Public Storage director uses shares for tax payment

Public Storage director Ronald L. Havner Jr. reported a small share disposition tied to taxes on equity compensation.

Rhea-AI Filing Summary

Public Storage director Ronald L. Havner Jr. reported a small share disposition tied to taxes on equity compensation. On April 1, 2026, 266 common shares were delivered at $276.24 per share to satisfy tax liability, leaving 7,460.59 common shares held directly.

He also reports indirect ownership of 317,053 common shares by the Havner Family Trust and 1,900 common shares through his spouse’s IRA. The trust position includes 2,726.59 deferred share units from 10,000 restricted share units granted in 2015, with remaining deferred receipt installments scheduled annually through 2030.

Insider Trade Summary

Exercise Price or Tax Liability: 266 shares

Exercise Price or Tax Liability 3 txns

Insider HAVNER RONALD L JR

Role Director

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Shares	266	$276.24	$73K
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 7,460.59 shares (Direct); Common Shares — 317,053 shares (Indirect, By Trust); Common Shares — 1,900 shares (Indirect, By Spouse IRA)

Footnotes (2)

1. F1. Includes 2,726.59 deferred share units. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 4,000 remain subject to deferred receipt and are also included here.
2. F2. Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust.

Key Figures

Tax-withholding shares: 266 shares Tax-withholding price: $276.24 per share Direct common shares after transaction: 7,460.59 shares +5 more

8 metrics

Tax-withholding shares 266 shares Delivered on April 1, 2026 to satisfy tax liability at $276.24

Tax-withholding price $276.24 per share Price for 266 common shares used for tax payment

Direct common shares after transaction 7,460.59 shares Direct holdings following April 1, 2026 tax-withholding disposition

Indirect trust holdings 317,053 shares Common shares held by Havner Family Trust

Spouse IRA holdings 1,900 shares Common shares held indirectly through spouse’s IRA

Deferred share units 2,726.59 units Deferred share units included in Havner Family Trust holdings

Original RSU grant 10,000 restricted share units Granted February 19, 2015, with original vesting date April 1, 2016

Remaining deferred RSUs 4,000 units Restricted share units still subject to deferred receipt through 2030

Key Terms

deferred share units, restricted share units, tax-withholding disposition, Spouse IRA, +2 more

6 terms

deferred share units financial

"Includes 2,726.59 deferred share units."

Deferred share units are promises that give an executive or director the right to receive company shares or their cash value at a future date, often when they retire or leave the company. Think of them as a paycheck held in a savings account that converts into stock later; they matter to investors because they tie pay to long-term performance, create potential future dilution of shares, and represent a delayed cash or share obligation the company must eventually fulfill.

restricted share units financial

"10,000 vested restricted share units granted February 19, 2015"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

tax-withholding disposition financial

"transaction_action": "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Spouse IRA financial

"nature_of_ownership": "By Spouse IRA""

By Trust financial

"nature_of_ownership": "By Trust""

deferred receipt financial

"4,000 remain subject to deferred receipt and are also included here."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Public Storage (PSA) director Ronald L. Havner Jr. report in this Form 4?

He reported a tax-related share disposition, delivering 266 common shares at $276.24 per share to satisfy a tax liability. After this transaction, he directly holds 7,460.59 Public Storage common shares in his own name.

How many Public Storage (PSA) shares does Ronald L. Havner Jr. hold indirectly?

He reports indirect ownership of 317,053 common shares through the Havner Family Trust and 1,900 common shares through his spouse’s IRA. These positions are separate from his 7,460.59 directly held common shares.

Was the Public Storage (PSA) Form 4 transaction an open-market sale?

No, the Form 4 shows a code F transaction, meaning shares were delivered to pay an exercise price or tax liability. The 266 shares were used as a tax-withholding disposition, not as an open-market sale of stock.

What deferred share units does Ronald L. Havner Jr. hold in Public Storage (PSA)?

His trust holdings include 2,726.59 deferred share units tied to 10,000 restricted share units granted on February 19, 2015. These units are being received in 10 equal annual installments from April 1, 2021 through April 1, 2030.

How many Public Storage (PSA) restricted share units remain deferred for Ronald L. Havner Jr.?

The filing states that 4,000 restricted share units from the original 10,000-unit 2015 grant remain subject to deferred receipt. These remaining units are included in the reported deferred share unit holdings within the Havner Family Trust.

What is the overall disposition activity in this Public Storage (PSA) Form 4?

The summarized activity shows one tax-withholding disposition of 266 shares and no open-market buys or sells. Other entries are holding lines reflecting indirect ownership through a family trust and a spouse’s IRA, with no additional transactions reported.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/03/2026 - 12:40 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HAVNER RONALD L JR

(Last) (First) (Middle)

C/O PUBLIC STORAGE

2811 INTERNET BOULEVARD

(Street)

FRISCO TEXAS 75034

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	04/01/2026		F		266	D	$276.24	7,460.59(1)	D
Common Shares								317,053	I	By Trust(2)
Common Shares								1,900	I	By Spouse IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 2,726.59 deferred share units. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 4,000 remain subject to deferred receipt and are also included here.

2. Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust.

Remarks:

	/s/ Nathaniel A. Vitan, Attorney-in-Fact	04/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)