Public Storage director Havner receives 4.45 share units

The fully vested units will be settled in common shares upon separation from service or earlier death, disability, or a change of control.

Rhea-AI Filing Summary

Public Storage director Ronald L. Havner Jr. received 4.45 fully vested deferred share units on October 6, 2026, in lieu of dividend equivalents. Each unit represents the right to receive one common share. His reported direct position afterward was 6,735 shares. Separate holding entries list 317,787 shares by Havner Family Trust and 1,900 shares by Spouse IRA. The units will be settled in a lump sum upon separation from service, or earlier upon death, disability, or a change of control.

Insider Trade Summary

Grant/Award: 4.45 shares

Grant/Award 3 txns

Insider HAVNER RONALD L JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares F1, F2	4.45	$285.85	$1K
holding	Common Shares F3	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 6,734.99 shares (Direct); Common Shares — 317,787 shares (Indirect, By Trust); Common Shares — 1,900 shares (Indirect, By Spouse IRA)

Footnotes (3)

1. F1. Grant of fully-vested deferred share units (DSUs) in lieu of dividend equivalents pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. Each DSU represents the right to receive one Company common share. The number of DSUs granted represents the quotient of the dollar amount of the portion of the cash dividend equivalents paid on DSUs for the applicable calendar quarter Mr. Havner has elected to be paid in DSUs, divided by the Company's closing share price on the grant date. The DSUs will be settled in unrestricted common shares (i) in a lump sum upon Mr. Havner's separation from service as a trustee or (ii) in a lump sum upon Mr. Havner's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Havner's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.
2. F2. Includes 2,734.99 DSUs. 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.
3. F3. Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust.

Key Figures

Deferred share units granted: 4.45 DSUs Reported per-share price: $285.85 per share Direct shares following transaction: 6,735 shares +2 more

5 metrics

Deferred share units granted 4.45 DSUs October 6, 2026; in lieu of dividend equivalents

Reported per-share price $285.85 per share October 6, 2026 grant

Direct shares following transaction 6,735 shares Reported after the October 6, 2026 transaction

Havner Family Trust shares 317,787 shares Indirect holding listed on October 6, 2026

Spouse IRA shares 1,900 shares Indirect holding listed on October 6, 2026

Key Terms

deferred share units (DSUs), dividend equivalents, separation from service, deferred receipt

4 terms

deferred share units (DSUs) financial

"Grant of fully-vested deferred share units (DSUs)"

Deferred share units (DSUs) are a form of long-term compensation that give an executive or director a payable claim whose value moves with the company’s stock price but is not paid out until a later date, often when they leave the company. Think of a DSU as an IOU tied to the share price that becomes cash or shares in the future; investors watch DSUs because they affect potential share dilution, the timing of cash outflows, and whether management’s interests align with long-term shareholder value.

dividend equivalents financial

"portion of the cash dividend equivalents"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

separation from service financial

"upon Mr. Havner's separation from service as a trustee"

deferred receipt financial

"remain subject to deferred receipt"

FAQ

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

What did Public Storage director Ronald L. Havner Jr. receive?

He received 4.45 fully vested deferred share units on October 6, 2026, in lieu of dividend equivalents. Each unit represents the right to receive one Public Storage common share; the reported per-share price was $285.85.

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

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Available on EDGAR 10/07/2026 - 12:47 PM Accepted by SEC EDGAR 10/07/2026 - 12:46 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)
10/06/2026

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	10/06/2026		A		4.45(1)	A	$285.85	6,734.99(2)	D
Common Shares								317,787	I	By Trust(3)
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. Grant of fully-vested deferred share units (DSUs) in lieu of dividend equivalents pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. Each DSU represents the right to receive one Company common share. The number of DSUs granted represents the quotient of the dollar amount of the portion of the cash dividend equivalents paid on DSUs for the applicable calendar quarter Mr. Havner has elected to be paid in DSUs, divided by the Company's closing share price on the grant date. The DSUs will be settled in unrestricted common shares (i) in a lump sum upon Mr. Havner's separation from service as a trustee or (ii) in a lump sum upon Mr. Havner's earlier death or disability or upon an earlier change of control of the Company. In accordance with Mr. Havner's election, dividend equivalents paid on these DSUs will be issued as additional DSUs.

2. Includes 2,734.99 DSUs. 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.

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

Remarks:

	/s/ Tom Boyle, Attorney-in-Fact	10/07/2026
	** 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)