HAVNER RONALD L JR 4
4 · Public Storage · Filed Jul 2, 2026
Research Summary
AI-generated summary of this filing
Public Storage (PSA) Director Ronald Havner Receives DSUs & LTIP Units
What Happened
- Ronald L. Havner Jr, a Public Storage (PSA) director (non‑management trustee), was granted compensation on June 30, 2026 consisting of: 3.95 deferred share units (DSUs) valued at $318.31 each (total ≈ $1,257) and 95 LTIP Units (derivative/membership interests) reported as acquired. These are awards (code A on the Form 4), not open‑market purchases or sales.
Key Details
- Transaction date: June 30, 2026; Form 4 filed July 2, 2026 (appears timely).
- DSU line: 3.95 DSUs @ $318.31 = $1,257 (acquired). LTIP Units line: 95 units, price N/A (derivative award).
- Shares/units reported as included in ownership: filing notes 2,730.54 deferred share units; Mr. Havner also has postponed receipt of previously granted RSUs (10,000 granted 2015 with 10‑year installment schedule; 4,000 remain deferred and are included).
- Ownership filing indicates joint interest with LeeAnn R. Havner as Trustee of the Havner Family Trust (per footnote).
- Not a sale or purchase signal—this is routine compensation under the company’s Non‑Management Trustee Compensation and Deferral Program.
Context
- DSUs: fully vested deferred share units that each represent the right to receive one common share; they are settled in unrestricted shares upon the trustee’s separation from service (or on death, disability, or certain change‑of‑control events). Dividend equivalents on DSUs are issued as additional DSUs per the filing.
- LTIP Units: membership/profits‑interest units in Public Storage OP, L.P. that can convert (subject to tax/accounting conditions) into OP Units and may be exchanged for common shares or cash value—treated as a derivative award rather than immediate stock ownership.
- Summary takeaway: This filing documents routine compensation awards to a director (DSUs and LTIP Units). Such grants reflect pay deferral/compensation mechanics rather than a director buying or selling stock.
Insider Transaction Report
Form 4
HAVNER RONALD L JR
Director
Transactions
- Award
Common Shares
[F1][F2]2026-06-30$318.31/sh+3.95$1,257→ 6,730.54 total - Award
LTIP Units
[F4][F5]2026-06-30+95→ 147,794.4 total→ Common Shares (95 underlying)
Holdings
- 317,787(indirect: By Trust)
Common Shares
[F3] - 1,900(indirect: By Spouse)
Common Shares
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 2,730.54 deferred share units. 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. 4,000 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|2026-07-02