Boyle Tom 4
4 · Public Storage · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Public Storage (PSA) CIO Tom Boyle Receives Equity Award
What Happened
- Tom Boyle, Chief Investment Officer of Public Storage (PSA), was granted a total of 42,905 derivative equity units on March 15, 2026: 34,068 AO LTIP Units and 8,837 LTIP Units. The reported acquisition price is $0.00 because these are performance- and time-based unit awards (code A).
- The 34,068 AO LTIP Units were originally issued in substitution for 34,068 stock options (original exercise price $288.56) and the AO award was certified at 100% of target following the three-year performance period. Three-fifths of those AO LTIP Units will vest on March 20, 2026, with the remainder vesting ratably over the next two years. The LTIP Units award was likewise substituted for earlier RSUs and certified at 100% of target.
Key Details
- Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (appears timely).
- Units granted: 34,068 AO LTIP Units + 8,837 LTIP Units = 42,905 units; reported price $0.00 (derivative award).
- Original awards: AO LTIP Units replaced options (34,068 options at $288.56) and LTIP Units replaced RSUs per footnotes.
- Vesting: AO LTIP Units — 3/5 vest March 20, 2026; remainder vest over two years. (Other time-based vesting details are noted in the filing.)
- Conversion: AO LTIP and LTIP Units can convert (subject to tax allocation conditions) into OP Units, which may be exchanged for Public Storage common shares or cash equivalent.
- Shares owned after transaction: the filing excerpt does not provide a net total of common shares held post-transaction; the Form notes existing LTIP holdings (see footnotes) but does not list a final common-share total in the provided text.
Context
- These are awards (derivative interests) tied to performance and service, not open-market purchases or sales; no cash was exchanged at grant. Awards were substituted for earlier equity grants (options/RSUs) and were certified at 100% of target for the 2023–2026 performance period. Such grants typically compensate and retain executives and may convert into common-stock economic exposure over time if vesting and tax conditions are met.
Insider Transaction Report
Form 4
Boyle Tom
Chief Investment Officer
Transactions
- Award
AO LTIP Units
[F1][F2][F3]2026-03-15+34,068→ 34,068 totalExercise: $288.56Exp: 2033-03-14→ Common Shares (34,068 underlying) - Award
LTIP Units
[F4][F5][F6]2026-03-15+8,837→ 32,286 total→ Common Shares (8,837 underlying)
Holdings
- 10,227
Common Shares
Footnotes (6)
- [F1]Reflects an 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 Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. AO LTIP Units, if and as they become vested, 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.
- [F2]Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted March 15, 2023), subject to a three year (2023-2026) performance period. As originally granted, this award was for 34,068 options (at target) with an exercise price of $288.56 per share. On February 26, 2024, the option award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of AO LTIP Units upon substantially identical terms. On March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.
- [F3]Three-fifths of these AO LTIP Units will vest on March 20, 2026, with the remaining vesting ratably over the next two years.
- [F4]Reflects an award of LTIP Units of Public Storage OP, which, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.
- [F5]Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted March 15, 2023), subject to a three year (2023-2026) performance period. On February 26, 2024, the restricted share unit award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of LTIP Units upon substantially identical terms. On March 15, 2026, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 100% of target, as reflected here.
- [F6]Includes 18,885 vested LTIP Units and 13,401 LTIP Units subject to time-based vesting.
Signature
/s/ Nathaniel A. Vitan, Attorney-in-Fact|2026-03-17