HAWTHORNE MARIA R 4

What Happened

• Maria R. Hawthorne, a director of Public Storage (PSA), was granted 3,232 AO LTIP Units (a derivative equity award) on 2026-05-06. The reported acquisition price is $0.00, so no cash was paid; the Form 4 was filed on 2026-05-08. This is coded as an award/grant (transaction code A).

Key Details

• Transaction date: 2026-05-06; Filing date: 2026-05-08 (timely filing).
• Amount granted: 3,232 AO LTIP Units; reported price: $0.00; reported value: $0.
• Post-transaction holdings: Not specified in the filing.
• Footnote: AO LTIP Units vest in full one year from the grant date. Vested AO LTIP Units can be converted (at the holder’s election) into LTIP Units, which can convert into OP Units and then be exchanged for Public Storage common shares or equivalent cash value, subject to tax-allocation conditions. AO LTIP/LTIP Units are intended to qualify as profits interests for U.S. federal tax purposes.
• Transaction code: A (award/grant/other acquisition). No 10b5-1 plan or tax-withholding sale reported.

Context

• This is a derivative award (not an open-market purchase or sale). Such grants are commonly used for director compensation and typically vest over time; they do not by themselves signal an immediate buy or sell of common stock. The award becomes economically meaningful only after vesting and any subsequent conversion/exchange steps.