REYES JOHN 4

What Happened

• John Reyes, a director of Public Storage (PSA), reported conversions/exercises of derivative awards on 2026-01-22. The Form 4 shows a disposition of 50,000 derivative units (code M) and an acquisition of 10,534.58 shares at $0.00 (code M), reflecting a conversion/exercise event tied to his long‑term incentive units rather than a cash purchase or open‑market trade.
• The acquisition price is reported as $0.00, indicating the shares were issued on conversion/exercise terms (see footnotes describing AO LTIP/LTIP/OP unit mechanics), not an out‑of‑pocket market buy.

Key Details

• Transaction date: 2026-01-22; filing date: 2026-01-23 (timely filing).
• Reported transactions: Disposed 50,000 derivative units (M); Acquired 10,534.58 shares at $0.00 (M).
• Shares owned after transaction: Not specified in the provided filing details.
• Notable footnotes: In 2024 Reyes exchanged an option for AO LTIP Units that convert into LTIP Units and, subject to tax allocation conditions, into OP Units redeemable for one common share or cash. AO LTIP Units are described as similar to “net exercise” option awards. The filing references 62,805.99 vested LTIP Units and 1,500 LTIP Units subject to time‑based vesting.
• No 10b5‑1 plan or late‑filing flag is indicated in the data provided.

Context

• This was an exercise/conversion of long‑term incentive units (derivative awards), not an open‑market buy or a routine sale to raise cash. Conversions like this often reflect vesting or plan mechanics; they do not by themselves indicate the director is buying or selling shares in the market.
• Footnotes describe a multi‑step conversion path (AO LTIP → LTIP → OP Units → redeemable for shares), which explains why the filing shows both derivative dispositions and share acquisitions with a $0.00 price.