Director John Reyes converts AO LTIP and LTIP Units at Public Storage (NYSE: PSA)

Rhea-AI Filing Summary

Public Storage director John Reyes reported equity award conversions. On January 22, 2026, he exercised 50,000 AO LTIP Units into derivative securities tied to 50,000 Common Shares, originally based on an option with a reference price of $226.20 per share. On the same date, he also converted 10,534.58 LTIP Units into derivative securities tied to 10,534.58 Common Shares at a stated price of $0 per unit. Following these transactions, he held 53,275 AO LTIP Units and 64,305.99 LTIP Units, which are ultimately exchangeable into OP Units and then redeemable one-for-one for Common Shares or their cash value at the company’s option.

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)
01/22/2026

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)	01/22/2026		M			50,000	02/15/2017(1)(2)	02/14/2026	Common Shares	50,000	(1)(2)	53,275	D
LTIP Units	(3)	01/22/2026		M		10,534.58		(3)	(3)	Common Shares	10,534.58	$0	64,305.99(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.

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 62,805.99 vested LTIP Units and 1,500 LTIP Units subject to time-based vesting.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	01/23/2026
	** 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.
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FAQ

What insider activity did Public Storage (PSA) disclose for John Reyes?

Public Storage disclosed that director John Reyes reported conversions of AO LTIP Units and LTIP Units on January 22, 2026, tied to Common Shares of beneficial interest.

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

John Reyes exercised 50,000 AO LTIP Units on January 22, 2026, corresponding to derivative securities linked to 50,000 Common Shares of Public Storage.

What are AO LTIP Units and LTIP Units at Public Storage (PSA)?

AO LTIP Units are awards similar to net-exercise stock options that, once vested, convert into LTIP Units. Vested LTIP Units can then convert into OP Units, which are redeemable for either one Common Share per OP Unit or the cash value of a Common Share at the company’s option.

How many LTIP Units does John Reyes hold after the reported transactions at PSA?

After the January 22, 2026 transactions, John Reyes beneficially owned 64,305.99 LTIP Units, which includes 62,805.99 vested LTIP Units and 1,500 LTIP Units subject to time-based vesting.

What was the reference price used in John Reyes’s AO LTIP Unit exchange at Public Storage (PSA)?

The original exchange of the option for AO LTIP Units referenced a value of $226.20 per Common Share when determining the number of AO LTIP Units created.

Do OP Units underlying John Reyes’s awards at Public Storage (PSA) have an expiration date?

No. The filing states that OP Units have no expiration date, and Common Shares are issued upon the redemption of OP Units on a one-for-one basis.