PSA Form 4: Director John Reyes Receives 115 Deferred Share Units
Rhea-AI Filing Summary
John Reyes, a director of Public Storage (PSA), received a grant of 115 fully-vested deferred share units (DSUs) on 09/30/2025 under the company’s Non-Management Trustee Compensation and Deferral Program. Each DSU represents the right to one common share and will be settled in unrestricted common shares upon the director’s separation, death, disability, or an earlier change of control. The grant used the company’s closing share price on the grant date of $288.85. After the reported transaction the filing shows 3,063 DSUs beneficially owned directly and 154,685 shares held indirectly through the Reyes Trust.
Positive
- 115 DSUs granted to the director on 09/30/2025, increasing equity alignment
- 3,063 DSUs shown as direct beneficial ownership after the transaction
- 154,685 shares held indirectly via the Reyes Trust, indicating substantial existing insider ownership
- Grant price disclosed as $288.85, clarifying valuation used for the DSU conversion
Negative
- None.
Insights
Director compensation granted as equity aligns interests with shareholders.
The filing discloses a grant of 115 DSUs to John Reyes under the Non-Management Trustee plan, which converts to common shares when settled. Equity-based pay that vests immediately increases the director’s direct economic stake, shown as 3,063 DSUs directly owned.
This form shows the director already has substantial indirect holdings via the Reyes Trust of 154,685 shares, indicating long-term alignment with shareholder outcomes.
Form 4 timely reports an awarded equity and updates beneficial ownership.
The Form 4 records a transaction dated 09/30/2025 and is signed/dated 10/02/2025, showing acquisition code A for the DSU grant and the price used ($288.85), consistent with disclosure of deferred-unit grants settled in shares.
The filing also identifies indirect ownership through a trust established on 12/27/2012, meeting Section 16 disclosure requirements for related-party holdings.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Shares | 115 | $288.85 | $33K |
| holding | Common Shares | -- | -- | -- |
Footnotes (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 upon 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. Includes 3,063 DSUs. Reporting person and spouse, trustees of Reyes Trust, date December 27, 2012.
