Public Storage (PSA) CIO receives 229,621 AO LTIP Units in corrected award filing

Rhea-AI Filing Summary

Public Storage Chief Investment Officer Tom Boyle reported an amended equity award. On February 10, 2026, he acquired 229,621 AO LTIP Units of Public Storage OP, L.P. as a promotion award under the company’s 2021 equity and performance-based incentive plan at a stated price of $0.0000 per unit.

The amendment corrects an earlier Form 4 that overstated the number of AO LTIP Units granted. According to the filing, 60% of these AO LTIP Units vest on the sixth anniversary of the grant date, with the remaining 40% vesting ratably over the following two years. Once vested and subject to tax allocation conditions, they can ultimately be exchanged for Public Storage common shares or equivalent cash value.

Insights

Executive compensation analyst

Amended Form 4 clarifies a sizable, long-vesting equity award, with no open-market trading.

The filing shows Tom Boyle, Chief Investment Officer of Public Storage, receiving 229,621 AO LTIP Units as a promotion-related grant. The units are derivative equity interests in Public Storage OP, L.P., awarded at a stated price of $0.0000 per unit, so no cash transaction occurred.

The footnotes stress a long vesting horizon: 60% vest on the sixth anniversary of the February 10, 2026 grant date, with the remaining 40% vesting over the next two years, and they become exercisable in tranches on February 10, 2032, 2033, and 2034. The amendment simply corrects an overstated grant amount on the original Form 4, so the main impact is cleaner disclosure of a previously awarded incentive package rather than a new or unexpected insider trade.

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
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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^*

Boyle Tom

(Last) (First) (Middle)

C/O PUBLIC STORAGE

2811 INTERNET BOULEVARD

(Street)

FRISCO TX 75034

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Investment Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)
02/12/2026

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

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
AO LTIP Units(1)(2)	$350	02/10/2026		A		229,621(3)		(4)	02/09/2036	Common Shares	229,621	$0	229,621(3)	D

Explanation of Responses:

1. Reflects a promotion award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest as to 60% on the sixth anniversary of the grant date with the remaining 40% vesting ratably over the following two years. [footnote continues]

2. [continued from footnote] Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

3. The original Form 4, filed on February 12, 2026, is being amended by this Form 4 amendment solely to correct an administrative error, which inadvertently overstated the number of AO LTIP Units the reporting person was granted on February 10, 2026.

4. These AO LTIP Units become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034.

Remarks:

	/s/ Nathaniel A. Vitan, Attorney-in-Fact	02/24/2026
	** 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.
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.

FAQ

What did Public Storage (PSA) executive Tom Boyle report in this amended Form 4?

Tom Boyle reported an amended promotion-related equity grant of 229,621 AO LTIP Units in Public Storage OP, L.P. The amendment corrects an earlier Form 4 that had overstated the number of units originally granted on February 10, 2026.

Is Tom Boyle buying or selling Public Storage (PSA) stock in this Form 4/A?

This Form 4/A does not show a stock purchase or sale. It reports an acquisition of 229,621 AO LTIP Units as a grant at a stated price of $0.0000 per unit, reflecting executive compensation rather than open-market trading activity.

How many AO LTIP Units did Public Storage (PSA) grant to Tom Boyle?

Public Storage granted Tom Boyle 229,621 AO LTIP Units of Public Storage OP, L.P. as a promotion award. This amended Form 4 corrects an administrative error in the original filing, which had inadvertently overstated the awarded number of AO LTIP Units.

What is the vesting schedule for Tom Boyle’s AO LTIP Units at Public Storage (PSA)?

The AO LTIP Units vest 60% on the sixth anniversary of the February 10, 2026 grant date, with the remaining 40% vesting ratably over the following two years. They become exercisable in tranches on February 10, 2032, 2033, and 2034, subject to plan terms.

Can Tom Boyle’s AO LTIP Units be converted into Public Storage (PSA) common shares?

Yes. Once vested and subject to certain tax allocation conditions, AO LTIP Units can convert into LTIP Units, then into OP Units, which may be exchanged for Public Storage common shares or equivalent cash value, as determined by Public Storage under the plan.

Why did Public Storage (PSA) file an amended Form 4 for Tom Boyle?

The company filed an amended Form 4 to correct an administrative error in the original February 12, 2026 filing. That earlier report inadvertently overstated the number of AO LTIP Units granted to Tom Boyle on February 10, 2026.