GUSTAVSON TAMARA HUGHES 4

What Happened Tamara Hughes Gustavson, a director of Public Storage (PSA), received an award of 3,232 AO LTIP Units on May 6, 2026. The units were granted at a reported price of $0.00 (derivative award), so the filing shows $0 cash outlay. This was an equity-based compensation grant rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-06; Form 4 filed 2026-05-08 (timely within the usual two-business-day window).
• Transaction type/code: A — Grant/award of derivative units (AO LTIP Units).
• Quantity and price: 3,232 AO LTIP Units at $0.00.
• Shares owned after transaction: Not specified in the filing.
• Footnote summary (F1): AO LTIP Units vest in full one year from the grant date. Vested AO LTIP Units can be converted by the holder into vested LTIP Units, which—subject to certain tax allocation conditions—can convert into Common Units of Public Storage OP (OP Units). OP Units may be exchanged for Public Storage common shares or the equivalent cash value. AO LTIP and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

Context This is a standard equity compensation award to a director, not a market purchase or sale, and is commonly used to align long-term interests with shareholders. Because the units vest after one year and require conversion steps to result in common shares, they are a deferred/contingent form of equity rather than immediately tradeable stock.