Public Storage Director Adds Minor Equity via Compensation Grants

Rhea-AI Filing Summary

Public Storage (PSA) – Form 4 filed 07/01/2025

Director Ronald L. Havner Jr. disclosed two routine, compensation-related equity grants:

• Common shares (DSUs): 4.17 fully-vested deferred share units acquired on 06/27/2025 at an implied price of $289.88, reflecting dividend-equivalent reinvestment under the 2021 Equity and Performance-Based Incentive Plan.
• Derivative securities (LTIP Units): 316 fully-vested LTIP Units granted on 06/30/2025 in lieu of quarterly cash retainers. LTIP Units are profit-interest units exchangeable into Public Storage common shares.

Post-transaction holdings

• Direct common share equivalents: 7,713.02 (includes 2,713.02 DSUs and 5,000 deferred RSUs)
• Indirect common shares: 317,053 via Havner Family Trust; 1,900 via spouse’s IRA
• Derivative interests: 146,679.4 LTIP Units (143,554.40 vested; 3,125 time-based)

No disposals were reported, and the transactions modestly increase the director’s already substantial ownership. The filings do not signal a change in strategic outlook or provide new operating or financial metrics; impact on PSA’s investment thesis is therefore minimal.

Insights

Securities Analyst

TL;DR: Small, automatic insider acquisitions—administrative, not market-moving.

The Form 4 shows Mr. Havner electing equity instead of cash for board compensation and dividend equivalents. The 4.17 DSUs and 316 LTIP Units are de minimis against his >317 k indirect shares and >146 k LTIP Units. No sales occurred, so there is no bearish signal, but the size is far below any materiality threshold. Such routine deferrals are common among directors to align interests and defer taxes; they do not indicate incremental confidence or new information about Public Storage’s fundamentals. I classify the filing as informational only, with neutral impact on valuation or sentiment.

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

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)
06/27/2025

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	06/27/2025		A		4.17(1)	A	$289.88	7,713.02(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)	06/30/2025		A		316(4)(5)		(4)(5)	(4)(5)	Common Shares	316	(4)(5)	146,679.4(6)	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 2,713.02 deferred share units. 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 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.

6. Includes 143,554.40 vested LTIP Units and 3,125 LTIP Units subject to time-based vesting.

Remarks:

	/s/ Nathaniel A. Vitan, 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 Public Storage shares did Director Ronald L. Havner Jr. acquire on 06/27/2025?

He received 4.17 deferred share units (DSUs), each representing one PSA common share.

What are LTIP Units reported in the PSA Form 4?

LTIP Units are profit-interest units in Public Storage OP that can be converted into PSA common shares, serving as equity-based compensation.

Did the insider sell any Public Storage shares in this filing?

No. No disposals were reported; all transactions were acquisitions or equity grants.

What is Ronald L. Havner Jr.'s total indirect ownership in PSA after the transactions?

He indirectly holds 317,053 shares via the Havner Family Trust and 1,900 shares via his spouse’s IRA.

Does this Form 4 have a material impact on PSA stock?

The amounts acquired are immaterial relative to PSA’s float and provide no new financial information, so impact is considered neutral.