RUSSELL JOSEPH D JR 4

What Happened Russell Joseph D. Jr, President & CEO and a director of Public Storage (PSA), was granted a total of 51,075 derivative unit awards on March 15, 2026 (40,555 AO LTIP Units and 10,520 LTIP/AO LTIP Units). These were reported as awards (Form 4 code A) at $0.00 per unit because they are performance- and time-based LTIP/AO LTIP units (derivative interests) rather than open-market purchases or cash transactions. The company’s Compensation and Human Capital Committee certified performance for the 2023–2026 performance period at 100% of target, triggering the awards.

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (filed timely).
• Awards: 40,555 AO LTIP Units (performance-based; originally granted as options) and 10,520 LTIP/AO LTIP Units (performance-based; originally granted as RSUs). Total = 51,075 units.
• Reported price/value: $0.00 per unit (derivative awards; not an open-market cash transaction).
• Vesting: three-fifths of the applicable award vests on March 20, 2026; remaining portion vests ratably over the next two years (per filing).
• Holdings after transaction (per filing): 64,069.82 vested LTIP Units and 42,326 LTIP Units subject to time-based vesting — 106,395.82 LTIP Units in total.
• Notable: Awards were substitutions made Feb 26, 2024 (options and RSUs replaced by AO/LTIP Units on substantially identical terms) and performance was certified at 100% of target.

Context AO LTIP Units and LTIP Units are profits-interest style derivative awards in Public Storage OP, L.P. They can, as they vest, be converted into OP Units and ultimately exchanged for Public Storage common shares or the cash equivalent, subject to certain tax-allocation conditions. Because these are derivative, performance-based awards (not purchases or sales), they don’t represent an immediate cash outlay or a market sale — they reflect compensation tied to multi-year performance and vesting conditions.