Public Storage (PSA) director privately acquires 112,258 OP Options in OP units

Rhea-AI Filing Summary

Public Storage director Ronald L. Havner Jr. bought 112,258 OP Options in a private transaction on February 20, 2026. Each OP Option was purchased at $44.54 and gives the right to acquire common units of Public Storage OP, L.P. The OP Options become fully exercisable on the sixth anniversary of the settlement date. OP Units received upon exercise may later be exchanged for Public Storage common shares or the equivalent cash value.

Insider Trade Summary

Net Buyer: 112,258 shares ($4,999,971)

Net Buy 1 txn

Insider HAVNER RONALD L JR

Role Director

Bought 112,258 shs ($5.00M)

Type	Security	Shares	Price	Value
Purchase	OP Options	112,258	$44.54	$5.00M

Holdings After Transaction: OP Options — 112,258 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HAVNER RONALD L JR

(Last) (First) (Middle)

C/O PUBLIC STORAGE

2811 INTERNET BOULEVARD

(Street)

FRISCO TX 75034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
OP Options(1)	$350	02/20/2026		P		112,258		02/20/2032(1)	02/20/2036	Common Shares	112,258	$44.54	112,258	D

Explanation of Responses:

1. Reflects the private purchase by the reporting person from Public Storage OP, L.P. ("Public Storage OP") of out-of-the-money non-qualified options ("OP Options") to purchase common units ("OP Units") of Public Storage OP. The OP Options become exercisable 100% on the sixth anniversary of the settlement date. OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage.

Remarks:

	/s/ Nathaniel A. Vitan, Attorney-in-Fact	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Public Storage (PSA) report for Ronald L. Havner Jr.?

Ronald L. Havner Jr., a director of Public Storage, privately purchased 112,258 OP Options on February 20, 2026. These options relate to common units of Public Storage OP, L.P., and were acquired at a price of $44.54 per option.

What exactly are the OP Options bought in the Public Storage (PSA) Form 4?

The reported OP Options are out-of-the-money non-qualified options to purchase common units of Public Storage OP, L.P.. When exercised, those OP Units may be exchanged for Public Storage common shares or the equivalent cash value of those common shares.

When do Ronald L. Havner Jr.’s OP Options in Public Storage (PSA) become exercisable?

The OP Options become 100% exercisable on the sixth anniversary of the settlement date. Until that sixth anniversary is reached, Havner cannot exercise these options to acquire OP Units of Public Storage OP, L.P.

How many OP Options did the Public Storage (PSA) director hold after the transaction?

Following the reported transaction, Ronald L. Havner Jr. held 112,258 OP Options directly. This figure matches the number of options purchased in the February 20, 2026 private transaction from Public Storage OP, L.P.

How were the Public Storage (PSA) OP Options acquired according to the filing?

The filing states that the OP Options were acquired through a private purchase from Public Storage OP, L.P. This differs from an open-market stock trade and involves out-of-the-money non-qualified options tied to OP Units of the operating partnership.