HAWTHORNE MARIA R 4

4 · Public Storage · Filed May 8, 2026

AI-generated summary of this filing

Updated May 8, 2026

Public Storage (PSA) Director Maria R. Hawthorne Receives Award

What Happened

Maria R. Hawthorne, a director of Public Storage (PSA), was granted 3,232 AO LTIP Units (a derivative equity award) on 2026-05-06. The reported acquisition price is $0.00, so no cash was paid; the Form 4 was filed on 2026-05-08. This is coded as an award/grant (transaction code A).

Key Details

Transaction date: 2026-05-06; Filing date: 2026-05-08 (timely filing).
Amount granted: 3,232 AO LTIP Units; reported price: $0.00; reported value: $0.
Post-transaction holdings: Not specified in the filing.
Footnote: AO LTIP Units vest in full one year from the grant date. Vested AO LTIP Units can be converted (at the holder’s election) into LTIP Units, which can convert into OP Units and then be exchanged for Public Storage common shares or equivalent cash value, subject to tax-allocation conditions. AO LTIP/LTIP Units are intended to qualify as profits interests for U.S. federal tax purposes.
Transaction code: A (award/grant/other acquisition). No 10b5-1 plan or tax-withholding sale reported.

Context

This is a derivative award (not an open-market purchase or sale). Such grants are commonly used for director compensation and typically vest over time; they do not by themselves signal an immediate buy or sell of common stock. The award becomes economically meaningful only after vesting and any subsequent conversion/exchange steps.

Form 4

Period: 2026-05-06

Director

Transactions

Award
AO LTIP Units
[F1]
2026-05-06+3,232→ 3,232 total
Exercise: $308.98From: 2027-05-06Exp: 2036-05-05→ Common Shares (3,232 underlying)

Footnotes (1)

[F1]Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in full one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

Signature

/s/ Steven C. Babinski, Attorney-in-Fact|2026-05-08

1 file