John Reyes - Feb 15, 2024 Form 4 Insider Report for Public Storage (PSA)

Role
Director
Signature
/s/ Steven C. Babinski, Attorney-in-Fact
Stock symbol
PSA
Transactions as of
Feb 15, 2024
Transactions value $
$0
Form type
4
Date filed
2/20/2024, 12:25 PM
Previous filing
Jan 3, 2024
Next filing
Mar 6, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PSA Common Shares Disposed to Issuer $0 -15.5K -52.1% $0.00 14.3K Feb 15, 2024 Direct F1, F2
holding PSA Common Shares 145K Feb 15, 2024 By Trust F3, 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 LTIP Units Award +15.5K 15.5K Feb 15, 2024 Common Shares 15.5K Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These restricted share units (the "RSUs") in respect of common shares, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") were previously granted to the reporting person and provided for time-based vesting. On February 15, 2024, the Company canceled the unvested RSUs upon surrender to the Company by the reporting person (the "Canceled RSUs").
F2 Includes 1,800 restricted share units and 2,306 deferred share units.
F3 These Common Shares were previously reported in the reporting person's directly-held shares.
F4 Reporting person and spouse, trustees of Reyes Trust, date December 27, 2012.
F5 In exchange for the Canceled RSUs, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for Common Shares or the equivalent cash value of Common Shares, as determined by the Company.