Public Storage 4

Ronald L. Havner Jr. converted equity incentive AO LTIP and LTIP Units into approximately 34,600 Public Storage Common Shares worth about $11 million, increasing his direct holdings to about 182,394 shares.

On July 29, 2026, Ronald L. Havner Jr. reported the conversion of previously issued AO LTIP Units into LTIP Units and then into 34,599.51 Common Shares of Public Storage, with the transactions structured as “M” code conversions rather than open‑market buys or sells. The AO LTIP Units, which function economically like net‑exercise stock options with a $219.07 base value, were converted into LTIP Units and ultimately into OP Units that were redeemed for Common Shares on a one‑for‑one basis, resulting in 34,599.51 newly acquired Common Shares. Using the current stock price of approximately $317.45, this award is valued at about $11.0 million, and Havner’s post‑transaction direct ownership stands at roughly 182,394 Common Shares (worth about $57.9 million), reflecting a sizable equity position gained through equity incentive structures rather than a cash purchase or discretionary public‑market sale.

Filing Facts

CIK

1393311

Ticker

PSA

Form

4

Source Type

sec

Accession

0001227384-26-000017

Alert Tier

7