HAVNER RONALD L JR 4

What Happened
Ronald L. Havner Jr., a director of Public Storage (PSA), made a private purchase of derivative securities on Feb 20, 2026. He acquired options (non‑qualified, out‑of‑the‑money "OP Options") tied to 112,258 common units of Public Storage OP at an effective price of $44.54 per unit, for a total cash payment of $4,999,971. This was a purchase (P) of a derivative instrument rather than an immediate purchase of PSA common shares.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-24 (filed within the required 2 business days).
• Instrument & amount: 112,258 OP Options at $44.54 each; total consideration $4,999,971.
• Nature: Private purchase from Public Storage OP, L.P. (derivative transaction, code P).
• Vesting/exercise: OP Options become exercisable 100% on the sixth anniversary of the settlement date (i.e., Feb 20, 2032, assuming settlement = transaction date).
• Conversion: OP Units obtained upon exercise may be exchanged for Public Storage common shares or the cash equivalent, as determined by Public Storage (per footnote).
• Shares/units owned after transaction: Not specified in the Form 4 filing.

Context
These are purchase rights (options) on OP Units that are not immediately exercisable and are exercisable only after a long vesting period (six years). Because the transaction is a private purchase of derivative rights rather than an immediate acquisition of PSA common stock, it represents a long‑dated, contingent interest in the company rather than an immediate change in share ownership. The filing appears timely.