Public Storage (PSA) Director Ronald L. Havner Jr Exercises Options (Net)

What Happened

• Ronald L. Havner Jr., a director of Public Storage (PSA), reported the exercise/conversion of derivative awards on 2026-07-29 (transaction code M). As part of the conversion, 103,275 units/shares were surrendered/disposed (net-settlement) and 34,599.51 common shares were acquired. The acquired shares are reported at $0.00 (net exercise/derivative conversion), so no cash purchase price is shown.

Key Details

• Transaction date: 2026-07-29; Form 4 filed 2026-07-30 (timely — Form 4s are generally due within two business days).
• Reported transactions: 103,275 shares disposed (derivative/net-settlement) and 34,599.51 shares acquired (derivative) at $0.00.
• Transaction code: M (exercise/conversion of derivative securities).
• Shares owned after transaction: Not specified in the information provided in your summary.
• Notable footnotes: On 3/5/2024 the reporting person exchanged an option for AO LTIP Units (a net-exercise style award). AO LTIP Units convert into LTIP Units and, subject to tax allocation conditions, into OP Units. OP Units are redeemable for one common share each (or cash at the company’s option); OP Units have no expiration.

Context

• This was a net exercise/conversion of LTIP/option-style units (not an open-market buy or sale). Part of the award was surrendered to satisfy the exercise/settlement terms (typical in "net exercise"/cashless arrangements), resulting in receipt of the stated shares. The filing shows no open-market sale of the newly acquired shares.