Owen Rebecca L 4

What Happened Rebecca L. Owen, a director of Public Storage (PSA), received an award of 3,232 AO LTIP Units (a derivative equity award) on May 6, 2026. The grant price is listed as $0.00 (no cash paid). The award is a grant of membership interests under the Public Storage 2021 Equity and Performance‑Based Incentive Compensation Plan.

Key Details

• Transaction date: 2026-05-06; Form 4 filed: 2026-05-08 (filed within typical two business‑day window).
• Award: 3,232 AO LTIP Units; reported acquisition price: $0.00; total immediate cash value reported: $0.
• Ownership after transaction: not specified in the provided details.
• Footnote: AO LTIP Units vest in full one year from the grant date; vested AO LTIP Units may be converted (at the holder’s election) into LTIP Units and, subject to tax‑allocation conditions, into OP Units (common‑unit equivalent) which can be exchanged for Public Storage common shares or cash. AO LTIP/LTIP Units are intended to qualify as profits interests for U.S. federal tax purposes.

Context This is a grant/award (not an open‑market purchase or sale) and does not represent an immediate cash transaction or sale of shares. The units vest one year from grant and then require additional conversion steps and tax conditions before becoming common shares or cash, so any economic value is contingent on vesting and future conversions.