STOCK TITAN
  1. Home
  2. Sec-filings
  3. PSA
  4. [Form 4] Public Storage Insider Trading Activity

Public Storage (NYSE: PSA) director receives DSUs and LTIP Units as compensation

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Public Storage director Ronald L. Havner Jr. reported routine equity-based compensation and updated indirect holdings. He received 3.95 common share-equivalent deferred share units (DSUs) in lieu of cash dividend equivalents at a reference price of $318.31 per share, under the company’s trustee compensation and deferral program.

He also received 95 LTIP Units in Public Storage OP, L.P. as quarterly retainers elected to be paid in equity. These LTIP Units are designed as profits interests and can convert into operating partnership units and ultimately common shares or equivalent cash. Following these awards, he directly holds 6,730.54 common shares (including deferred units) and indirectly holds additional shares through a spouse IRA and the Havner Family Trust.

Positive

  • None.

Negative

  • None.
Insider HAVNER RONALD L JR
Role null
Type Security Shares Price Value
Grant/Award LTIP Units 95 $0.00 --
Grant/Award Common Shares 3.95 $318.31 $1K
holding Common Shares -- -- --
holding Common Shares -- -- --
Holdings After Transaction: LTIP Units — 147,794.4 shares (Direct, null); Common Shares — 6,730.54 shares (Direct, null); Common Shares — 317,787 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 2,730.54 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. 4,000 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.
DSUs granted 3.95 common share-equivalent DSUs Dividend equivalents for applicable calendar quarter
DSU reference price $318.31 per share Company closing share price on grant date
LTIP Units granted 95.00 LTIP Units Quarterly cash retainers elected in LTIP Units
Direct common shares after award 6,730.54 shares Total direct holdings including deferred share units
Indirect shares via spouse IRA 1,900.00 shares Indirect ownership by spouse IRA
Indirect shares via family trust 317,787.00 shares Indirect ownership by Havner Family Trust
LTIP Units outstanding 147,794.40 LTIP Units Total LTIP Units held after grant
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"
Deferred share units (DSUs) are a form of long-term compensation that give an executive or director a payable claim whose value moves with the company’s stock price but is not paid out until a later date, often when they leave the company. Think of a DSU as an IOU tied to the share price that becomes cash or shares in the future; investors watch DSUs because they affect potential share dilution, the timing of cash outflows, and whether management’s interests align with long-term shareholder value.
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"
LTIP Units financial
"membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, 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.
profits interests financial
"LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible"
Common Units in Public Storage OP ("OP Units") financial
"convertible, conditioned upon the satisfaction of minimum allocations ... into Common Units in Public Storage OP ("OP Units")"
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Shares06/30/2026A3.95(1)A$318.316,730.54(2)D
Common Shares317,787IBy Trust(3)
Common Shares1,900IBy 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LTIP Units(4)(5)06/30/2026A95(4)(5) (4)(5) (4)(5)Common Shares95(4)(5)147,794.4D
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 2,730.54 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. 4,000 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-Fact07/02/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Public Storage director Ronald L. Havner Jr. receive in this Form 4 filing for PSA?

Ronald L. Havner Jr. received equity-based compensation, including 3.95 deferred share units tied to common shares and 95 LTIP Units in Public Storage OP, L.P. These awards were granted under the company’s Non-Management Trustee Compensation and Deferral Programs.

How are the 3.95 deferred share units (DSUs) for PSA calculated for Ronald L. Havner Jr.?

The 3.95 DSUs represent dividend equivalents Havner elected to receive in DSUs instead of cash. The dollar amount of elected dividend equivalents is divided by Public Storage’s closing share price on the grant date, producing the number of DSUs credited for that calendar quarter.

When will Ronald L. Havner Jr.’s DSUs in Public Storage (PSA) 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 death, disability, or a change of control. Until then, dividend equivalents on these DSUs are issued as additional DSUs.

What are LTIP Units reported in the Public Storage (PSA) Form 4 for Ronald L. Havner Jr.?

The 95 LTIP Units are membership interests in Public Storage OP, L.P. granted as non-management trustee compensation. They are intended to qualify as profits interests and can convert into operating partnership units, which may then be exchanged for common shares or equivalent cash value.

What are Ronald L. Havner Jr.’s direct common share holdings in Public Storage after this Form 4?

After the reported transactions, Havner directly holds 6,730.54 common shares of Public Storage, including 2,730.54 deferred share units and restricted units subject to deferred receipt according to a pre-established installment schedule extending through April 1, 2030.

What indirect Public Storage (PSA) holdings are reported for Ronald L. Havner Jr. in this filing?

The filing shows indirect ownership of 1,900 common shares held through a spouse IRA and 317,787 common shares held by the Havner Family Trust. The trust is identified with Ronald L. and LeeAnn R. Havner as trustees of the Havner Family Trust.