Boyle Tom 4

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.