B. Wayne Hughes Jr - Jul 7, 2021 Form 4 Insider Report for Public Storage (PSA)

Role: 10%+ Owner
Signature: /s/ Cindy Mejia, Attorney-in-Fact
Stock symbol: PSA
Transactions as of: Jul 7, 2021
Transactions value $: $8,794,700
Form type: 4
Date filed: 7/9/2021, 10:42 AM
Next filing: Aug 3, 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Stock	Options Exercise	$725K	+5K	+0.19%	$144.97	2.68M	Jul 7, 2021	By Living Trust	F1
transaction	PSA	Common Stock	Options Exercise	$823K	+5K	+0.19%	$164.62	2.68M	Jul 7, 2021	By Living Trust	F1
transaction	PSA	Common Stock	Options Exercise	$881K	+5K	+0.19%	$176.19	2.69M	Jul 7, 2021	By Living Trust	F1
transaction	PSA	Common Stock	Options Exercise	$940K	+5K	+0.19%	$187.91	2.69M	Jul 7, 2021	By Living Trust	F1
transaction	PSA	Common Stock	Options Exercise	$1.29M	+5K	+0.19%	$258.49	2.7M	Jul 7, 2021	By Living Trust	F1
transaction	PSA	Common Stock	Options Exercise	$1.12M	+5K	+0.19%	$223.93	2.7M	Jul 7, 2021	By Living Trust	F1
transaction	PSA	Common Stock	Options Exercise	$969K	+5K	+0.18%	$193.71	2.71M	Jul 7, 2021	By Living Trust	F1
transaction	PSA	Common Stock	Options Exercise	$1.09M	+5K	+0.18%	$218.22	2.71M	Jul 7, 2021	By Living Trust	F1
transaction	PSA	Common Stock	Options Exercise	$955K	+5K	+0.18%	$190.90	2.72M	Jul 7, 2021	By Living Trust	F1
holding	PSA	Common Stock						2.33M	Jul 7, 2021	By LLC	F2
holding	PSA	Common Stock						11.3K	Jul 7, 2021	Direct	F3
holding	PSA	Common Stock						44.3K	Jul 7, 2021	By IRA	F4
holding	PSA	Common Stock						22.1K	Jul 7, 2021	As Trustee	F5

Showing 1 to 13 of 13 entries

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$144.97	Direct	F6
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$164.62	Direct	F6
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$176.19	Direct	F6
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$187.91	Direct	F6
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$258.49	Direct	F6
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$223.93	Direct	F6
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$193.71	Direct	F6
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$218.22	Direct	F6
transaction	PSA	Stock Option (Right to Buy)	Options Exercise	$0	-5K	-100%	$0.00^*	0	Jul 7, 2021	Common Stock	5K	$190.90	Direct	F6

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

Explanation of Responses:

Id	Content
F1	By reporting person as trustee for the B. Wayne Hughes, Jr. Living Trust.
F2	By GasDog 2020 LLC. The reporting person disclaims beneficial ownership of the LLC's holdings except to the extent of his pecuniary interest in them.
F3	By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
F4	By custodian of an IRA for benefit of reporting person.
F5	By reporting person as a trustee of a trust for the benefit of reporting person's son.
F6	On December 31, 2020, the reporting person retired as a trustee of the Company. Pursuant to the Company's Non-Employee Trustee Compensation Policy, all outstanding unvested stock options accelerate and vest on the date of retirement and all such stock options may be exercised during the one-year period following the date of retirement (but before the original expiration date of the option, if earlier).