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

Rhea-AI Filing Summary

Public Storage director John Reyes reported equity incentive activity involving partnership units tied to the company’s common shares. He exercised or converted 28,275 AO LTIP Units at a price of $0.00 per unit, and separately received a grant of 6,980.49 LTIP Units, also at $0.00 per unit. Following these derivative acquisitions, he directly holds 76,582.65 LTIP and/or related OP Units, which represent interests that can ultimately be redeemed for Public Storage common shares or their cash value 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

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)
02/13/2026

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)	02/13/2026		M			28,275	02/15/2017(1)(2)	02/14/2026(1)(2)	Common Shares	28,275	(1)(2)	0	D
LTIP Units	(3)	02/13/2026		A		6,980.49		(3)	(3)	Common Shares	6,980.49	$0	76,582.65(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. 75,000 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 75,082.65 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	02/18/2026
	** 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).
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FAQ

What insider transactions did Public Storage (PSA) director John Reyes report?

John Reyes reported acquiring derivative interests in Public Storage. He exercised 28,275 AO LTIP Units at $0.00 per unit and received a grant of 6,980.49 LTIP Units, increasing his directly held LTIP and OP Unit interests to 76,582.65 units.

What are AO LTIP Units and LTIP Units in the Public Storage (PSA) filing?

AO LTIP Units function like net-exercise stock option awards that, once vested and converted, become LTIP Units. Vested LTIP Units can then convert into OP Units, which may be redeemed for one Public Storage common share or its cash value at the company’s option.

How many LTIP and related OP Units does John Reyes hold after these PSA transactions?

After the reported Form 4 transactions, John Reyes directly holds 76,582.65 LTIP and/or related OP Units. Footnotes indicate this includes 75,082.65 vested LTIP and/or OP Units and 1,500 LTIP Units that remain subject to time-based vesting conditions.

Did John Reyes buy or sell Public Storage (PSA) common shares in this Form 4?

The Form 4 reports only derivative equity activity, not open-market trading of common shares. Reyes exercised AO LTIP Units and received a grant of LTIP Units, both at $0.00 per unit, reflecting incentive and conversion activity rather than cash purchases or sales.

How can the reported OP Units in Public Storage (PSA) be converted into common shares?

OP Units can be redeemed by the holder for one Public Storage common share per OP Unit or the cash value of a common share. The company chooses whether to deliver stock or cash upon redemption, and the OP Units have no expiration date.

What prior award was exchanged to create the AO LTIP Units for Public Storage (PSA)?

A prior option to purchase 103,275 Public Storage common shares was exchanged for 103,275 AO LTIP Units. These AO LTIP Units are convertible, once vested and subject to specified value calculations, into LTIP Units and ultimately into OP Units redeemable for common shares or cash.