Public Storage (NYSE: PSA) director receives LTIP units and DSU share awards

Rhea-AI Filing Summary

HAVNER RONALD L JR reported acquisition or exercise transactions in this Form 4 filing.

Public Storage director Ronald L. Havner Jr. reported compensation-related equity awards rather than market trades. On March 31, 2026, he received 342 LTIP Units in Public Storage OP, L.P. and 4.6 common shares via fully vested deferred share units (DSUs) valued at $270.88 per share, both under the company’s Non-Management Trustee Compensation and Deferral Program.

After these awards, Havner directly holds 147,699.4 LTIP Units and 7,726.59 common shares, including 2,726.59 DSUs. He also has indirect holdings of 317,053 common shares through a family trust and 1,900 common shares through a spouse IRA.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider HAVNER RONALD L JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	342	$0.00	--
Grant/Award	Common Shares	4.6	$270.88	$1K
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: LTIP Units — 147,699.4 shares (Direct); Common Shares — 7,726.59 shares (Direct); Common Shares — 317,053 shares (Indirect, By Trust)

Footnotes (1)

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. Includes 2,726.59 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. 5,000 remain subject to deferred receipt and are also included here. Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The number of LTIP Units granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues] [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.

Key Figures

LTIP Units granted: 342 LTIP Units DSU-based shares granted: 4.6 common shares at $270.88/share Direct LTIP holdings: 147,699.4 LTIP Units +4 more

7 metrics

LTIP Units granted 342 LTIP Units Grant of fully-vested LTIP Units under trustee compensation program on March 31, 2026

DSU-based shares granted 4.6 common shares at $270.88/share Fully-vested DSUs in lieu of dividend equivalents granted March 31, 2026

Direct LTIP holdings 147,699.4 LTIP Units Total LTIP Units directly held following the reported grant

Direct common share holdings 7,726.59 common shares Direct common share position after the Form 4 transactions

DSUs included in direct shares 2,726.59 DSUs Portion of direct common share holdings represented by deferred share units

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

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

Key Terms

LTIP Units, deferred share units (DSUs), Non-Management Trustee Compensation and Deferral Program, profits interests, +1 more

5 terms

LTIP Units financial

"Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

deferred share units (DSUs) financial

"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"

Non-Management Trustee Compensation and Deferral Program financial

"pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan"

profits interests financial

"LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations"

OP Units financial

"convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units")"

OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.

Form 4 Insider Transactions: What Each Field Means →

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)
03/31/2026

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	03/31/2026		A		4.6(1)	A	$270.88	7,726.59(2)	D
Common Shares								317,053	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
LTIP Units	(4)(5)	03/31/2026		A		342(4)(5)		(4)(5)	(4)(5)	Common Shares	342	(4)(5)	147,699.4	D

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 2,726.59 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. 5,000 remain subject to deferred receipt and are also included here.

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

4. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The number of LTIP Units granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues]

5. [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.

Remarks:

	/s/ Nathaniel A. Vitan, Attorney-in-Fact	04/02/2026
	** 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)

FAQ

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

He reported compensation-related equity awards, not market trades. Havner received 342 LTIP Units and 4.6 common shares via deferred share units under Public Storage’s Non-Management Trustee Compensation and Deferral Program for the applicable calendar quarter.

How many LTIP Units did Ronald L. Havner Jr. receive from Public Storage (PSA)?

He received 342 fully vested LTIP Units in Public Storage OP, L.P. The number of LTIP Units equals the cash retainer amount he elected to take in units, divided by Public Storage’s closing share price on the grant date.

What are the deferred share units (DSUs) granted to the Public Storage (PSA) director?

The filing shows a grant of 4.6 fully vested DSUs. Each DSU represents the right to receive one Public Storage common share, issued instead of cash dividend equivalents under the company’s Non-Management Trustee Compensation and Deferral Program.

When will Ronald L. Havner Jr.’s Public Storage DSUs be settled into common shares?

The DSUs will be settled in unrestricted common shares in a lump sum upon Havner’s separation from service as a trustee, or earlier upon his death, disability, or a change of control of Public Storage, according to the deferral program terms.

What are Havner’s total reported direct and indirect Public Storage (PSA) holdings?

After the reported awards, he directly holds 147,699.4 LTIP Units and 7,726.59 common shares, and indirectly holds 317,053 common shares through a family trust plus 1,900 common shares through a spouse IRA, as detailed in the filing.

How do Public Storage (PSA) LTIP Units potentially convert into common shares for the director?

LTIP Units are intended as profits interests and may convert into OP Units once tax allocation conditions are met. The resulting OP Units can then be exchanged for Public Storage common shares or their cash equivalent, as determined by the company.