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Public Storage (PSA) CFO reports 68,886 AO LTIP incentive units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Public Storage executive Joseph D. Fisher filed an initial ownership report showing 68,886 AO LTIP Units tied to a recent promotion award. These units vest over a long period, with 60% vesting on the sixth anniversary of the grant and the remaining 40% vesting ratably over the following two years. The units become exercisable in stages on February 10, 2032, February 10, 2033, and February 10, 2034, and can ultimately be exchanged into Public Storage common shares or cash.

Positive

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Negative

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Insights

Routine long-term incentive grant reported, no buy or sell activity.

The filing shows Joseph D. Fisher, President and CFO of Public Storage, holding 68,886 AO LTIP Units from a promotion-related equity award. This is structured as a profits-interest-style incentive, not an open-market stock purchase or sale.

The AO LTIP Units vest 60% on the sixth anniversary of the grant date, with the remaining 40% vesting ratably over the next two years. They become exercisable on February 10, 2032, February 10, 2033, and February 10, 2034, providing long-term alignment with company performance.

Once vested and exercisable, these interests can convert into OP Units and then into Public Storage common shares or their cash value, as determined by the company. Overall, this is a standard executive incentive structure and does not represent immediate trading activity in the stock.

Insider Fisher Joseph D
Role President, CFO
Type Security Shares Price Value
holding AO LTIP Units -- -- --
Holdings After Transaction: AO LTIP Units — 68,886 shares (Direct)
Footnotes (1)
  1. Reflects a promotion 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 Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest as to 60% on the sixth anniversary of the grant date with the remaining 40% vesting ratably over the following two years. [footnote continues] [continued from footnote] Vested AO LTIP Units 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. These AO LTIP Units become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034.
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SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response: 0.5
1. Name and Address of Reporting Person*
Fisher Joseph D
(Last) (First) (Middle)
C/O PUBLIC STORAGE
2811 INTERNET BOULEVARD
(Street)
FRISCO TX 75034
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
02/16/2026 		3. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
President, CFO
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
AO LTIP Units(1)(2) (3) 02/09/2036 Common Shares 68,886 $350 D
Explanation of Responses:
1. Reflects a promotion 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 Amended and Restated Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest as to 60% on the sixth anniversary of the grant date with the remaining 40% vesting ratably over the following two years. [footnote continues]
2. [continued from footnote] Vested AO LTIP Units 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.
3. These AO LTIP Units become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034.
Remarks:
Exhibit 24 - Power of Attorney
/s/ Steven C. Babinski, Attorney-in-Fact 02/23/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Public Storage (PSA) executive Joseph D. Fisher report on his Form 3?

Joseph D. Fisher reported ownership of 68,886 AO LTIP Units tied to a promotion-related equity award. These units are long-term incentive interests in Public Storage OP, L.P. that can ultimately convert into OP Units and then Public Storage common shares or cash.

Is Joseph D. Fisher buying or selling Public Storage (PSA) shares in this Form 3?

No, the Form 3 does not show a stock purchase or sale. It reports initial ownership of AO LTIP Units granted as part of a promotion award, reflecting long-term incentive compensation rather than open-market trading in Public Storage common shares.

How many AO LTIP Units does Joseph D. Fisher hold in Public Storage OP?

Joseph D. Fisher holds 68,886 AO LTIP Units in Public Storage OP, L.P. according to the Form 3. These units are a form of equity-based incentive intended to qualify as profits interests for U.S. federal income tax purposes, linked to his executive role.

When do Joseph D. Fisher’s AO LTIP Units in Public Storage (PSA) vest?

The AO LTIP Units vest 60% on the sixth anniversary of the grant date, with the remaining 40% vesting ratably over the following two years. This creates a multi-year vesting schedule that encourages long-term retention and alignment with Public Storage’s performance.

When do the AO LTIP Units reported by Joseph D. Fisher become exercisable?

The AO LTIP Units become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034. This staged exercisability further extends the long-term nature of the compensation package for the Public Storage executive.

Can Joseph D. Fisher’s AO LTIP Units convert into Public Storage (PSA) common shares?

Yes, once vested and subject to tax-related conditions, AO LTIP Units convert into LTIP Units, then into OP Units. OP Units may be exchanged by Joseph D. Fisher for Public Storage common shares or an equivalent cash value, as determined by the company.