HAVNER RONALD L JR 4
4 · Public Storage · Filed Apr 2, 2026
Research Summary
AI-generated summary of this filing
Public Storage (PSA) Director Ronald Havner Receives Awards
What Happened
- Ronald L. Havner Jr., a non-management trustee (director) of Public Storage (PSA), received two awards on 2026-03-31 reported as grant/award (code A). The filing shows acquisition of 4.6 common shares at $270.88 each (total ~$1,246) and 342 derivative units reported as "acquired" (no per-unit price reported). These awards were issued under the company's trustee compensation and deferral programs rather than bought or sold in the open market.
Key Details
- Transaction date: 2026-03-31; Form 4 filed: 2026-04-02 (appears timely).
- Reported items: 4.6 common shares acquired at $270.88 (≈ $1,246) and 342 derivative units (no dollar price shown).
- Shares/units owned after transaction: filing does not give a simple total common-share count. Footnotes report 2,726.59 DSUs currently held and that 5,000 previously granted restricted share units remain deferred under a prior election.
- Footnotes:
- F1: The derivative units include fully-vested Deferred Share Units (DSUs) granted in lieu of dividend equivalents; each DSU represents the right to one common share and will be settled in shares (or on certain events).
- F4/F5: Some awards are LTIP Units (membership interests in a subsidiary) that can convert to OP Units and may be exchanged for common shares or cash.
- F2/F3: Filing notes prior deferred RSU installments and a family trust relationship (Ronald L. Havner & LeeAnn R. Havner, Trustee).
- Filing timeliness: filed two days after the March 31 transaction date (filed April 2) — consistent with normal Form 4 timing.
Context
- These are compensation-related awards (grants/deferrals), not open-market purchases or sales; such grants are routine for non-management trustees and do not by themselves indicate a personal market buy/sell decision. The derivative units (DSUs/LTIP Units) are payable or convertible into common shares under future conditions described in the footnotes.
Insider Transaction Report
Form 4
HAVNER RONALD L JR
Director
Transactions
- Award
Common Shares
[F1][F2]2026-03-31$270.88/sh+4.6$1,246→ 7,726.59 total - Award
LTIP Units
[F4][F5]2026-03-31+342→ 147,699.4 total→ Common Shares (342 underlying)
Holdings
- 1,900(indirect: By Spouse)
Common Shares
- 317,053(indirect: By Trust)
Common Shares
[F3]
Footnotes (5)
- [F1]Grant of fully-vested deferred share units (DSUs) in lieu of dividend equivalents pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. Each DSU represents the right to receive one Company common share. The number of DSUs granted represents the quotient of the dollar amount of the portion of the cash dividend equivalents paid on DSUs for the applicable calendar quarter Mr. Havner has elected to be paid in DSUs, divided by the Company's closing share price on the grant date. The DSUs will be settled in unrestricted common shares (i) in a lump sum upon Mr. Havner's separation from service as a trustee or (ii) in a lump sum upon Mr. Havner's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Havner's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.
- [F2]Includes 2,726.59 DSUs. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 5,000 remain subject to deferred receipt and are also included here.
- [F3]Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust.
- [F4]Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The number of LTIP Units granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues]
- [F5][footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.
Signature
/s/ Nathaniel A. Vitan, Attorney-in-Fact|2026-04-02