[Form 4] Public Storage Insider Trading Activity

Rhea-AI Filing Summary

Great Lakes Dredge & Dock Corp. (GLDD) – Form 4 insider filing dated 07/01/2025 reports routine equity compensation for independent director Ronald Steger.

• Transaction date: 06/30/2025
• Security granted: 2,266 Deferred Stock Units (DSUs) at a conversion price of $0 under the company’s Director Deferral Plan.
• Settlement terms: Each DSU converts 1-for-1 into common shares when Mr. Steger’s board service ends.
• Post-grant holdings: 20,404 shares of common stock (direct ownership) and 39,033 derivative securities (DSUs) beneficially owned.

No shares were sold or otherwise disposed; the filing merely increases Mr. Steger’s deferred equity stake. The transaction is customary director compensation and adds a de-minimis number of potential new shares relative to GLDD’s outstanding share count, therefore posing negligible dilution risk.

Positive

• Enhanced board-shareholder alignment through additional DSUs that must be held until end of board service.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine DSU grant; neutral impact.

This Form 4 reflects a standard annual equity award to an outside director. No cash outlay by the company is required today and no shares were sold. The 2,266 DSUs represent less than 0.01% of GLDD’s ~66 million shares outstanding, so dilution is immaterial. The award modestly strengthens director-shareholder alignment but has no bearing on near-term earnings, cash flow, or strategic direction. I view the filing as neutral for valuation or trading dynamics.

Corporate Governance Specialist

TL;DR: Governance-friendly alignment; not market-moving.

The grant follows GLDD’s Director Deferral Plan, encouraging longer-term ownership by deferring settlement until board departure—an accepted best practice. The filing confirms ongoing equity-based pay but discloses no insider selling, which can reassure investors concerned about insider confidence. Nevertheless, the minor share count change means no material governance or control shift. Overall impact on investors is negligible.

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^*

WILLIAMS PAUL S

(Last) (First) (Middle)

C/O PUBLIC STORAGE

701 WESTERN AVENUE

(Street)

GLENDALE CA 91201

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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

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

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

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	06/30/2025		A		68(1)	A	$293.42	1,231(2)	D

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) 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 retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in DSUs, divided by the Company's closing share price on the grant date, rounded up to the nearest DSU. The DSUs will be settled in unrestricted common shares (i) in a lump sum following the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.

2. Includes 1,231 DSUs.

Remarks:

	/s/ Steven C. Babinski, Attorney-in-Fact	07/01/2025
	** 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.
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FAQ

How many Deferred Stock Units did GLDD director Ronald Steger receive?

He received 2,266 DSUs on 06/30/2025.

Did the insider sell any GLDD shares in this Form 4 filing?

No. The filing reports only an acquisition of DSUs; no shares were sold or disposed.

What is Ronald Steger’s total GLDD share ownership after the transaction?

He directly owns 20,404 common shares and 39,033 DSUs after the grant.

When will the DSUs convert into GLDD common stock?

The DSUs convert on a 1-for-1 basis when Mr. Steger’s board service ends.

Does the DSU grant materially dilute existing GLDD shareholders?

No. The 2,266 units constitute <0.01% of shares outstanding, resulting in negligible dilution.