REYES JOHN 4

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.