Ronald P. Spogli - Apr 18, 2023 Form 4 Insider Report for Public Storage (PSA)

Role: Director
Signature: /s/ Steven C. Babinski, Attorney-in-Fact
Stock symbol: PSA
Transactions as of: Apr 18, 2023
Transactions value $: $822,982
Form type: 4
Date filed: 4/20/2023, 12:47 PM
Previous filing: Apr 4, 2023
Next filing: May 4, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Shares	Options Exercise	$823K	+5.16K	+77.01%	$159.40	11.9K	Apr 18, 2023	Direct	F1
holding	PSA	Common Shares						2K	Apr 18, 2023	By Trust	F2

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	-5.16K	-100%	$0.00^*	0	Apr 18, 2023	Common Shares	5.16K	$159.40	Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	Includes 1,704 deferred stock units.
F2	By Ronald P. Spogli as trustee.
F3	Stock option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from grant date.
F4	This option was previously reported as an option for 5,000 common shares at an exercise price of $164.62, but, pursuant to anti-dilution provisions of the Company's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022.