Public Storage (PSA) 4: HAVNER RONALD L JR bought 112,258 shares of OP Options at $… (Feb 24, 2026)

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-02-20 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: Public Storage (PSA) CIK: 0001393311 --- Reporting Owner --- Name: HAVNER RONALD L JR CIK: 0001227384 Role: Director --- Derivative Transactions --- [Transaction #1] Security: OP Options Date: 2026-02-20 | Code: P (Open market purchase) Shares: +112,258 | Price: $44.54 Exercisable: N/A | Expires: 2036-02-20 Shares Owned After: 112,258 | Ownership: D (Direct) Footnotes: [F1] Reflects the private purchase by the reporting person from Public Storage OP, L.P. ("Public Storage OP") of out-of-the-money non-qualified options ("OP Options") to purchase common units ("OP Units") of Public Storage OP. The OP Options become exercisable 100% on the sixth anniversary of the settlement date. 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. [F1] Reflects the private purchase by the reporting person from Public Storage OP, L.P. ("Public Storage OP") of out-of-the-money non-qualified options ("OP Options") to purchase common units ("OP Units") of Public Storage OP. The OP Options become exercisable 100% on the sixth anniversary of the settlement date. 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. --- Footnotes (Complete Index) --- F1: Reflects the private purchase by the reporting person from Public Storage OP, L.P. ("Public Storage OP") of out-of-the-money non-qualified options ("OP Options") to purchase common units ("OP Units") of Public Storage OP. The OP Options become exercisable 100% on the sixth anniversary of the settlement date. 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. --- Signature --- /s/ /s/ Nathaniel A. Vitan, Attorney-in-Fact (2026-02-24)