Paul S. Williams - Jun 30, 2021 Form 4 Insider Report for Public Storage (PSA)

Role: Director
Signature: /s/ Nathaniel A. Vitan, Attorney-in-Fact
Stock symbol: PSA
Transactions as of: Jun 30, 2021
Transactions value $: $21,950
Form type: 4
Date filed: 7/2/2021, 06:46 PM
Previous filing: Jun 22, 2021
Next filing: Jul 6, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Stock	Award	$22K	+73	+82.02%	$300.69	162	Jun 30, 2021	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Grant of fully-vested deferred stock units pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2016 Equity and Performance-Based Incentive Compensation Plan. Each deferred stock unit represents the right to receive one share of the Company's common stock. The number of deferred stock units granted represents the quotient of the dollar amount of the cash retainers the reporting person has earned for the applicable calendar quarter, divided by the Company's closing stock price on the grant date, rounded up to the nearest deferred stock unit. The deferred stock units will be settled in shares of unrestricted common stock (i) in a lump sum on January 1st of the calendar year following the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.
F2	Includes 162 deferred stock units.

Content

Grant of fully-vested deferred stock units pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2016 Equity and Performance-Based Incentive Compensation Plan. Each deferred stock unit represents the right to receive one share of the Company's common stock. The number of deferred stock units granted represents the quotient of the dollar amount of the cash retainers the reporting person has earned for the applicable calendar quarter, divided by the Company's closing stock price on the grant date, rounded up to the nearest deferred stock unit. The deferred stock units will be settled in shares of unrestricted common stock (i) in a lump sum on January 1st of the calendar year following the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.

Includes 162 deferred stock units.