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Director at Public Storage (NYSE: PSA) awarded 126 LTIP units as pay

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Public Storage director Luke J. Petherbridge reported receiving 126 LTIP Units as equity compensation. These fully vested membership interests in Public Storage OP, L.P. were granted at a stated price of $0.00 per unit under the company’s Non-Management Trustee Compensation and Deferral Program.

The number of LTIP Units granted is based on the portion of the director’s quarterly cash retainers he elected to receive in LTIP Units, divided by the company’s closing share price on the grant date and rounded up. Following this grant, he holds a total of 462 LTIP Units. The LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes and can convert into OP Units, which may then be exchanged for common shares or their cash equivalent.

Positive

  • None.

Negative

  • None.
Insider PETHERBRIDGE LUKE J
Role null
Type Security Shares Price Value
Grant/Award LTIP Units 126 $0.00 --
Holdings After Transaction: LTIP Units — 462 shares (Direct, null)
Footnotes (1)
  1. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The number of LTIP Units granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues] [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.
LTIP Units granted 126 LTIP Units Grant on 2026-06-30 as equity compensation
LTIP Units after grant 462 LTIP Units Total derivative holdings following reported transaction
Transaction price per LTIP Unit $0.00 per unit Stated grant price for LTIP Unit award
Underlying common shares 126 common shares Underlying security shares for granted LTIP Units
LTIP Units financial
"Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP 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.
Non-Management Trustee Compensation and Deferral Program financial
"pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan."
profits interests financial
"LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible,"
OP Units financial
"into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares,"
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.
Equity and Performance-Based Incentive Compensation Plan financial
"under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan."
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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
Estimated average burden
hours per response:0.5
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*
PETHERBRIDGE LUKE J
(Last)(First)(Middle)
C/O PUBLIC STORAGE
2811 INTERNET BOULEVARD
(Street)
FRISCO TEXAS 75034
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LTIP Units(1)(2)06/30/2026A126(1)(2) (1)(2) (1)(2)Common Shares126(1)(2)462D
Explanation of Responses:
1. Grant of fully-vested membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The number of LTIP Units granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in LTIP Units, divided by the Company's closing share price on the grant date, rounded up to the nearest LTIP Unit. [footnote continues]
2. [footnote continued] LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.
Remarks:
/s/ Steven C. Babinski, Attorney-in-Fact07/02/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Public Storage (PSA) report for Luke J. Petherbridge?

Public Storage reported that director Luke J. Petherbridge received 126 LTIP Units as an equity award. The units were granted at a stated price of $0.00 per unit under the company’s Non-Management Trustee Compensation and Deferral Program for the applicable calendar quarter.

How were the 126 LTIP Units for Public Storage (PSA) calculated?

The 126 LTIP Units equal the quarterly cash retainers Mr. Petherbridge earned and chose to take in LTIP Units, divided by Public Storage’s closing share price on the grant date, then rounded up to the nearest LTIP Unit, according to the company’s compensation and deferral program rules.

What is the total LTIP Unit holding for the Public Storage (PSA) director after this grant?

After the grant, Luke J. Petherbridge holds 462 LTIP Units in total. This reflects his previous LTIP Unit balance plus the 126 newly granted units reported in the Form 4, all held as direct derivative interests linked to Public Storage common shares.

What can the Public Storage (PSA) LTIP Units be converted into?

The LTIP Units are designed as profits interests and can convert into OP Units in Public Storage OP, L.P. Once converted, those OP Units may be exchanged by the reporting person for Public Storage common shares or an equivalent cash amount, as determined by the company.

Is the Public Storage (PSA) Form 4 transaction a market purchase or a compensation award?

The transaction is a compensation-related award, not a market purchase. The Form 4 describes it as a grant or other acquisition of LTIP Units received instead of cash retainers, with a stated transaction price of $0.00 per unit, under the company’s equity incentive compensation plan.

What plan governs the LTIP Unit grant reported for Public Storage (PSA)?

The LTIP Unit grant is made under Public Storage’s Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. It is specifically issued through the Non-Management Trustee Compensation and Deferral Program, which lets eligible trustees elect equity in place of cash retainers.