Public Storage — Director's Dealing 2026

Feb 9, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2026-02-06

Reporting Person: REYES JOHN (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-06	AO LTIP Units	$226.20	M	25000	Disposed	2026-02-14	Common Shares (25000)	Direct
2026-02-06	LTIP Units	$	M	5296.17	Acquired		Common Shares (5296.17)	Direct

Footnotes

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. 50,000 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 68,102.16 vested LTIP Units and/or OP Units and 1,500 LTIP Units subject to time-based vesting.