Public Storage (NYSE: PSA) director buys 561K OP options

Rhea-AI Filing Summary

Public Storage director Mitra Shankh privately bought 561,293 OP Options from Public Storage OP, L.P. at $44.54 per option. These out-of-the-money non-qualified OP Options become fully exercisable on the sixth anniversary of the settlement date.

Each OP Option relates to OP Units of Public Storage OP, which the reporting person may later exchange for Public Storage common shares or the cash value equivalent of those shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mitra Shankh

(Last) (First) (Middle)

C/O PUBLIC STORAGE

2811 INTERNET BOULEVARD

(Street)

FRISCO TX 75034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
OP Options(1)	$350	02/20/2026		P		561,293		02/20/2032(1)	02/20/2036	Common Shares	561,293	$44.54	561,293	D

Explanation of Responses:

1. 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.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Public Storage (PSA) disclose in this Form 4?

Public Storage disclosed that director Mitra Shankh bought 561,293 OP Options in a private transaction from Public Storage OP, L.P. The OP Options are non-qualified, out-of-the-money instruments tied to OP Units rather than directly to common shares.

What are the key terms of the OP Options acquired by Public Storage (PSA) director Mitra Shankh?

The OP Options were purchased at $44.54 per option and become 100% exercisable on the sixth anniversary of the settlement date. They are out-of-the-money non-qualified options linked to OP Units of Public Storage OP, L.P.

How can the OP Units underlying the OP Options in Public Storage (PSA) be settled?

OP Units obtained through exercising the OP Options may be exchanged by the reporting person for Public Storage common shares or for the equivalent cash value of those common shares, as determined by Public Storage, providing flexibility in how value is realized.

Was the Public Storage (PSA) OP Options transaction an open-market purchase?

No. The filing specifies the transaction as a private purchase by the reporting person from Public Storage OP, L.P., rather than an open-market trade. This means the terms were negotiated directly with the partnership entity.

When do the OP Options acquired by Public Storage (PSA) director become exercisable?

The OP Options become exercisable 100% on the sixth anniversary of the settlement date. Until that time, the options cannot be exercised for OP Units, which later may be exchanged for Public Storage common shares or their cash equivalent.