Ronald L. Havner Jr. - 20 Feb 2026 Form 4 Insider Report for Public Storage (PSA)

Role: Director
Signature: /s/ Nathaniel A. Vitan, Attorney-in-Fact
Issuer symbol: PSA
Transactions as of: 20 Feb 2026
Net transactions value: +$4,999,971
Form type: 4
Filing time: 24 Feb 2026, 10:06:49 UTC
Previous filing: 02 Jan 2026
Next filing: 04 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
HAVNER RONALD L JR	Director	C/O PUBLIC STORAGE, 2811 INTERNET BOULEVARD, FRISCO	/s/ Nathaniel A. Vitan, Attorney-in-Fact	24 Feb 2026	0001227384

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PSA	OP Options	Purchase	$4,999,971	+112,258		$44.54	112,258	20 Feb 2026	Common Shares	112,258	$350.00	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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.

Content

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.