Owen Rebecca L 4
4 · Public Storage · Filed Mar 13, 2026
Research Summary
AI-generated summary of this filing
Public Storage (PSA) Director Rebecca L. Owen Exercises Options
What Happened Rebecca L. Owen, a director of Public Storage (PSA), completed a conversion/exercise of LTIP-style derivative awards on March 12, 2026. The filing reports a disposition of 4,250 derivative units and an acquisition of 1,245.57 common shares at $0.00 (reported value $0) — consistent with a "net exercise" style conversion rather than a cash purchase or open-market sale.
Key Details
- Transaction date: 2026-03-12 (reported on 2026-03-13).
- Reported transactions: 4,250 derivative units disposed; 1,245.57 common shares acquired at $0.00 (code M = option exercise/conversion).
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Footnotes: The reporting person previously exchanged options for AO LTIP Units (May 7, 2024). AO LTIP Units convert, once vested, into LTIP Units and then, subject to tax-allocations, into OP Units that are redeemable one-for-one for common shares (or cash at the company's option). AO LTIP Units function similarly to net-exercise option awards.
- Timeliness: Filed the next day (not flagged late).
Context This was a derivative conversion/exercise with net settlement mechanics: some units were surrendered (disposed) as part of the conversion, resulting in a net issuance of 1,245.57 shares without a cash payment recorded. The $0.00 per-share amount reflects the conversion/settlement treatment in the filing, not the market value of the shares. Such exercises are commonly routine (tax/settlement driven) and do not by themselves indicate the insider's view of the company's stock.
Insider Transaction Report
- Exercise/Conversion
AO LTIP Units
[F1][F2]2026-03-12−4,250→ 6,077 totalExercise: $210.48From: 2022-01-05Exp: 2031-01-04→ Common Shares (4,250 underlying) - Exercise/Conversion
LTIP Units
[F3]2026-03-12+1,245.57→ 1,245.57 total→ Common Shares (1,245.57 underlying)
Footnotes (3)
- [F1]On May 7, 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 $210.48, 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]
- [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.
- [F3]Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.