Vitan Nathaniel A.

SEC source: 0001774586-26-000006 · wk-form4_1786752442.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

F1 · price: Represents weighted average price. These shares were sold at prices ranging between $327.48 and $327.645. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

SEC source: 0001774586-26-000004 · wk-form4_1781618922.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,414

SEC source: 0001774586-26-000002 · wk-form4_1773795223.xml · derivative · entry 3

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 56,211.9

Underlying: Common Shares · 3,368 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.

F5 · security: Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted March 15, 2023), subject to a three year (2023-2026) 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 March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.

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 March 15, 2023), subject to a three year (2023-2026) 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 March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.

F3 · derivative.exercise_date: Three-fifths of this award will vest on March 20, 2026, with the remaining vesting ratably over the next two years.

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 50,007.90 vested LTIP Units and 6,204 LTIP Units subject to time-based vesting.

SEC source: 0001774586-26-000002 · wk-form4_1773795223.xml · derivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,986

Underlying: Common Shares · 12,986 shares

Expires 2033-03-14

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 · security: Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted March 15, 2023), subject to a three year (2023-2026) performance period. As originally granted, this award was for 12,986 options (at target) with an exercise price of $288.56 per share. 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 March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.

F2 · shares: Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted March 15, 2023), subject to a three year (2023-2026) performance period. As originally granted, this award was for 12,986 options (at target) with an exercise price of $288.56 per share. 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 March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.

F3 · derivative.exercise_date: Three-fifths of this award will vest on March 20, 2026, with the remaining vesting ratably over the next two years.

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: 0001393311-25-000027 · 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: 0001393311-24-000199 · 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: 0001393311-24-000174 · 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: 0001393311-24-000142 · 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: 0001393311-24-000135 · wk-form4_1715299600.xml · derivative · entry 3

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,546

Underlying: Common Shares · 64,546 shares

Expires 2030-03-05

F3 · derivative.exercise_price: In exchange for the Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("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 ("LTIP Units") of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units 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"). The OP Units may be exchanged by the reporting person for Company common shares, par value $0.10 per share ("Common Shares"), or the equivalent cash value of Common Shares, as determined by the Company.

F3 · price: In exchange for the Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("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 ("LTIP Units") of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units 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"). The OP Units may be exchanged by the reporting person for Company common shares, par value $0.10 per share ("Common Shares"), or the equivalent cash value of Common Shares, as determined by the Company.

F3 · derivative.exercise_date: In exchange for the Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("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 ("LTIP Units") of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units 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"). The OP Units may be exchanged by the reporting person for Company common shares, par value $0.10 per share ("Common Shares"), or the equivalent cash value of Common Shares, as determined by the Company.

SEC source: 0001393311-24-000135 · wk-form4_1715299600.xml · derivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 64,546 shares

Expires 2030-03-05

F2 · price: On May 7, 2024, Public Storage (the "Company") canceled the option upon surrender to the Company by the reporting person (the "Canceled Option").

F1 · derivative.exercise_date: Three-fifths of this multi-year (2020-2022) performance-based option vested following certified achievement of the applicable performance targets at the conclusion of the performance period, with the remaining vesting ratably over the subsequent two years beginning one year from March 6, 2023.

SEC source: 0001393311-24-000083 · wk-form4_1709862072.xml · derivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,470

Underlying: Common Shares · 6,470 shares

Expires 2034-03-04

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, 2025, 2026, 2027, 2028, and 2029.

SEC source: 0001393311-24-000059 · wk-form4_1709165906.xml · derivative · entry 6

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 77,456

Underlying: Common Shares · 77,456 shares

Expires 2031-02-15

F6 · derivative.exercise_price: In exchange for each 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.

F6 · price: In exchange for each 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.

F6 · derivative.exercise_date: In exchange for each 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: 0001393311-24-000059 · wk-form4_1709165906.xml · derivative · entry 5

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 77,456 shares

Expires 2031-02-15

F5 · price: On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option").

SEC source: 0001393311-24-000059 · wk-form4_1709165906.xml · derivative · entry 4

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,196

Underlying: Common Shares · 6,196 shares

Expires 2029-05-26

F4 · derivative.exercise_price: In exchange for each 2019 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP designated as AO LTIP Units ("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.

F4 · price: In exchange for each 2019 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP designated as AO LTIP Units ("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.

F4 · derivative.exercise_date: In exchange for each 2019 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP designated as AO LTIP Units ("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: 0001393311-24-000059 · wk-form4_1709165906.xml · derivative · entry 3

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

F3 · derivative.exercise_price: This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option").

F3 · shares: This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option").

F3 · price: This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option").

F3 · derivative.underlying_shares: This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option").

SEC source: 0001393311-24-000059 · wk-form4_1709165906.xml · derivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,250

Underlying: Common Shares · 9,250 shares

Expires not disclosed

F2 · derivative.exercise_price: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, 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 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.

F2 · price: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, 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 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.

F2 · derivative.exercise_date: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, 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 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.

F2 · derivative.expiration_date: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, 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 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: 0001393311-24-000059 · wk-form4_1709165906.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,364

F1 · shares: These restricted share units (the "RSUs") in respect of common shares, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") were previously granted to the reporting person and provided for time-based vesting. On February 26, 2024, the Company canceled the unvested RSUs upon surrender to the Company by the reporting person (the "Canceled RSUs").

SEC source: 0001393311-24-000085 · wk-form4a_1710347924.xml · derivative · entry 6

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 77,456

Underlying: Common Shares · 77,456 shares

Expires 2031-02-15

F7 · derivative.exercise_price: In exchange for each 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.

F7 · price: In exchange for each 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.

F7 · derivative.exercise_date: In exchange for each 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: 0001393311-24-000085 · wk-form4a_1710347924.xml · derivative · entry 5

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 77,456 shares

Expires 2031-02-15

F6 · price: On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option").

SEC source: 0001393311-24-000085 · wk-form4a_1710347924.xml · derivative · entry 4

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,196

Underlying: Common Shares · 6,196 shares

Expires 2029-05-26

F5 · derivative.exercise_price: In exchange for each 2019 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP designated as AO LTIP Units ("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.

F5 · price: In exchange for each 2019 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP designated as AO LTIP Units ("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.

F5 · derivative.exercise_date: In exchange for each 2019 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP designated as AO LTIP Units ("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: 0001393311-24-000085 · wk-form4a_1710347924.xml · derivative · entry 3

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

F4 · derivative.exercise_price: This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option").

F4 · shares: This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option").

F4 · price: This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option").

F4 · derivative.underlying_shares: This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option").

SEC source: 0001393311-24-000085 · wk-form4a_1710347924.xml · derivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,000

Underlying: Common Shares · 9,000 shares

Expires not disclosed

F3 · derivative.exercise_price: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, 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 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.

F2 · shares: This amendment is being filed to correct the number of RSUs held by the reporting person prior to the cancellations and substitutions described in this report and thus eligible to be canceled as Canceled RSUs and granted as LTIP Units.

F3 · price: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, 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 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: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, 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 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: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, 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 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.

F2 · derivative.underlying_shares: This amendment is being filed to correct the number of RSUs held by the reporting person prior to the cancellations and substitutions described in this report and thus eligible to be canceled as Canceled RSUs and granted as LTIP Units.

F2 · balance_after: This amendment is being filed to correct the number of RSUs held by the reporting person prior to the cancellations and substitutions described in this report and thus eligible to be canceled as Canceled RSUs and granted as LTIP Units.

SEC source: 0001393311-24-000085 · wk-form4a_1710347924.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,614

F1 · shares: These restricted share units (the "RSUs") in respect of common shares, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") were previously granted to the reporting person and provided for time-based vesting. On February 26, 2024, the Company canceled the unvested RSUs upon surrender to the Company by the reporting person (the "Canceled RSUs").

F2 · shares: This amendment is being filed to correct the number of RSUs held by the reporting person prior to the cancellations and substitutions described in this report and thus eligible to be canceled as Canceled RSUs and granted as LTIP Units.

SEC source: 0001393311-24-000049 · wk-form4_1708478188.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,614

F1 · balance_after: Includes 9,250 restricted share units.

SEC source: 0001393311-24-000030 · wk-form4_1707344334.xml · derivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 77,456

Underlying: Common Shares · 77,456 shares

Expires 2031-02-16

F1 · security: Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

F1 · derivative.exercise_price: Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

F1 · date: Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

F1 · shares: Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

F1 · derivative.exercise_date: Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

F1 · derivative.expiration_date: Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

F1 · derivative.underlying_shares: Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

F1 · balance_after: Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

SEC source: 0001393311-24-000018 · wk-form4_1704327257.xml · nonDerivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,947

F2 · balance_after: Includes 10,150 restricted share units.

SEC source: 0001393311-24-000018 · wk-form4_1704327257.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,988

F1 · balance_after: Includes 10,250 restricted share units.

SEC source: 0001393311-23-000108 · wk-form4_1702655840.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,021

F1 · balance_after: Includes 10,330 restricted stock units.

SEC source: 0001393311-23-000098 · wk-form4_1699898263.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,286

F1 · balance_after: Includes 10,330 restricted stock units.

SEC source: 0001393311-23-000054 · wk-form4_1685461113.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,686

F1 · balance_after: Includes 10,080 restricted stock units.

SEC source: 0001567619-23-004140 · doc1.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,810

F1 · balance_after: Includes 10,330 restricted stock units.

SEC source: 0001567619-23-003357 · doc1.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,329

F1 · balance_after: Includes 11,830 restricted stock units.

SEC source: 0001567619-23-004140 · doc1.xml · derivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,546

Underlying: Common Stock · 64,546 shares

Expires 2030-03-06

F2 · security: Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

F2 · derivative.exercise_price: Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

F2 · date: Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

F2 · shares: Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

F2 · derivative.exercise_date: Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

F2 · derivative.expiration_date: Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

F2 · derivative.underlying_shares: Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

F2 · balance_after: Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

SEC source: 0001567619-23-000198 · doc1.xml · nonDerivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,652

F2 · balance_after: Includes 12,730 restricted stock units.

SEC source: 0001567619-23-000198 · doc1.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,685

F1 · balance_after: Includes 12,810 restricted stock units.

SEC source: 0001567619-22-011913 · doc1.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,726

F1 · balance_after: Includes 12,910 restricted stock units.

SEC source: 0001062993-22-006298 · form4.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,850

F1 · shares: Grant of restricted stock units. The restricted stock units vest in five (5) equal annual installments beginning one (1) year from the date of grant.

F2 · balance_after: Includes 13,160 restricted stock units.

SEC source: 0001567619-22-005122 · doc1.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,350

F1 · balance_after: Includes 5,660 RSUs.

SEC source: 0001567619-22-000140 · doc1.xml · nonDerivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Sr. VP, Ch. Legal Off., Sec.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,650

F2 · balance_after: Includes 6,560 RSUs.

SEC source: 0001567619-22-000140 · doc1.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Sr. VP, Ch. Legal Off., Sec.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,690

F1 · balance_after: Includes 6,640 RSUs

SEC source: 0001567619-22-004855 · doc1.xml · nonDerivative · entry 2

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,666

F1 · shares: This amendment is being filed to correct the number of shares withheld for taxes upon vesting of the RSUs and resultant total shares held by the reporting person, which were previously inadvertently misstated due to an administrative error.

F3 · balance_after: Includes 6,560 RSUs.

SEC source: 0001567619-22-004855 · doc1.xml · nonDerivative · entry 1

Vitan Nathaniel A. · CIK 0001774586 · Chief Legal Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,699

F1 · shares: This amendment is being filed to correct the number of shares withheld for taxes upon vesting of the RSUs and resultant total shares held by the reporting person, which were previously inadvertently misstated due to an administrative error.

F2 · balance_after: Includes 6,640 RSUs.