Public Storage (NYSE: PSA) director converts AO LTIP and LTIP units

Rhea-AI Filing Summary

Public Storage director John Reyes reported derivative unit conversions into common shares. On February 6, 2026, he exercised 25,000 AO LTIP Units, each tied to Public Storage common shares, at a reference value of $226.20 per share as described in prior award terms.

He also converted 5,296.17 LTIP Units into an equal number of common shares on the same date at a price of $0, reflecting a non-cash redemption of partnership units. Following these moves, he held 28,275 AO LTIP Units and 69,602.16 LTIP/LTIP-related units directly, which can ultimately be redeemed for Public Storage common shares under the partnership structure.

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

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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^*

REYES JOHN

(Last) (First) (Middle)

C/O PUBLIC STORAGE

701 WESTERN AVENUE

(Street)

GLENDALE CA 91201

(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)
02/06/2026

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
AO LTIP Units	$226.2(1)(2)	02/06/2026		M			25,000	02/15/2017(1)(2)	02/14/2026(1)(2)	Common Shares	25,000	(1)(2)	28,275	D
LTIP Units	(3)	02/06/2026		M		5,296.17		(3)	(3)	Common Shares	5,296.17	$0	69,602.16(4)	D

Explanation of Responses:

1. On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 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 $226.20, 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]

2. [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. 50,000 of these AO LTIP Units were previously converted.

3. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.

4. Includes 68,102.16 vested LTIP Units and/or OP Units and 1,500 LTIP Units subject to time-based vesting.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	02/09/2026
	** 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).
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FAQ

What insider transaction did Public Storage (PSA) report for John Reyes?

Director John Reyes reported converting derivative partnership units into Public Storage common shares. On February 6, 2026, he exercised 25,000 AO LTIP Units and 5,296.17 LTIP Units, receiving common shares through the partnership redemption structure rather than open-market purchases.

How many AO LTIP Units did John Reyes convert at Public Storage (PSA)?

John Reyes converted 25,000 AO LTIP Units on February 6, 2026. These AO LTIP Units function like net-exercise stock options and are ultimately tied to Public Storage common shares through multiple conversion steps in the partnership ownership structure.

What LTIP Unit transaction did Public Storage (PSA) disclose for John Reyes?

Public Storage disclosed that John Reyes converted 5,296.17 LTIP Units into an equal number of common shares on February 6, 2026. The transaction price was reported as $0, reflecting redemption of partnership units rather than a cash purchase on the open market.

What derivative holdings does John Reyes own after the February 6, 2026 transactions at PSA?

After the reported conversions, John Reyes directly held 28,275 AO LTIP Units and 69,602.16 LTIP Units and/or OP Units. These partnership interests can ultimately be redeemed on a one-for-one basis for Public Storage common shares or their cash value at the company’s option.

How do AO LTIP Units work for Public Storage (PSA) insiders like John Reyes?

AO LTIP Units are similar to net exercise stock options. Once vested, they convert into LTIP Units based on the excess of the common share value over $226.20, then into OP Units that can be redeemed for one Public Storage common share or its cash value per OP Unit.

What is the exchange ratio between OP Units and Public Storage (PSA) common shares?

OP Units are redeemable on a one-for-one basis into Public Storage common shares. The holder may instead receive the cash value of a common share, at the company’s option, and OP Units themselves have no stated expiration date according to the disclosure.