Boyle Tom 4/A

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.