RUSSELL JOSEPH D JR 4
4 · Public Storage · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Public Storage (PSA) CEO Russell Joseph D. Jr Receives Award
What Happened Russell Joseph D. Jr, President & CEO and a director of Public Storage (PSA), was granted a total of 51,075 derivative unit awards on March 15, 2026 (40,555 AO LTIP Units and 10,520 LTIP/AO LTIP Units). These were reported as awards (Form 4 code A) at $0.00 per unit because they are performance- and time-based LTIP/AO LTIP units (derivative interests) rather than open-market purchases or cash transactions. The company’s Compensation and Human Capital Committee certified performance for the 2023–2026 performance period at 100% of target, triggering the awards.
Key Details
- Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (filed timely).
- Awards: 40,555 AO LTIP Units (performance-based; originally granted as options) and 10,520 LTIP/AO LTIP Units (performance-based; originally granted as RSUs). Total = 51,075 units.
- Reported price/value: $0.00 per unit (derivative awards; not an open-market cash transaction).
- Vesting: three-fifths of the applicable award vests on March 20, 2026; remaining portion vests ratably over the next two years (per filing).
- Holdings after transaction (per filing): 64,069.82 vested LTIP Units and 42,326 LTIP Units subject to time-based vesting — 106,395.82 LTIP Units in total.
- Notable: Awards were substitutions made Feb 26, 2024 (options and RSUs replaced by AO/LTIP Units on substantially identical terms) and performance was certified at 100% of target.
Context AO LTIP Units and LTIP Units are profits-interest style derivative awards in Public Storage OP, L.P. They can, as they vest, be converted into OP Units and ultimately exchanged for Public Storage common shares or the cash equivalent, subject to certain tax-allocation conditions. Because these are derivative, performance-based awards (not purchases or sales), they don’t represent an immediate cash outlay or a market sale — they reflect compensation tied to multi-year performance and vesting conditions.
Insider Transaction Report
- Award
AO LTIP Units
[F1][F2][F3]2026-03-15+40,555→ 40,555 totalExercise: $288.56Exp: 2033-03-14→ Common Shares (40,555 underlying) - Award
LTIP Units
[F4][F5][F3][F6]2026-03-15+10,520→ 106,395.82 total→ Common Shares (10,520 underlying)
- 19,096
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 40,555 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 this award 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 64,069.82 vested LTIP Units and 42,326 LTIP Units subject to time-based vesting.