Johnson Natalia 4

What Happened
Natalia Johnson, CD&TO of Public Storage (PSA), was granted a total of 32,135 long‑term incentive units on March 15, 2026: 25,551 AO LTIP Units (performance‑based, substituted for prior options) and 6,584 LTIP/AO LTIP Units (performance‑based, substituted for prior RSUs). Both grants are recorded as derivative awards with an acquisition price of $0 (awards, not open‑market purchases). The Compensation and Human Capital Committee certified performance at 100% of target for the 2023–2026 performance period.

Key Details

• Transaction date: 2026-03-15; Form 4 filed 2026-03-17 (timely filing).
• Grants: 25,551 AO LTIP Units (performance award originally an option at $288.56 exercise price before substitution) and 6,584 performance-based LTIP/AO LTIP Units; both acquired at $0.
• Vesting: For the 25,551 AO LTIP Units, three‑fifths vest on March 20, 2026, with the remainder vesting ratably over the next two years.
• Post‑award holdings (per filing footnote): includes 13,811 vested LTIP Units and 9,398 LTIP Units subject to time‑based vesting (total 23,209 LTIP Units reported).
• Conversion mechanics: AO LTIP Units → LTIP Units (at election) → OP Units (subject to tax allocation conditions) → exchangeable for Public Storage common shares or cash equivalent. Awards are intended to qualify as “profits interests” for U.S. tax purposes.
• Nature of transaction: Compensation award (code A), not a market buy or sale.

Context
These are derivative, compensation‑style long‑term incentive awards tied to a three‑year (2023–2026) performance period and replacement of earlier equity awards. They do not represent an open‑market purchase or sale and so are routine compensation actions rather than explicit trading signals; conversion into Public Storage common shares (or cash) depends on vesting, conversion elections and tax allocation conditions.