REYES JOHN 4

What Happened

• John Reyes, a director of Public Storage (PSA), reported exercise/conversion of derivative awards (transaction code M) on Feb 6, 2026. The filing shows a disposition of 25,000 derivative units and the acquisition of 5,296.17 common shares at $0.00 per share. This was an exercise/conversion-type transaction (not an open-market purchase or sale); the acquisition of shares at $0 is consistent with a net-settlement/conversion of long-term incentive units rather than a cash purchase.

Key Details

• Transaction date: 2026-02-06 (reported on Form 4 filed 2026-02-09).
• Reported trades: 25,000 derivative units disposed (no price listed) and 5,296.17 common shares acquired at $0.00.
• Transaction code: M = Exercise or conversion of derivative security (options/award conversion).
• Holdings after transaction: Filing notes include 68,102.16 vested LTIP Units and/or OP Units and 1,500 LTIP Units subject to time-based vesting (these are limited partnership units related to the company's LTIP/OP structure).
• Notable footnote summary: In March 2024 Reyes converted an option award into AO LTIP Units (a "net exercise"-style award). AO LTIP Units convert, once vested, into LTIP Units and—subject to tax and capital account conditions—into OP Units. OP Units are redeemable for one common share or cash at the company's option and have no expiration. Fifty thousand AO LTIP Units were previously converted.

Context

• This was an exercise/conversion of incentive units rather than a cash purchase or an open-market sale. The acquisition of 5,296.17 shares at $0 likely reflects the mechanics of the AO LTIP/LTIP/OP unit conversion and net settlement (some units were surrendered/converted rather than a cash outlay). Such conversions are common for incentive awards and do not by themselves indicate a bullish or bearish view by the insider.
• Filing timing: Form 4 was filed three days after the reported transaction (Feb 9 for the Feb 6 transaction); the filing does not indicate a late-report code.