Public Storage Director Ronald L. Havner Jr. Receives Quarterly LTIP Units

Public Storage ($PSA) Form 4 Analysis

Overview
On October 2, 2026, Public Storage Director Ronald L. Havner Jr. received 107 LTIP Units pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan.

Transaction Details

• Security: LTIP Units (convertible into Common Units in Public Storage OP, L.P. and exchangeable for common shares)
• Transaction Code: A (Grant or award)
• Quantity: 107 units
• Transaction Price: N/A (determined by quarterly retainer divided by closing share price on the grant date)
• Post-Transaction Holdings: 182,500.91 LTIP Units held directly

Market & Trading Implications
This transaction represents routine quarterly director compensation where cash retainers are elected to be received in equity-based units. Because it is standard non-cash compensation and involves a minimal number of shares relative to total holdings, it carries low trading significance.