Owen Rebecca L 4

What Happened Rebecca L. Owen, a director of Public Storage (PSA), completed a conversion/exercise of LTIP-style derivative awards on March 12, 2026. The filing reports a disposition of 4,250 derivative units and an acquisition of 1,245.57 common shares at $0.00 (reported value $0) — consistent with a "net exercise" style conversion rather than a cash purchase or open-market sale.

Key Details

• Transaction date: 2026-03-12 (reported on 2026-03-13).
• Reported transactions: 4,250 derivative units disposed; 1,245.57 common shares acquired at $0.00 (code M = option exercise/conversion).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: The reporting person previously exchanged options for AO LTIP Units (May 7, 2024). AO LTIP Units convert, once vested, into LTIP Units and then, subject to tax-allocations, into OP Units that are redeemable one-for-one for common shares (or cash at the company's option). AO LTIP Units function similarly to net-exercise option awards.
• Timeliness: Filed the next day (not flagged late).

Context This was a derivative conversion/exercise with net settlement mechanics: some units were surrendered (disposed) as part of the conversion, resulting in a net issuance of 1,245.57 shares without a cash payment recorded. The $0.00 per-share amount reflects the conversion/settlement treatment in the filing, not the market value of the shares. Such exercises are commonly routine (tax/settlement driven) and do not by themselves indicate the insider's view of the company's stock.