Tom Boyle - 05 Feb 2024 Form 4 Insider Report for Public Storage (PSA)

Role: CFO and CIO
Signature: /s/ Nathaniel A. Vitan, Attorney-in-Fact
Issuer symbol: PSA
Transactions as of: 05 Feb 2024
Net transactions value: $0
Form type: 4
Filing time: 07 Feb 2024, 17:15:00 UTC
Previous filing: 03 Jan 2024
Next filing: 20 Feb 2024
SEC: View on sec.gov

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)	Award	$0	+100,692		$0.000000	100,692	05 Feb 2024	Common Shares	100,692	$222.66	Direct	F1

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

Explanation of Responses:

Id	Content
F1	Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 65,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.

Content

Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 65,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.