Public Storage (PSA) CIO receives AO LTIP and LTIP unit awards

Rhea-AI Filing Summary

Boyle Tom reported acquisition or exercise transactions in this Form 4 filing.

Public Storage Chief Investment Officer Tom Boyle received equity-based awards of 34,068 AO LTIP Units and 8,837 LTIP Units in Public Storage OP under the 2021 incentive plan. These AO LTIP and LTIP Units are intended to qualify as profits interests and can ultimately be exchanged for Public Storage common shares or their cash value after tax-related capital account conditions are met.

The awards are performance-based replacements for prior option and restricted share unit grants tied to a 2023–2026 performance period, with performance certified at 100% of target. Three-fifths of the AO LTIP Units will vest on March 20, 2026, with the balance vesting ratably over the next two years. Following these grants, Boyle holds 34,068 AO LTIP Units, 32,286 LTIP Units (18,885 vested and 13,401 subject to time-based vesting), and 10,227 common shares, highlighting a compensation-driven increase in his equity-linked exposure rather than any open‑market buying or selling.

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

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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)
03/15/2026

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

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
Common Shares								10,227	D

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)	$288.56	03/15/2026		A		34,068(2)		(3)	03/14/2033	Common Shares	34,068	$0	34,068	D
LTIP Units(4)(5)	(4)	03/15/2026		A		8,837(5)		(4)	(4)	Common Shares	8,837	$0	32,286(6)	D

Explanation of Responses:

1. Reflects an 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. AO LTIP Units, if and as they become vested, 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.

2. Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted March 15, 2023), subject to a three year (2023-2026) performance period. As originally granted, this award was for 34,068 options (at target) with an exercise price of $288.56 per share. On February 26, 2024, the option award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of AO LTIP Units upon substantially identical terms. On March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.

3. Three-fifths of these AO LTIP Units will vest on March 20, 2026, with the remaining vesting ratably over the next two years.

4. Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

5. Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted March 15, 2023), subject to a three year (2023-2026) performance period. On February 26, 2024, the restricted share unit award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of LTIP Units upon substantially identical terms. On March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.

6. Includes 18,885 vested LTIP Units and 13,401 LTIP Units subject to time-based vesting.

Remarks:

	/s/ Nathaniel A. Vitan, Attorney-in-Fact	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Public Storage (PSA) disclose in this Form 4 for Tom Boyle?

Public Storage reported that Chief Investment Officer Tom Boyle received new awards of AO LTIP Units and LTIP Units in its operating partnership. These equity-based incentives replace earlier option and restricted share unit grants tied to a 2023–2026 performance period and are part of executive compensation.

How many AO LTIP Units and LTIP Units did PSA grant to Tom Boyle?

Tom Boyle was granted 34,068 AO LTIP Units and 8,837 LTIP Units in Public Storage OP. Both awards are performance-based, linked to the 2023–2026 performance period, and can ultimately be exchanged for Public Storage common shares or equivalent cash value, subject to vesting and tax-related conditions.

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

Three-fifths of Boyle’s 34,068 AO LTIP Units will vest on March 20, 2026, with the remaining portion vesting ratably over the next two years. This multi-year vesting ties his potential value realization to continued service and long-term company performance beyond the initial performance period.

What performance conditions apply to Tom Boyle’s new equity awards at PSA?

Both the AO LTIP Unit and LTIP Unit awards are performance-based over a 2023–2026 period. They were granted as replacements for prior option and restricted share unit awards, with the Compensation and Human Capital Committee certifying performance at 100% of target on March 15, 2026.

How many LTIP Units and common shares does Tom Boyle hold after these PSA awards?

After the awards, Boyle holds 32,286 LTIP Units, including 18,885 vested and 13,401 subject to time-based vesting, plus 34,068 AO LTIP Units and 10,227 common shares. These positions reflect primarily compensation-related holdings rather than open-market purchases or sales.

Are Tom Boyle’s new PSA equity awards open-market share purchases or sales?

No. The filing shows grant/award acquisitions of AO LTIP Units and LTIP Units, not open-market buying or selling of PSA common shares. These are structured as performance- and time-based compensation vehicles within Public Storage’s 2021 Equity and Performance-Based Incentive Compensation Plan.