Public Storage|4/AFeb 24, 11:40 AM ET

Boyle Tom 4/A

4/A · Public Storage · Filed Feb 24, 2026

AI-generated summary of this filing

Updated Feb 24, 2026

Public Storage (PSA) CIO Tom Boyle Receives Award

What Happened

Tom Boyle, Chief Investment Officer of Public Storage (PSA), was granted 229,621 AO LTIP Units on February 10, 2026. The grant is reported as an award/derivative (Form 4 code A) with a reported price of $0.00 at grant (typical for profits-interest style awards). This amended Form 4 (filed Feb 24, 2026) corrects an earlier administrative overstatement of the award amount.

Key Details

Transaction date: February 10, 2026; Amendment filed: February 24, 2026 (original Form 4 filed Feb 12, 2026).
Award size: 229,621 AO LTIP Units; grant price: $0.00 (derivative award).
Vesting schedule: 60% vests on Feb 10, 2032; remaining 40% vests 20% on Feb 10, 2033 and 20% on Feb 10, 2034 (per footnote).
Conversion path: Vested AO LTIP Units may be converted by the holder into LTIP Units, which can convert (subject to tax-allocation conditions) into OP Units that are exchangeable for Public Storage common shares or cash.
Tax/status note: AO LTIP Units and LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes.
Shares owned after transaction: not specified in this amendment.
Filing note: This is an amended filing to correct the previously overstated unit count (administrative correction).

Context

This was a compensation award (not an open-market purchase or sale). Such awards are routine executive compensation and represent a long-term, performance/tenure-linked equity interest rather than an immediate cash transaction. The units vest over multiple years and may convert into equity (or cash) in the future if conversion conditions are met.

Form 4/AAmended

Period: 2026-02-10

Chief Investment Officer

Transactions

Award
AO LTIP Units
[F1][F2][F3][F4]
2026-02-10+229,621→ 229,621 total
Exercise: $350.00Exp: 2036-02-09→ Common Shares (229,621 underlying)

Footnotes (4)

[F1]Reflects a promotion award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest as to 60% on the sixth anniversary of the grant date with the remaining 40% vesting ratably over the following two years. [footnote continues]
[F2][continued from footnote] Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.
[F3]The original Form 4, filed on February 12, 2026, is being amended by this Form 4 amendment solely to correct an administrative error, which inadvertently overstated the number of AO LTIP Units the reporting person was granted on February 10, 2026.
[F4]These AO LTIP Units become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034.

Signature

/s/ Nathaniel A. Vitan, Attorney-in-Fact|2026-02-24

1 file