STOCK TITAN
  1. Home
  2. Sec-filings
  3. PSA
  4. [Form 4] Public Storage Insider Trading Activity

Public Storage (PSA) CD&TO converts AO LTIP and LTIP Units totaling 13611 shares

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

Rhea-AI Filing Summary

Public Storage executive Natalia Johnson (CD&TO) reported two equity award conversions. On July 28, 2026 she exercised 10327 AO LTIP Units with a $225.38 threshold, eliminating that position, and acquired 3284 LTIP Units, bringing her direct LTIP Unit holdings to 26493, including 9398 subject to time-based vesting.

Positive

  • None.

Negative

  • None.
Insider Johnson Natalia
Role CD&TO
Type Security Shares Price Value
Exercise AO LTIP Units F1, F2 10,327 -- --
Exercise LTIP Units F3, F4 3,284 $0.00 $0.00
Holdings After Transaction: AO LTIP Units — 0 shares (Direct); LTIP Units — 26,493 shares (Direct)
Footnotes (4)
  1. F1. On February 26, 2024, the reporting person exchanged an option to purchase 10,327 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 10,327 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 $225.38, 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. 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.
  3. F3. Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
  4. F4. Includes 9,398 LTIP Units subject to time-based vesting.
AO LTIP Units exercised 10327.0000 units AO LTIP Units derivative exercise/conversion on July 28, 2026
AO LTIP Units threshold $225.38 per Common Share Baseline value used in AO LTIP Unit conversion formula
LTIP Units acquired 3284.0000 units LTIP Units received via derivative exercise/conversion on July 28, 2026
LTIP Units held after 26493.0000 units Direct LTIP Unit holdings following reported transactions
Time-vested LTIP Units 9398 units Portion of LTIP Units that remain subject to time-based vesting
Total underlying shares exercised 13611 shares Aggregate underlying Common Shares for the two derivative exercises
AO LTIP Units financial
"designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar"
LTIP Units financial
"designated as LTIP Units ("LTIP Units"). The resulting OP Units are"
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
"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.
"net exercise" stock option awards financial
"AO LTIP Units are similar to "net exercise" stock option awards and are convertible"

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Form 4 Insider Transactions: What Each Field Means →

FAQ

What transactions did Public Storage (PSA) executive Natalia Johnson report?
Natalia Johnson reported two derivative exercises/conversions on July 28, 2026, exercising 10327 AO LTIP Units and acquiring 3284 LTIP Units, which increased her direct LTIP Unit holdings to 26493 units linked to Public Storage Common Shares.

How many AO LTIP Units did Natalia Johnson convert in the Public Storage (PSA) filing?
She exercised and converted 10327 AO LTIP Units. These awards reference Public Storage Common Shares and use $225.38 per share as a threshold value in the conversion formula described in the filing’s footnotes.

What is the $225.38 threshold mentioned for Public Storage (PSA) AO LTIP Units?
The filing states that AO LTIP Units use $225.38 per Common Share as the baseline in a formula: value above $225.38, divided by the Common Share value at conversion, determines the number of LTIP Units into which AO LTIP Units convert.

How many LTIP Units does Natalia Johnson hold after these Public Storage (PSA) transactions?
After the July 28, 2026 exercises, Natalia Johnson directly holds 26493 LTIP Units. A footnote explains that this total includes 9398 LTIP Units that remain subject to time-based vesting conditions.

Were Natalia Johnson’s Public Storage (PSA) transactions under a Rule 10b5-1 trading plan?
The filing’s Rule 10b5-1 checkbox is not marked, and the footnotes do not reference any trading plan. Based on this disclosure, the reported exercises are not identified as occurring under a Rule 10b5-1 plan.

Do Natalia Johnson’s Public Storage (PSA) transactions involve open-market sales of Common Shares?
No open-market sales are reported. Both entries are derivative exercises/conversions of AO LTIP Units and LTIP Units into equity-linked interests tied to Common Shares, with no Code “S” sale transactions shown.
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*
Johnson Natalia
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
CD&TO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/28/2026		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$225.38(1)(2)07/28/2026M10,32708/05/2017(1)(2)08/04/2026(1)(2)Common Shares10,327(1)(2)0D
LTIP Units(3)07/28/2026M3,284 (3) (3)Common Shares3,284$026,493(4)D
Explanation of Responses:
1. On February 26, 2024, the reporting person exchanged an option to purchase 10,327 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 10,327 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 $225.38, 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.
4. Includes 9,398 LTIP Units subject to time-based vesting.
Remarks:
/s/ Nathaniel A. Vitan, Attorney-in-Fact07/30/2026
** 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