JOHN REYES - 06 Feb 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: 06 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 09 Feb 2026, 11:25:36 UTC
Previous filing: 23 Jan 2026
Next filing: 18 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	09 Feb 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		-25,000	-47%		28,275	06 Feb 2026	Common Shares	25,000	$226.20	Direct	F1, F2
transaction	PSA	LTIP Units	Options Exercise	$0	+5,296	+8.2%	$0.000000	69,602	06 Feb 2026	Common Shares	5,296		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. 50,000 of these AO LTIP Units were previously converted.
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 68,102.16 vested LTIP Units and/or OP Units and 1,500 LTIP Units subject to time-based vesting.