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Public Storage (PSA) director converts LTIP and AO LTIP units into 6,186 share equivalents

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

Rhea-AI Filing Summary

Public Storage director Avedick Baruyr Poladian exercised equity awards into common share equivalents through LTIP-based partnership units. On April 20, 2026, he exercised 1,023.44 LTIP Units and 5,163 AO LTIP Units, representing derivative rights over an aggregate 6,186.44 underlying Common Shares.

The AO LTIP Units had a conversion price of $250.29 per unit and were fully exercised, leaving no AO LTIP Units outstanding. Following the LTIP transaction, he held 4,784.71 LTIP Units, which are structured to convert into OP Units and then into Common Shares or cash at the company’s option, as described in the footnotes.

Positive

  • None.

Negative

  • None.

Insights

Director exercised equity awards into share-linked units with no open-market sales.

The filing shows director Avedick Baruyr Poladian exercising two derivative awards tied to 6,186.44 underlying Common Shares via LTIP and AO LTIP Units. Both transactions are coded as derivative exercises, not open-market purchases or sales.

The AO LTIP Units carried a conversion price of $250.29 and are now fully exercised, while 4,784.71 LTIP Units remain outstanding. Footnotes explain that these partnership units can convert into OP Units and then one-for-one into Common Shares or cash, making this a routine compensation-related equity conversion rather than a directional market trade.

Insider POLADIAN AVEDICK BARUYR
Role null
Type Security Shares Price Value
Exercise AO LTIP Units 5,163 $0.00 --
Exercise LTIP Units 1,023.44 $0.00 --
Holdings After Transaction: AO LTIP Units — 0 shares (Direct, null); LTIP Units — 4,784.71 shares (Direct, null)
Footnotes (1)
  1. On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 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 $250.29, 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] [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. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
Total derivative shares exercised 6,186.44 underlying Common Shares Aggregate underlying shares for LTIP and AO LTIP Unit exercises on April 20, 2026
LTIP Units exercised 1,023.44 LTIP Units Derivative exercise into underlying Common Shares on April 20, 2026
LTIP Units remaining 4,784.71 LTIP Units Total LTIP Units following the LTIP exercise transaction
AO LTIP Units exercised 5,163.00 AO LTIP Units Derivative exercise into underlying Common Shares on April 20, 2026
AO LTIP Unit conversion price $250.29 per AO LTIP Unit Conversion or exercise price specified for AO LTIP Units
LTIP Units financial
"designated as LTIP Units ("LTIP Units"), determined by the quotient"
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.
AO LTIP Units financial
"designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar"
net exercise financial
"AO LTIP Units are similar to "net exercise" stock option awards and are convertible"
OP Units financial
"into an equal number of 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.
Common Shares financial
"for one Common Share per OP Unit or the cash value of a Common Share"
Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.
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*
POLADIAN AVEDICK BARUYR
(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)
04/20/2026		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
AO LTIP Units$250.29(1)(2)04/20/2026M5,16304/25/2017(1)(2)04/24/2026Common Shares5,163(1)(2)0D
LTIP Units(3)04/20/2026M1,023.44 (3) (3)Common Shares1,023.44$04,784.71D
Explanation of Responses:
1. On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 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 $250.29, 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]
2. [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.
3. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
Remarks:
/s/ Steven C. Babinski, Attorney-in-Fact04/22/2026
** 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 did Public Storage (PSA) director Avedick Poladian report in this Form 4?

He reported exercising derivative equity awards into share-linked units tied to Common Shares. Specifically, he exercised 1,023.44 LTIP Units and 5,163 AO LTIP Units, representing 6,186.44 underlying Common Shares, with no open-market buying or selling reported in this filing.

How many Public Storage (PSA) AO LTIP Units did the director exercise and at what price?

He exercised 5,163 AO LTIP Units with a stated conversion or exercise price of $250.29 per unit. After this transaction, his total AO LTIP Units following the exercise were reported as zero, indicating the entire AO LTIP award described here was exercised.

What are LTIP Units and AO LTIP Units in the Public Storage (PSA) Form 4?

LTIP Units and AO LTIP Units are limited partnership units in Public Storage OP, L.P. tied to Common Shares. AO LTIP Units function like net-exercise stock options, converting into LTIP Units, which can then convert into OP Units redeemable for one Common Share or cash at the company’s option.

Did the Public Storage (PSA) director sell any common stock in this Form 4?

The Form 4 shows only derivative exercises coded as “M” transactions, not any open-market sales. It reports conversion of LTIP and AO LTIP Units into common share equivalents, with no separate sale transactions or tax-withholding disposals disclosed in the provided data.

How many LTIP Units does the Public Storage (PSA) director hold after these transactions?

After exercising 1,023.44 LTIP Units, the director’s total LTIP Units following that transaction are reported as 4,784.71. These LTIP Units may later convert into OP Units and then into Common Shares or cash, according to the conversion mechanics described in the footnotes.

How many underlying Public Storage (PSA) Common Shares are tied to the exercised units?

The transactions reference 1,023.44 underlying Common Shares for LTIP Units and 5,163 underlying Common Shares for AO LTIP Units. Together, the derivative exercises relate to 6,186.44 underlying Common Shares associated with these equity-based partnership units.