PSAPublic Storage
Deals with insiders in the proxy filed 2026-03-27
Deals between PSA and its directors, executives, owners of more than 5% or their families: a relative on the payroll, a plane the company charters from its CEO, a director's company that buys from it. SEC rules (Item 404) make the company list every such deal over $120,000 in its proxy statement.
New this year
Paragraphs about a deal, a person or a relative with nothing like them in the proxy filed 2025-03-28.
“Sale of OP Options to Shankh S. Mitra. In connection with his appointment as Chair of the Board, on February 10, 2026, Mr. Mitra purchased from the Company OP Options to purchase an aggregate of 561,293 common units of the Operating Partnership for $25 million. The purchase”
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Additional Information About Trustees, Executive Officers, and Management“price for the OP Options was based on the Company’s determination of the fair value of the OP Options based on a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will not become exercisable until the sixth anniversary of the settlement date of February 20, 2026, and have a 10-year term. The transaction was approved by the Audit Committee and the Board of Trustees in accordance with the Company’s policies.”
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Additional Information About Trustees, Executive Officers, and Management“Sale of OP Options to Ronald L. Havner, Jr. In connection with the transition of the Board Chairman position, on February 10, 2026, Mr. Havner purchased from the Company OP Options to purchase an aggregate of 112,258 common units of the Operating Partnership for $5 million. The purchase price for the OP Options was based on the Company’s determination of the fair value of the OP Options based on a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will not become exercisable until the sixth anniversary of the settlement date of February 20, 2026, and have a 10-year term. The transaction was approved by the Audit Committee and the Board of Trustees in accordance with the Company’s policies.”
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The whole section
8 paragraphs quoted as filed
“Related Party Transaction Approval Policies and Procedures. The Audit Committee, in accordance with its charter, reviews and approves, as applicable, all related party transactions involving our executive officers and trustees and Shurgard. In addition, our trustees and executive officers are required to disclose any actual or potential conflicts of interest to the Company. In accordance with our Corporate Governance Guidelines and Trustee’s Code of Ethics and the NGS Committee charter, our NGS Committee is responsible for evaluating any actual or potential conflicts of interest relating to our executive officers and trustees and for making recommendations to the Board with respect to any action to be taken. Any trustee with an actual, potential, or apparent conflict of interest may not participate in the decision-making process related to the conflict.”
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“Relationships and Transactions with the Hughes Family. Tamara Hughes Gustavson, a trustee, holds less than a 1% equity interest in, and is a manager of, a limited liability company that owns 67 self-storage facilities in Canada. Two of Ms. Gustavson’s adult children own the remaining equity interest in the limited liability company. These facilities operate under the Public Storage® trade name under a royalty-free, non-exclusive license agreement in place since 1993, when the Hughes family privately owned both the U.S. concern that ultimately became the Public Storage REIT and the company owning the Canadian facilities.”
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“With respect to this relationship, the Company does not make any payments to the entity that owns the Canadian facilities or its affiliates, and the owner and its affiliates do not make any payments to the Company. Our subsidiaries reinsure risks relating to any loss of goods stored by customers in these facilities and received a portion of the premiums paid by such customers (net of amounts retained by a third party program administrator and insurance company) of approximately $2.1 million for the year ended December 31, 2025. We have a right of first refusal, subject to limitations, to acquire these facilities or the applicable ownership entities if their owners agree to sell them.”
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“Trademark Agreement and Transactions with Shurgard. Pursuant to a trademark license agreement, we receive monthly royalty fees from Shurgard for the use of the Shurgard® trade name equal to 1% of Shurgard’s gross revenues. Shurgard paid us $5.0 million for the year ended December 31, 2025, for royalty fees in connection with its use of the Shurgard® trade name.”
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“Common Management/Board Members with Shurgard. Ronald L. Havner, Jr., Chairman of Public Storage, served as Chairman of the Board of Directors of Shurgard until May 2023 and is currently Chairman Emeritus. Tom Boyle, Chief Investment Officer of Public Storage has served as a director of Shurgard since May 2023. In connection with Mr. Boyle’s promotion to CEO, we expect that he will not stand for reelection at Shurgard’s 2026 annual general meeting and that Mr. Havner will be nominated to succeed him.”
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“Sale of OP Options to Shankh S. Mitra. In connection with his appointment as Chair of the Board, on February 10, 2026, Mr. Mitra purchased from the Company OP Options to purchase an aggregate of 561,293 common units of the Operating Partnership for $25 million. The purchase”
Read it in the proxy ↗
Additional Information About Trustees, Executive Officers, and Management“price for the OP Options was based on the Company’s determination of the fair value of the OP Options based on a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will not become exercisable until the sixth anniversary of the settlement date of February 20, 2026, and have a 10-year term. The transaction was approved by the Audit Committee and the Board of Trustees in accordance with the Company’s policies.”
Read it in the proxy ↗
Additional Information About Trustees, Executive Officers, and Management“Sale of OP Options to Ronald L. Havner, Jr. In connection with the transition of the Board Chairman position, on February 10, 2026, Mr. Havner purchased from the Company OP Options to purchase an aggregate of 112,258 common units of the Operating Partnership for $5 million. The purchase price for the OP Options was based on the Company’s determination of the fair value of the OP Options based on a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will not become exercisable until the sixth anniversary of the settlement date of February 20, 2026, and have a 10-year term. The transaction was approved by the Audit Committee and the Board of Trustees in accordance with the Company’s policies.”
Read it in the proxy ↗
Paragraphs are compared by their words, not read by AI: one counts as new when no paragraph last year shares half of its words, or when it names a person or company last year's section did not. A deal reported again with a new amount is not new. Always check the filing. Open the proxy ↗ · Last year's proxy ↗