Boyle Tom · CIK 0001734897 · CFO and CIO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,810

Underlying: Common Shares · 13,810 shares

Expires 2035-03-04

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in five (5) equal annual installments beginning 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.

F2 · derivative.exercise_date: These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2026, 2027, 2028, 2029, and 2030.

SEC source: 0001393311-25-000038 · wk-form4_1740437349.xml · derivative · entry 2

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 146,053.4

Underlying: Common Shares · 26,478.24 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Common Shares issued upon the redemption of OP Units are issued on a one for one basis. OP Units have no expiration date.

F3 · derivative.exercise_date: Common Shares issued upon the redemption of OP Units are issued on a one for one basis. OP Units have no expiration date.

F3 · derivative.expiration_date: Common Shares issued upon the redemption of OP Units are issued on a one for one basis. OP Units have no expiration date.

F4 · balance_after: Includes 139,803.40 vested LTIP Units and 6,250 LTIP Units subject to time-based vesting.

SEC source: 0001393311-25-000038 · wk-form4_1740437349.xml · derivative · entry 1

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 103,275 shares

Expires 2026-02-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $226.20, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · price: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

F1 · derivative.exercise_date: On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $226.20, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · derivative.exercise_date: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

SEC source: 0001393311-25-000019 · wk-form4_1738719631.xml · derivative · entry 2

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,771.41

Underlying: Common Shares · 18,716.45 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F3 · derivative.exercise_date: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F3 · derivative.expiration_date: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F4 · balance_after: Includes 47,771.41 vested LTIP Units and 6,000 LTIP Units subject to time-based vesting.

SEC source: 0001393311-25-000019 · wk-form4_1738719631.xml · derivative · entry 1

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 53,275 shares

Expires 2025-02-18

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $192.49, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · price: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option. 50,000 of the total AO LTIP Units under this award were previously exercised.

F1 · derivative.exercise_date: On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $192.49, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · derivative.exercise_date: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option. 50,000 of the total AO LTIP Units under this award were previously exercised.

SEC source: 0001393311-25-000017 · wk-form4_1738633876.xml · derivative · entry 2

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,054.96

Underlying: Common Shares · 17,754.96 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F3 · derivative.exercise_date: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F3 · derivative.expiration_date: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F4 · balance_after: Includes 29,054.96 vested LTIP Units and 6,000 LTIP Units subject to time-based vesting.

SEC source: 0001393311-25-000017 · wk-form4_1738633876.xml · derivative · entry 1

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,275

Underlying: Common Shares · 50,000 shares

Expires 2025-02-18

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $192.49, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · price: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

F1 · derivative.exercise_date: On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $192.49, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · derivative.exercise_date: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

SEC source: 0001393311-25-000014 · wk-form4_1738102589.xml · derivative · entry 2

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,163.72

Underlying: Common Shares · 2,003.41 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F3 · derivative.exercise_date: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

F3 · derivative.expiration_date: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

SEC source: 0001393311-25-000014 · wk-form4_1738102589.xml · derivative · entry 1

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 5,163 shares

Expires 2025-04-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $181.95, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · price: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

F1 · derivative.exercise_date: On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $181.95, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F2 · derivative.exercise_date: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

SEC source: 0001393311-25-000023 · wk-form4_1738883115.xml · derivative · entry 2

Johnson Natalia · CIK 0001726283 · Chief Administrative Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,625

Underlying: Common Shares · 5,315 shares

Expires not disclosed

F4 · security: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F4 · derivative.exercise_price: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F5 · shares: Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted February 28, 2022), subject to a three year (2022-2024) performance period. On February 26, 2024, the restricted share unit award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F4 · derivative.exercise_date: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F4 · derivative.expiration_date: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F6 · balance_after: Includes 2,900 vested LTIP Units and 13,725 LTIP Units subject to time-based vesting.

SEC source: 0001393311-25-000023 · wk-form4_1738883115.xml · derivative · entry 1

Johnson Natalia · CIK 0001726283 · Chief Administrative Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,398

Underlying: Common Shares · 19,398 shares

Expires 2032-02-27

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. AO LTIP Units, if and as they become vested, 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.

F2 · shares: Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted February 28, 2022), subject to a three year (2022-2024) performance period. As originally granted, this award was for 14,449 options (at target) with an exercise price of $355.02 per share. Pursuant to anti-dilution provisions of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by Public Storage on July 22, 2022. On February 26, 2024, the option award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of AO LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F3 · derivative.exercise_date: Three-fifths of these AO LTIP Units will vest on February 28, 2025, with the remaining vesting ratably over the next two years.

SEC source: 0001393311-25-000025 · wk-form4_1738883185.xml · derivative · entry 2

RUSSELL JOSEPH D JR · CIK 0001230471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 70,668.82

Underlying: Common Shares · 11,116 shares

Expires not disclosed

F4 · security: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F4 · derivative.exercise_price: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F5 · shares: Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted February 28, 2022), subject to a three year (2022-2024) performance period. On February 26, 2024, the restricted share unit award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F4 · derivative.exercise_date: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F4 · derivative.expiration_date: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F6 · balance_after: Includes 41,577.82 vested LTIP Units and 29,091 LTIP Units subject to time-based vesting.

SEC source: 0001393311-25-000025 · wk-form4_1738883185.xml · derivative · entry 1

RUSSELL JOSEPH D JR · CIK 0001230471 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,562

Underlying: Common Shares · 40,562 shares

Expires 2032-02-27

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. AO LTIP Units, if and as they become vested, 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.

F2 · shares: Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted February 28, 2022), subject to a three year (2022-2024) performance period. As originally granted, this award was for 30,213 options (at target) with an exercise price of $355.02 per share. Pursuant to anti-dilution provisions of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by Public Storage on July 22, 2022. On February 26, 2024, the option award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of AO LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F3 · derivative.exercise_date: Three-fifths of these AO LTIP Units will vest on February 28, 2025, with the remaining vesting ratably over the next two years.

SEC source: 0001393311-25-000027 · wk-form4_1738883259.xml · derivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 52,843.9

Underlying: Common Shares · 4,174 shares

Expires not disclosed

F4 · security: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F4 · derivative.exercise_price: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F5 · shares: Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted February 28, 2022), subject to a three year (2022-2024) performance period. On February 26, 2024, the restricted share unit award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F4 · derivative.exercise_date: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F4 · derivative.expiration_date: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F6 · balance_after: Includes 41,519.9 vested LTIP Units and 11,324 LTIP Units subject to time-based vesting.

SEC source: 0001393311-25-000027 · wk-form4_1738883259.xml · derivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,233

Underlying: Common Shares · 15,233 shares

Expires 2032-02-27

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. AO LTIP Units, if and as they become vested, 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.

F2 · shares: Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted February 28, 2022), subject to a three year (2022-2024) performance period. As originally granted, this award was for 11,347 options (at target) with an exercise price of $355.02 per share. Pursuant to anti-dilution provisions of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by Public Storage on July 22, 2022. On February 26, 2024, the option award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of AO LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F3 · derivative.exercise_date: Three-fifths of these AO LTIP Units will vest on February 28, 2025, with the remaining vesting ratably over the next two years.

SEC source: 0001393311-25-000021 · wk-form4_1738882893.xml · derivative · entry 2

Boyle Tom · CIK 0001734897 · CFO and CIO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,449

Underlying: Common Shares · 7,974 shares

Expires not disclosed

F4 · security: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F4 · derivative.exercise_price: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F5 · shares: Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted February 28, 2022), subject to a three year (2022-2024) performance period. On February 26, 2024, the restricted share unit award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F4 · derivative.exercise_date: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F4 · derivative.expiration_date: Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F6 · balance_after: Includes 3,718 vested LTIP Units and 19,731 LTIP Units subject to time-based vesting.

SEC source: 0001393311-25-000021 · wk-form4_1738882893.xml · derivative · entry 1

Boyle Tom · CIK 0001734897 · CFO and CIO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 29,097

Underlying: Common Shares · 29,097 shares

Expires 2032-02-27

F1 · security: 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. AO LTIP Units, if and as they become vested, 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.

F2 · shares: Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted February 28, 2022), subject to a three year (2022-2024) performance period. As originally granted, this award was for 21,674 options (at target) with an exercise price of $355.02 per share. Pursuant to anti-dilution provisions of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by Public Storage on July 22, 2022. On February 26, 2024, the option award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of AO LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F3 · derivative.exercise_date: Three-fifths of these AO LTIP Units will vest on February 28, 2025, with the remaining vesting ratably over the next two years.

SEC source: 0001393311-25-000008 · wk-form4_1735935047.xml · nonDerivative · entry 2

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,797.14

F3 · shares: Grant of fully-vested DSUs issued in lieu of dividend equivalents pursuant to the participant's elections.

F4 · balance_after: Includes 2,634.14 DSUs.

SEC source: 0001393311-25-000008 · wk-form4_1735935047.xml · nonDerivative · entry 1

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,792.98

F1 · shares: Grant of fully-vested deferred share units (DSUs) 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 retainers Mr. Spogli 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 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 · balance_after: Includes 2,629.98 DSUs.

SEC source: 0001393311-25-000004 · wk-form4_1735931263.xml · nonDerivative · entry 1

WILLIAMS PAUL S · CIK 0001236458 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,096

F1 · shares: Grant of fully-vested deferred share units (DSUs) 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 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.

F2 · balance_after: Includes 1,096 deferred share units.

SEC source: 0001393311-25-000010 · wk-form4_1735936596.xml · nonDerivative · entry 2

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,704.78

F3 · shares: Grant of fully-vested DSUs issued in lieu of dividend equivalents pursuant to the participant's elections.

F4 · balance_after: Includes 2,704.78 DSUs. 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. 6,000 remain subject to deferred receipt and are also included here.

SEC source: 0001393311-25-000010 · wk-form4_1735936596.xml · nonDerivative · entry 1

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,701.83

F1 · shares: Grant of fully-vested deferred share units (DSUs) 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 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 upon 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. In accordance with the reporting person's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.

F2 · balance_after: Includes 2,701.83 DSUs. 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. 6,000 remain subject to deferred receipt and are also included here.

SEC source: 0001393311-25-000006 · wk-form4_1735932604.xml · nonDerivative · entry 1

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,869

F1 · shares: Grant of fully-vested deferred share units (DSUs) 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 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 upon 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.

F2 · balance_after: Includes 2,724 deferred share units.

SEC source: 0001393311-25-000002 · wk-form4_1735930335.xml · nonDerivative · entry 1

Mitra Shankh · CIK 0001698445 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,429

F1 · shares: Grant of unrestricted Company common shares 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 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.