HAVNER RONALD L JR 4

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.