Public Storage: director Ronald P. Spogli received 151 shares

What happened

• Ronald P. Spogli, director, received a grant of 151 LTIP Units (derivative interests) on Sep 30, 2026. The filing lists the transaction as an award/acquisition (code A); price and total cash value are reported as N/A.
• The LTIP Units are fully vested membership interests in Public Storage OP, L.P., granted under the company's Non-Management Trustee Compensation and Deferral Program and the Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan.

Key details

• Transaction date and price: Sep 30, 2026; price N/A (award/grant).
• Shares owned after the transaction: not reported in the Form 4 provided.
• Footnotes: LTIP Units are intended to qualify as profits interests and are convertible, upon satisfaction of tax-allocation conditions, into Common Units in Public Storage OP ("OP Units"); resulting OP Units may be exchanged for common shares or the equivalent cash value. The grant represents amounts of cash retainers elected to be paid in LTIP Units.
• Filing date: Oct 2, 2026; the Form 4 does not indicate a late filing.

Why it may matter

• This was a grant of fully vested derivative units (LTIP Units) rather than a market purchase or sale; those units can convert into OP Units and be exchanged for common shares or cash under the described terms.
• A filing does not show why the insider traded or why the company acted.