Boyle Tom 4

What Happened
Tom Boyle, Chief Financial Officer and Chief Investment Officer of Public Storage (PSA), was granted 242,248 AO LTIP Units (a derivative equity award) on February 10, 2026. The units were reported at $0.00 per unit (award/grant, code A) — i.e., this is a compensation grant rather than a market purchase. The AO LTIP Units are granted under the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan and can ultimately convert into OP Units and then Public Storage common shares (or cash equivalent), subject to conditions described below.

Key Details

• Transaction date: February 10, 2026; Form 4 filed February 12, 2026 (accession 0001734897-26-000002).
• Amount: 242,248 AO LTIP Units; reported price $0.00 (award/grant).
• Vesting: 60% vests on the 6th anniversary (Feb 10, 2032); remaining 40% vests ratably over the next two years (20% on Feb 10, 2033 and 20% on Feb 10, 2034).
• Conversion mechanics: Vested AO LTIP Units may be converted by election into LTIP Units, which—subject to minimum capital-account allocations for tax purposes—can convert into OP Units. OP Units may be exchanged for Public Storage common shares or the cash equivalent.
• Tax treatment: AO LTIP and LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes (per filing footnotes).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Filing timeliness: Form 4 was filed two days after the grant date (within the typical Form 4 reporting window).

Context
This was an equity compensation award (not a market purchase or sale). Such long-term incentive grants are common for senior executives and are tied to retention/long-term performance through multi-year vesting and conversion mechanics — they do not by themselves signal a near-term trading view.