JOHN REYES - 22 Jan 2026 Form 4 Insider Report for Public Storage (PSA)

Role
Director
Signature
/s/ Steven C. Babinski, Attorney-in-Fact
Issuer symbol
PSA
Transactions as of
22 Jan 2026
Net transactions value
$0
Form type
4
Filing time
23 Jan 2026, 20:39:52 UTC
Previous filing
02 Jan 2026
Next filing
09 Feb 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
REYES JOHN Director C/O PUBLIC STORAGE, 701 WESTERN AVENUE, GLENDALE /s/ Steven C. Babinski, Attorney-in-Fact 23 Jan 2026 0001227389

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 AO LTIP Units Options Exercise -50,000 -48% 53,275 22 Jan 2026 Common Shares 50,000 $226.20 Direct F1, F2
transaction PSA LTIP Units Options Exercise $0 +10,535 +20% $0.000000 64,306 22 Jan 2026 Common Shares 10,535 Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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]
F2 [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.
F3 Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
F4 Includes 62,805.99 vested LTIP Units and 1,500 LTIP Units subject to time-based vesting.