Public Storage director exercises LTIP units
Public Storage director Ronald L. Havner Jr. reported two equity incentive conversions.
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Form Type
4
Rhea-AI Filing Summary
Public Storage director Ronald L. Havner Jr. reported two equity incentive conversions. On July 29, 2026, he exercised 103,275 AO LTIP Units linked to options with a $219.07 conversion threshold, eliminating that AO LTIP position. He also converted 34,599.51 LTIP Units into Common Share–linked partnership interests and now directly holds 182,393.91 LTIP Units, which are ultimately redeemable one-for-one into Public Storage Common Shares or cash at the company’s option.
Insider Trade Summary
137,874.51 shares exercised/converted
Exercise
2 txns
Insider
HAVNER RONALD L JR
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | AO LTIP Units F1, F2 | 103,275 | -- | -- |
| Exercise | LTIP Units F3 | 34,599.51 | $0.00 | $0.00 |
Holdings After Transaction:
AO LTIP Units — 0 contracts (Direct);
LTIP Units — 182,393.91 contracts (Direct)
Holdings Before and After:
AO LTIP Units, 103,275 to 0 contracts (Direct);
LTIP Units, 147,794.4 to 182,393.91 contracts (Direct)
Footnotes (3)
- F1. On March 5, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $219.07, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]
- F2. [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.
- F3. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
Key Figures
AO LTIP Units exercised: 103275.0000 AO LTIP Units
Conversion threshold: $219.07 per Common Share
LTIP Units converted: 34599.5100 LTIP Units
+1 more
4 metrics
AO LTIP Units exercised
103275.0000 AO LTIP Units
Derivative exercise/conversion reported on 2026-07-29
Conversion threshold
$219.07 per Common Share
Excess of Common Share value over $219.07 used in AO LTIP Unit conversion formula
LTIP Units converted
34599.5100 LTIP Units
LTIP Units exercised into Common Share–linked interests on 2026-07-29
LTIP Units held after transaction
182393.9100 LTIP Units
Direct LTIP Unit balance following the reported derivative exercises
Key Terms
AO LTIP Units, LTIP Units, OP Units, net exercise
4 terms
AO LTIP Units financial
"limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units")."
LTIP Units financial
"convertible, once vested, into a number of vested limited partnership units ... designated as LTIP Units ("LTIP Units")."
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.
OP Units financial
"into an equal number of limited partnership units in Public Storage OP, L.P. ("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.
net exercise financial
"AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into ... LTIP Units."
A net exercise is a way to convert stock options into shares without paying cash up front: instead of handing over money to buy the optioned shares, the holder receives only the number of shares equal to the option’s value after the company withholds a portion of shares to cover the exercise price and taxes. It matters to investors because it changes how many new shares are issued, affects dilution of existing shareholders, and alters company cash flow compared with a cash exercise.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transactions did Public Storage (PSA) director Ronald L. Havner Jr. report?
Ronald L. Havner Jr. reported exercising 103,275 AO LTIP Units tied to a $219.07 threshold and converting 34,599.51 LTIP Units. Following these derivative conversions, he directly holds 182,393.91 LTIP Units linked to Public Storage equity.
How many AO LTIP Units did Havner exercise in the PSA Form 4?
He exercised 103,275 AO LTIP Units. These units stem from an exchanged option and function like “net exercise” stock options, using a $219.07 per-share value threshold to determine the value realized when converted into LTIP Units and ultimately OP Units.
What are AO LTIP Units and LTIP Units in the PSA filing?
AO LTIP Units are partnership units similar to “net exercise” stock options that, once vested, convert into LTIP Units. Vested LTIP Units can then convert into OP Units, which are redeemable for one Public Storage Common Share or its cash value per unit.
How many LTIP Units does Havner hold after these PSA transactions?
After converting 34,599.51 LTIP Units, Havner directly holds 182,393.91 LTIP Units. These partnership units are ultimately convertible into OP Units and redeemable on a one-for-one basis into Public Storage Common Shares or their cash value, at the company’s option.
Does the PSA Form 4 show Havner’s trades under a Rule 10b5-1 plan?
The Form 4 leaves the Rule 10b5-1 checkbox unchecked, and the footnotes do not describe a trading plan. It therefore does not affirm that these derivative exercises and conversions were executed under a pre-arranged Rule 10b5-1 trading arrangement.
AI-generated analysis. How Rhea-AI works. Not financial advice.
