Public Storage (PSA) Director Ronald P. Spogli Receives DSUs & LTIP Units

What Happened
Ronald P. Spogli, a non-management trustee (director) of Public Storage (PSA), was granted deferred-compensation awards on 2026-06-30. The filing reports (1) 5.58 unrestricted common shares acquired at $318.31 each (total ~$1,776) and (2) 145 derivative LTIP units/accruals (value reported as N/A). These were grants under the company’s Non-Management Trustee Compensation and Deferral Program (transaction code A = award/grant), not open-market purchases or sales.

Key Details

• Transaction date: 2026-06-30; Form 4 filed 2026-07-02 (timely filing). Accession: 0000916867-26-000010.
• Reported items: 5.58 common shares acquired @ $318.31 (total ≈ $1,776); 145 derivative LTIP Units granted (value N/A).
• Shares owned after transaction: not specified in the provided filing summary.
• Notable footnotes:
  • DSUs (deferred share units) were granted in lieu of dividend equivalents and each DSU equals the right to one common share; dividend equivalents on DSUs are issued as additional DSUs (F1).
  • Filing notes “Includes 2,670.5 DSUs” (F2).
  • Grant reported “by Ronald P. Spogli as trustee” (F3).
  • LTIP Units are membership interests in a subsidiary (Public Storage OP) that can convert to OP Units and ultimately be exchanged for common shares or cash upon satisfaction of tax/allocation conditions (F4–F5).
• Transaction type: Award/grant (routine director compensation) — not a market buy or sale.

Context
The 5.58 shares are immediate common shares; the 145 LTIP Units are derivative/longer‑term compensation that may convert to partnership units and then to common shares or cash under specified conditions (settlement/conversion events). These awards are part of standard deferred-compensation trustee programs and do not by themselves indicate insider buying or selling intent.