Vitan Nathaniel A. 4
4 · Public Storage · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
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.
Insider Transaction Report
- Award
AO LTIP Units
[F1][F2][F3]2026-03-15+12,986→ 12,986 totalExercise: $288.56Exp: 2033-03-14→ Common Shares (12,986 underlying) - Award
LTIP Units
[F4][F5][F3][F6]2026-03-15+3,368→ 56,211.9 total→ Common Shares (3,368 underlying)
- 2,364
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 12,986 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 50,007.90 vested LTIP Units and 6,204 LTIP Units subject to time-based vesting.