Ronald L. Havner Jr - Feb 19, 2024 Form 4 Insider Report for Public Storage (PSA)

Role
Director
Signature
/s/ Nathaniel A. Vitan, Attorney-in-Fact
Stock symbol
PSA
Transactions as of
Feb 19, 2024
Transactions value $
$0
Form type
4
Date filed
2/21/2024, 12:55 PM
Previous filing
Feb 20, 2024
Next filing
Mar 5, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding PSA Common Shares 19.5K Feb 19, 2024 Direct F1
holding PSA Common Shares 310K Feb 19, 2024 By Trust F2
holding PSA Common Shares 1.9K Feb 19, 2024 By Spouse IRA

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 AO LTIP Units Options Exercise -103K -100% 0 Feb 19, 2024 Common Shares 103K $161.42 Direct F3, F4
transaction PSA LTIP Units Options Exercise $0 +44.1K +201.41% $0.00 65.9K Feb 19, 2024 Common Shares 44.1K Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Includes 5,000 restricted share units and 2,306 deferred share units. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 7,000 remain subject to deferred receipt and are also included here.
F2 Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust.
F3 On February 15, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $161.42, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]
F4 [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.
F5 Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.