PSA

SEC source: 0001393311-24-000199 · wk-form4_1734368769.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,364

SEC source: 0001393311-24-000197 · wk-form4_1730921885.xml · derivative · entry 3

Sambar Christopher · CIK 0002028756 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,363

Underlying: Common Shares · 14,363 shares

Expires not disclosed

F3 · derivative.exercise_price: Reflects a new hire make whole award of membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units vest in three equal annual installments beginning one year from the grant date. The LTIP Units, if and as they become vested, 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.

F3 · derivative.exercise_date: Reflects a new hire make whole award of membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units vest in three equal annual installments beginning one year from the grant date. The LTIP Units, if and as they become vested, 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.

F3 · derivative.expiration_date: Reflects a new hire make whole award of membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units vest in three equal annual installments beginning one year from the grant date. The LTIP Units, if and as they become vested, 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: 0001393311-24-000197 · wk-form4_1730921885.xml · nonDerivative · entry 2

Sambar Christopher · CIK 0002028756 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,355

F2 · shares: Reflects shares withheld for taxes upon granting the award of unrestricted Common Shares.

SEC source: 0001393311-24-000197 · wk-form4_1730921885.xml · nonDerivative · entry 1

Sambar Christopher · CIK 0002028756 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,182

F1 · shares: Reflects a new hire make whole award of unrestricted common shares, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company").

SEC source: 0001393311-24-000180 · wk-form4_1727807809.xml · nonDerivative · entry 2

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,650.98

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

F4 · balance_after: Includes 2,487.98 DSUs.

SEC source: 0001393311-24-000180 · wk-form4_1727807809.xml · nonDerivative · entry 1

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,648.54

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 2,485.54 DSUs, including 1.54 DSUs issued in lieu of dividend equivalents that were previously inadvertently omitted.

SEC source: 0001393311-24-000184 · wk-form4_1727810851.xml · nonDerivative · entry 1

WILLIAMS PAUL S · CIK 0001236458 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,029

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 1,029 DSUs.

SEC source: 0001393311-24-000178 · wk-form4_1727806862.xml · derivative · entry 6

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 119,575.16

Underlying: Common Shares · 48,641.74 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.

F8 · 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.

F6 · shares: 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]

F7 · shares: [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.

F8 · 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.

F8 · 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.

F9 · balance_after: Includes 17,500 LTIP Units subject to time vesting conditions.

SEC source: 0001393311-24-000178 · wk-form4_1727806862.xml · derivative · entry 5

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 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.

F6 · 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]

F7 · 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.

F6 · 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]

F7 · 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: 0001393311-24-000178 · wk-form4_1727806862.xml · nonDerivative · entry 2

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,600.83

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

F4 · balance_after: Includes 2,600.83 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: 0001393311-24-000178 · wk-form4_1727806862.xml · nonDerivative · entry 1

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,599.09

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 2,599.09 DSUs, including 1.09 DSUs issued in lieu of dividend equivalents that were previously inadvertently omitted. 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: 0001393311-24-000182 · wk-form4_1727810243.xml · nonDerivative · entry 1

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,758

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 2,613 DSUs.

SEC source: 0001393311-24-000176 · wk-form4_1727803429.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: 59,552.82

Underlying: Common Shares · 14,067.77 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.

F4 · 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.

F1 · shares: On February 26, 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 $221.68, 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 · shares: [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. The reporting person previously converted 25,000 of the vested AO LTIP Units into vested LTIP Units.

F4 · 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.

F4 · 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.

F5 · balance_after: Includes 17,975 LTIP Units subject to time vesting conditions.

SEC source: 0001393311-24-000176 · wk-form4_1727803429.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: 42,275

Underlying: Common Shares · 36,000 shares

Expires 2030-03-05

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 February 26, 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 $221.68, 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. The reporting person previously converted 25,000 of the vested AO LTIP Units into vested LTIP Units.

F1 · derivative.exercise_date: On February 26, 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 $221.68, 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. The reporting person previously converted 25,000 of the vested AO LTIP Units into vested LTIP Units.

F3 · derivative.exercise_date: Reflects an award of performance-based AO LTIP Units. Following certification of performance upon conclusion of the three year (2020-2022) performance period, 60% of of the earned award vested on March 6, 2023, with an additional 20% scheduled to vest, subject to the reporting person's continued employment, on each of March 6, 2024 and 2025.

SEC source: 0001393311-24-000186 · wk-form4_1727811555.xml · nonDerivative · entry 1

Mitra Shankh · CIK 0001698445 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,318

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.

F2 · balance_after: Includes 432 deferred share units.

SEC source: 0001393311-24-000174 · wk-form4_1726259239.xml · derivative · entry 6

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 48,670.67

Underlying: Common Shares · 17,659.02 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.

F7 · shares: On February 26, 2024, the reporting person exchanged an option to purchase 77,456 Company Common Shares for 77,456 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $222.66, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

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 7,250 LTIP Units subject to time vesting conditions.

SEC source: 0001393311-24-000174 · wk-form4_1726259239.xml · derivative · entry 5

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,983

Underlying: Common Shares · 46,473 shares

Expires 2031-02-15

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.

F7 · price: On February 26, 2024, the reporting person exchanged an option to purchase 77,456 Company Common Shares for 77,456 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $222.66, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

F7 · derivative.exercise_date: On February 26, 2024, the reporting person exchanged an option to purchase 77,456 Company Common Shares for 77,456 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $222.66, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

F8 · derivative.exercise_date: Reflects an award of performance-based AO LTIP Units. Following certification of performance upon conclusion of the three year (2021-2023) performance period, 60% of of the earned award vested on February 16, 2024, with an additional 20% scheduled to vest, subject to the reporting person's continued employment, on each of February 16, 2025 and 2026.

SEC source: 0001393311-24-000174 · wk-form4_1726259239.xml · derivative · entry 4

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 31,011.65

Underlying: Common Shares · 19,762.17 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.

F5 · shares: On May 7, 2024, the reporting person exchanged an option to purchase 64,546 Company Common Shares for 64,546 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $221.68, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

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 7,250 LTIP Units subject to time vesting conditions.

SEC source: 0001393311-24-000174 · wk-form4_1726259239.xml · derivative · entry 3

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,909

Underlying: Common Shares · 51,637 shares

Expires 2030-03-05

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.

F5 · price: On May 7, 2024, the reporting person exchanged an option to purchase 64,546 Company Common Shares for 64,546 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $221.68, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

F5 · derivative.exercise_date: On May 7, 2024, the reporting person exchanged an option to purchase 64,546 Company Common Shares for 64,546 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $221.68, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

F6 · derivative.exercise_date: Reflects an award of performance-based AO LTIP Units. Following certification of performance upon conclusion of the three year (2020-2022) performance period, 60% of of the earned award vested on March 6, 2023, with an additional 20% scheduled to vest, subject to the reporting person's continued employment, on each of March 6, 2024 and 2025.

SEC source: 0001393311-24-000174 · wk-form4_1726259239.xml · derivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 11,249.48

Underlying: Common Shares · 2,249.48 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.

F1 · shares: On February 26, 2024, the reporting person exchanged an option to purchase 6,196 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 6,196 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 $228.74, 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 · shares: [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.

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 7,250 LTIP Units subject to time vesting conditions.

SEC source: 0001393311-24-000174 · wk-form4_1726259239.xml · derivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 6,196 shares

Expires 2029-05-26

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 February 26, 2024, the reporting person exchanged an option to purchase 6,196 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 6,196 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 $228.74, 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 February 26, 2024, the reporting person exchanged an option to purchase 6,196 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 6,196 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 $228.74, 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: 0001062993-24-015744 · form4.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,814

SEC source: 0001393311-24-000169 · wk-form4_1724104993.xml · derivative · entry 6

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 45,485.05

Underlying: Common Shares · 7,649.26 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.

F6 · shares: On February 26, 2024, the reporting person exchanged an option to purchase 103,275 Company Common Shares for 103,275 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $221.68, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

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 17,975 LTIP Units subject to time vesting conditions.

SEC source: 0001393311-24-000169 · wk-form4_1724104993.xml · derivative · entry 5

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 78,275

Underlying: Common Shares · 25,000 shares

Expires 2030-03-05

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.

F6 · price: On February 26, 2024, the reporting person exchanged an option to purchase 103,275 Company Common Shares for 103,275 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $221.68, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

F6 · derivative.exercise_date: On February 26, 2024, the reporting person exchanged an option to purchase 103,275 Company Common Shares for 103,275 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $221.68, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

F7 · derivative.exercise_date: Reflects an award of performance-based AO LTIP Units. Following certification of performance upon conclusion of the three year (2020-2022) performance period, 60% of of the earned award vested on March 6, 2023, with an additional 20% scheduled to vest, subject to the reporting person's continued employment, on each of March 6, 2024 and 2025.

SEC source: 0001393311-24-000169 · wk-form4_1724104993.xml · derivative · entry 4

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,835.79

Underlying: Common Shares · 7,235.49 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.

F5 · shares: On February 26, 2024, the reporting person exchanged an option to purchase 20,655 Company Common Shares for 20,655 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $207.52, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

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 17,975 LTIP Units subject to time vesting conditions.

SEC source: 0001393311-24-000169 · wk-form4_1724104993.xml · derivative · entry 3

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 20,655 shares

Expires 2029-03-07

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.

F5 · price: On February 26, 2024, the reporting person exchanged an option to purchase 20,655 Company Common Shares for 20,655 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $207.52, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.

F5 · derivative.exercise_date: On February 26, 2024, the reporting person exchanged an option to purchase 20,655 Company Common Shares for 20,655 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $207.52, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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: 0001393311-24-000169 · wk-form4_1724104993.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: 30,600.3

Underlying: Common Shares · 6,875.3 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.

F1 · shares: On February 26, 2024, the reporting person exchanged an option to purchase 20,655 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 20,655 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 $213.09, 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 · shares: [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.

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 17,975 LTIP Units subject to time vesting conditions.

SEC source: 0001393311-24-000169 · wk-form4_1724104993.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: 0

Underlying: Common Shares · 20,655 shares

Expires 2027-03-09

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 February 26, 2024, the reporting person exchanged an option to purchase 20,655 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 20,655 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 $213.09, 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 February 26, 2024, the reporting person exchanged an option to purchase 20,655 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 20,655 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 $213.09, 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: 0001393311-24-000162 · wk-form4_1722354422.xml · derivative · entry 2

Shaukat Tariq M · CIK 0001545033 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 735.82

Underlying: Common Shares · 735.82 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.

F1 · shares: 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 $184.85, 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 · shares: [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.

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: 0001393311-24-000162 · wk-form4_1722354422.xml · derivative · entry 1

Shaukat Tariq M · CIK 0001545033 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,274

Underlying: Common Shares · 1,889 shares

Expires 2030-04-20

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 $184.85, 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 $184.85, 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: 0001393311-24-000158 · wk-form4_1722036737.xml · derivative · entry 1

HAWTHORNE MARIA R · CIK 0001227459 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,806

Underlying: Common Shares · 9,806 shares

Expires 2034-07-24

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 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"), 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 common shares, par value $0.10 per share ("Common Shares"), of Public Storage 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: 0001393311-24-000148 · wk-form4_1719943790.xml · nonDerivative · entry 1

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,530

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 2.367 DSUs.

SEC source: 0001393311-24-000150 · wk-form4_1719944091.xml · nonDerivative · entry 1

WILLIAMS PAUL S · CIK 0001236458 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 974

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 974 DSUs.

SEC source: 0001393311-24-000144 · wk-form4_1719942754.xml · nonDerivative · entry 1

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,515

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 2,515 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: 0001393311-24-000146 · wk-form4_1719943426.xml · nonDerivative · entry 1

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,666

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 2,521 DSUs.

SEC source: 0001393311-24-000152 · wk-form4_1719944391.xml · nonDerivative · entry 1

Mitra Shankh · CIK 0001698445 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,226

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.

F2 · balance_after: Includes 432 deferred share units.

SEC source: 0001393311-24-000142 · wk-form4_1718053564.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,214

SEC source: 0001393311-24-000137 · wk-form4_1715816685.xml · nonDerivative · entry 1

Pipes Kristy · CIK 0001783568 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,149

SEC source: 0001393311-24-000125 · wk-form4_1715209247.xml · derivative · entry 1

SPOGLI RONALD P · CIK 0000916867 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,600

Underlying: Common Shares · 3,600 shares

Expires 2034-05-06

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 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: 0001393311-24-000119 · wk-form4_1715208949.xml · derivative · entry 1

POLADIAN AVEDICK BARUYR · CIK 0001305254 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,600

Underlying: Common Shares · 3,600 shares

Expires 2034-05-06

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 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: 0001393311-24-000127 · wk-form4_1715209347.xml · derivative · entry 1

WILLIAMS PAUL S · CIK 0001236458 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,600

Underlying: Common Shares · 3,600 shares

Expires 2034-05-06

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 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: 0001393311-24-000113 · wk-form4_1715208616.xml · derivative · entry 1

HAVNER RONALD L JR · CIK 0001227384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,600

Underlying: Common Shares · 3,600 shares

Expires 2034-05-06

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 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: 0001393311-24-000121 · wk-form4_1715209058.xml · derivative · entry 1

REYES JOHN · CIK 0001227389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,600

Underlying: Common Shares · 3,600 shares

Expires 2034-05-06

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 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: 0001393311-24-000129 · wk-form4_1715214846.xml · derivative · entry 16

GUSTAVSON TAMARA HUGHES · CIK 0001322750 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,000

Underlying: Common Shares · 5,000 shares

Expires 2033-05-01

F15 · derivative.exercise_price: In exchange for the 2023 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.

F15 · price: In exchange for the 2023 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.

F15 · derivative.exercise_date: In exchange for the 2023 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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: 0001393311-24-000129 · wk-form4_1715214846.xml · derivative · entry 15

GUSTAVSON TAMARA HUGHES · CIK 0001322750 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 5,000 shares

Expires 2033-05-01

F14 · price: On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2023 Canceled Option").

F12 · derivative.exercise_date: This option becomes exercisable as to one-third on each of the first, second, and third anniversaries of the grant date.

SEC source: 0001393311-24-000129 · wk-form4_1715214846.xml · derivative · entry 14

GUSTAVSON TAMARA HUGHES · CIK 0001322750 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,163

Underlying: Common Shares · 5,163 shares

Expires 2032-04-27

F13 · derivative.exercise_price: In exchange for the 2022 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.

F13 · price: In exchange for the 2022 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.

F13 · derivative.exercise_date: In exchange for the 2022 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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: 0001393311-24-000129 · wk-form4_1715214846.xml · derivative · entry 13

GUSTAVSON TAMARA HUGHES · CIK 0001322750 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 5,163 shares

Expires 2032-04-27

F11 · derivative.exercise_price: This option was previously reported as an option for 5,000 Common Shares at an exercise price of $398.97, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2022 Canceled Option").

F11 · shares: This option was previously reported as an option for 5,000 Common Shares at an exercise price of $398.97, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2022 Canceled Option").

F11 · price: This option was previously reported as an option for 5,000 Common Shares at an exercise price of $398.97, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2022 Canceled Option").

F12 · derivative.exercise_date: This option becomes exercisable as to one-third on each of the first, second, and third anniversaries of the grant date.

F11 · derivative.underlying_shares: This option was previously reported as an option for 5,000 Common Shares at an exercise price of $398.97, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2022 Canceled Option").

SEC source: 0001393311-24-000129 · wk-form4_1715214846.xml · derivative · entry 12

GUSTAVSON TAMARA HUGHES · CIK 0001322750 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,163

Underlying: Common Shares · 5,163 shares

Expires 2031-04-25

F10 · derivative.exercise_price: In exchange for the 2021 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.

F10 · price: In exchange for the 2021 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.

F10 · derivative.exercise_date: In exchange for the 2021 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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: 0001393311-24-000129 · wk-form4_1715214846.xml · derivative · entry 11

GUSTAVSON TAMARA HUGHES · CIK 0001322750 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 5,163 shares

Expires 2031-04-25

F9 · derivative.exercise_price: This option was previously reported as an option for 5,000 Common Shares at an exercise price of $275.12, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option").

F9 · shares: This option was previously reported as an option for 5,000 Common Shares at an exercise price of $275.12, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option").

F9 · price: This option was previously reported as an option for 5,000 Common Shares at an exercise price of $275.12, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option").

F7 · derivative.exercise_date: This option became exercisable as to one-third on each of the first, second, and third anniversaries of the grant date.

F9 · derivative.underlying_shares: This option was previously reported as an option for 5,000 Common Shares at an exercise price of $275.12, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option").

SEC source: 0001393311-24-000129 · wk-form4_1715214846.xml · derivative · entry 10

GUSTAVSON TAMARA HUGHES · CIK 0001322750 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,163

Underlying: Common Shares · 5,163 shares

Expires 2030-04-20

F8 · derivative.exercise_price: In exchange for the 2020 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.

F8 · price: In exchange for the 2020 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.

F8 · derivative.exercise_date: In exchange for the 2020 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.