John Reyes - Dec 11, 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: Dec 11, 2023
Transactions value $: -$5,727,989
Form type: 4
Date filed: 12/12/2023, 10:15 AM
Previous filing: Oct 3, 2023
Next filing: Dec 12, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Shares	Options Exercise	$8.07M	+50K	+28.7%	$161.42	224K	Dec 11, 2023	Direct	F1
transaction	PSA	Common Shares	Sale	-$3.49M	-12.7K	-5.65%	$275.46	212K	Dec 11, 2023	Direct	F1, F2
transaction	PSA	Common Shares	Sale	-$9.99M	-36.2K	-17.1%	$276.13	175K	Dec 11, 2023	Direct	F1, F3
transaction	PSA	Common Shares	Sale	-$322K	-1.16K	-0.66%	$276.97	174K	Dec 11, 2023	Direct	F1, F4

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	-50K	-48.41%	$0.00	53.3K	Dec 11, 2023	Common Shares	50K	$161.42	Direct	F5, F6

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

Explanation of Responses:

Id	Content
F1	Includes 17,300 restricted stock units and 2,207 deferred stock units.
F2	Represents weighted average price. These shares were sold at prices ranging between $274.81 and $275.79. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
F3	Represents weighted average price. These shares were sold at prices ranging between $275.86 and $276.78. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
F4	Represents weighted average price. These shares were sold at prices ranging between $276.89 and $277.11. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
F5	Stock option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Option vests in five (5) equal annual installments beginning one (1) year from grant date.
F6	This option was previously reported as an option for 100,000 shares of common stock at an exercise price of $166.71, 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.