REYES JOHN 4
4 · Public Storage · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Public Storage Director John Reyes Exercises Options, Receives Award
What Happened
- John Reyes, a director of Public Storage (PSA), executed derivative transactions on 2026-02-13. The Form 4 reports an exercise/conversion (code M) that resulted in a disposition of 28,275 shares (derivative) and a separate grant/award (code A) of 6,980.49 derivative units/shares at $0.00 (no cash paid).
- The filing (accession 0001227389-26-000008) was submitted on 2026-02-18. No cash purchase price or sale proceeds are reported for the disposed shares on the form; the acquired units are recorded at $0.
Key Details
- Transaction date: 2026-02-13; Filing date: 2026-02-18.
- Reported items:
- Exercise/conversion (M): 28,275 shares — Disposed — price reported as N/A.
- Grant/award (A): 6,980.49 shares/units — Acquired — $0.00.
- Shares/units reported after the transaction include, per footnote, 75,082.65 vested LTIP Units and/or OP Units and 1,500 LTIP Units subject to time-based vesting.
- Footnotes summary:
- The reporting person previously exchanged stock options for AO LTIP Units (AO units function like net-exercise option awards).
- AO LTIP Units can convert to LTIP Units, which can convert (subject to tax allocation conditions) into OP Units. OP Units are redeemable for one common share each or for cash at the company's option; OP Units have no expiration.
- 75,000 AO LTIP Units were previously converted (per the footnotes).
- Filing timeliness: The Form 4 was filed within the SEC’s two-business-day window for the 2/13 transaction date (filed 2/18, accounting for the Feb 16 federal holiday).
Context
- This was not an open-market buy or sale. The activity reflects conversion/exercise and an award of derivative partnership/option-related units rather than a routine cash purchase or sale — common in executive/director compensation.
- OP Units and LTIP Units are convertible/redeemable into common shares (one-for-one upon redemption), so these derivative movements affect potential future share issuance rather than immediate open-market buying/selling.
Insider Transaction Report
Form 4
REYES JOHN
Director
Transactions
- Exercise/Conversion
AO LTIP Units
[F1][F2]2026-02-13−28,275→ 0 totalExercise: $226.20From: 2017-02-15Exp: 2026-02-14→ Common Shares (28,275 underlying) - Award
LTIP Units
[F3][F4]2026-02-13+6,980.49→ 76,582.65 total→ Common Shares (6,980.49 underlying)
Footnotes (4)
- [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. 75,000 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 75,082.65 vested LTIP Units and/or OP Units and 1,500 LTIP Units subject to time-based vesting.
Signature
/s/ Steven C. Babinski, Attorney-in-Fact|2026-02-18