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Public Storage·4

Apr 2, 9:25 AM ET

REYES JOHN 4

Research Summary

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Public Storage (PSA) Director John Reyes Receives 123-Share Award

What Happened
John Reyes, a Public Storage (PSA) director, was granted 123 fully-vested deferred share units (DSUs) on 2026-03-31 at a per-share value of $270.88, a grant value of $33,318. This was an award (transaction code A) under the company’s Non-Management Trustee Compensation and Deferral Program and represents compensation rather than an open-market buy or sell.

Key Details

  • Transaction date: 2026-03-31; grant price used: $270.88 per share; total value: $33,318.
  • Security: 123 deferred share units (DSUs); each DSU equals the right to one common share.
  • Filings: Form 4 filed 2026-04-02 (appears to be timely).
  • Holdings note: Filing footnote indicates holdings "include 3,314 DSUs" (F2).
  • Ownership structure: Reporting person and spouse serve as trustees of the Reyes Trust (F3).
  • Transaction type: Award/grant (routine director compensation), not a purchase or sale.

Context
DSUs are deferred compensation that will be settled in unrestricted common shares upon the trustee’s separation from service, earlier death/disability, or an earlier change of control (per footnote). Because this is a compensation grant (not a market purchase), it should be viewed as routine director pay rather than a direct signal of the insider’s near-term trading conviction.