Public Storage CEO Tom Boyle converts incentive units
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
Public Storage (PSA) CEO Tom Boyle reported derivative exercise/conversion transactions on November 12, 2026: 15,491 AO LTIP Units were disposed of and 5,930.94 LTIP Units were acquired. His reported LTIP Unit holdings were 38,216.94 following the acquisition, including 8,099 subject to time-based vesting. No Rule 10b5-1 plan is reported.
Insider Trade Summary
21,421.94 shares exercised/converted
Exercise
2 txns
Insider
Boyle Tom
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | AO LTIP Units F1, F2 | 15,491 | -- | -- |
| Exercise | LTIP Units F3, F4 | 5,930.94 | $0.00 | $0.00 |
Holdings After Transaction:
AO LTIP Units — 0 units (Direct);
LTIP Units — 38,216.94 units (Direct)
Holdings Before and After:
AO LTIP Units, 15,491 to 0 units (Direct);
LTIP Units, 32,286 to 38,216.94 units (Direct)
Footnotes (4)
- F1. On February 26, 2024, the reporting person exchanged an option to purchase 15,491 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 15,491 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $205.71, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]
- F2. [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.
- F3. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
- F4. Includes 8,099 LTIP Units subject to time-based vesting.
Key Figures
AO LTIP Units disposed: 15,491 AO LTIP Units
LTIP Units acquired: 5,930.94 LTIP Units
LTIP Units held following transaction: 38,216.94 LTIP Units
+2 more
5 metrics
AO LTIP Units disposed
15,491 AO LTIP Units
Derivative exercise/conversion reported November 12, 2026
LTIP Units acquired
5,930.94 LTIP Units
Derivative exercise/conversion reported November 12, 2026
LTIP Units held following transaction
38,216.94 LTIP Units
Includes 8,099 LTIP Units subject to time-based vesting
Conversion threshold
$205.71 per Common Share
AO LTIP Unit conversion formula
LTIP Units subject to time-based vesting
8,099 LTIP Units
Included in reported LTIP Unit holdings following the acquisition
Key Terms
AO LTIP Units, net exercise, LTIP Units, OP Units, +1 more
5 terms
AO LTIP Units financial
"similar to “net exercise” stock option awards"
net exercise financial
"similar to “net exercise” stock option awards"
A net exercise is a way to convert stock options into shares without paying cash up front: instead of handing over money to buy the optioned shares, the holder receives only the number of shares equal to the option’s value after the company withholds a portion of shares to cover the exercise price and taxes. It matters to investors because it changes how many new shares are issued, affects dilution of existing shareholders, and alters company cash flow compared with a cash exercise.
LTIP Units financial
"convertible, once vested, into a number of vested limited partnership 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.
OP Units financial
"limited partnership units in Public Storage OP, L.P. (“OP Units”)"
OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.
capital accounts financial
"minimum allocations to the capital accounts of the LTIP Units"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transactions did Public Storage (PSA) CEO Tom Boyle report?
Tom Boyle reported derivative exercise/conversion transactions on November 12, 2026: 15,491 AO LTIP Units were disposed of and 5,930.94 LTIP Units were acquired. His reported LTIP Unit holdings were 38,216.94 afterward, including 8,099 subject to time-based vesting. No Rule 10b5-1 plan is reported.
How do Public Storage AO LTIP Units convert?
Once vested, AO LTIP Units convert into a number of LTIP Units determined by dividing the excess of a Common Share’s value over $205.71 by the Common Share’s value. Vested LTIP Units can then convert into OP Units, subject to minimum capital-account allocations for U.S. federal income tax purposes.
AI-generated analysis. How Rhea-AI works. Not financial advice.
