HAVNER RONALD L JR 4

What Happened Ronald L. Havner Jr., a director of Public Storage (PSA), was granted 3,232 AO LTIP Units on May 6, 2026. The Form 4 reports the acquisition price as $0.00 (award/derivative), so there was no cash purchase. These AO LTIP Units are a form of long‑term incentive rather than an open‑market purchase or sale.

Key Details

• Transaction date: May 6, 2026; Form 4 filed May 8, 2026 (appears timely).
• Transaction type: A (award/grant); 3,232 AO LTIP Units acquired @ $0.00.
• Shares/units owned after transaction: Not disclosed in the filing.
• Vesting: AO LTIP Units vest in full one year from the grant date (per footnote).
• Conversion path: Vested AO LTIP Units can be converted (at the holder’s election) into vested LTIP Units, which may convert into OP Units and then into Public Storage common shares or equivalent cash value, subject to certain tax-allocation conditions.
• Tax/treatment note: AO LTIP Units and LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes.

Context This was a compensation award (derivative unit grant) for a director, not an open‑market purchase or sale. Such grants are routine for executive/director compensation and do not necessarily signal the insider’s near‑term trading intent. The units must vest and then be converted through several steps before becoming common shares or cash, so there is no immediate change in tradable share count.