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Public Storage·4

Mar 17, 8:53 PM ET

Vitan Nathaniel A. 4

Research Summary

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Public Storage (PSA) CLO Nathaniel A. Vitan Receives Award

What Happened Nathaniel A. Vitan, Chief Legal Officer of Public Storage (PSA), was granted performance- and time-based equity units on March 15, 2026. The filing shows two derivative awards: 12,986 AO LTIP Units and 3,368 LTIP/AO LTIP Units (total 16,354 units). Both grants are reported as awards (transaction code A) with a $0 per-unit price (derivative awards rather than open‑market purchases). The Compensation and Human Capital Committee certified performance at 100% of target for the performance-based awards.

Key Details

  • Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (timely filing).
  • Grants: 12,986 AO LTIP Units (performance-based) and 3,368 LTIP/AO LTIP Units (derivative awards); reported grant price $0.
  • Total new units: 16,354 AO/LTIP units.
  • Post-transaction holdings (per footnote): includes 50,007.90 vested LTIP Units and 6,204 LTIP Units subject to time-based vesting (see footnote F6 for details).
  • Vesting/other notes:
    • AO LTIP/LTIP units are convertible (as they vest) into OP Units of Public Storage OP, L.P., which can be exchanged for Public Storage common shares or equivalent cash (F1, F4).
    • The 12,986 award was substituted on Feb 26, 2024 for an earlier option award and certified at 100% of target upon performance completion (F2).
    • One award was a substitution (from RSUs) and also certified at 100% (F5).
    • Three-fifths of one award vests on Mar 20, 2026, with the remainder vesting ratably over the next two years (F3).
  • No cash changed hands for the grants (reported $0); these are compensation awards, not purchases or sales.

Context These are derivative, performance- and time-based compensation awards (AO LTIP/LTIP Units) intended to align management with long-term performance. Such awards convert into partnership units and may ultimately be exchanged for common shares or cash when vesting and tax allocation conditions are met. Because these are grants tied to performance and service (not open-market buys or sales), they reflect compensation outcomes rather than an immediate personal purchase or sale signal.