HAVNER RONALD L JR 4

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.