Natalia Johnson - Feb 5, 2024 Form 4 Insider Report for Public Storage (PSA)

Role: Chief Administrative Officer
Signature: /s/ Nathaniel A. Vitan, Attorney-in-Fact
Stock symbol: PSA
Transactions as of: Feb 5, 2024
Transactions value $: $0
Form type: 4
Date filed: 2/7/2024, 05:16 PM
Previous filing: Aug 9, 2023
Next filing: Feb 20, 2024

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	+77.5K		$0.00	77.5K	Feb 5, 2024	Common Shares	77.5K	$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 50,000 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 50,000 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.