Kristy Pipes - Mar 5, 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
Mar 5, 2024
Transactions value $
$0
Form type
4
Date filed
3/6/2024, 07:06 PM
Previous filing
Jun 28, 2023
Next filing
Mar 21, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding PSA Common Shares 0 Mar 5, 2024 Direct

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) Disposed to Issuer -15.5K -100% 0 Mar 5, 2024 Common Shares 15.5K $228.74 Direct F1
transaction PSA AO LTIP Units Award +15.5K 15.5K Mar 5, 2024 Common Shares 15.5K Direct F2
transaction PSA Stock Option (Right to Buy) Disposed to Issuer -5.16K -100% 0 Mar 5, 2024 Common Shares 5.16K $266.40 Direct F3
transaction PSA AO LTIP Units Award +5.16K 5.16K Mar 5, 2024 Common Shares 5.16K Direct F4
transaction PSA Stock Option (Right to Buy) Disposed to Issuer -5.16K -100% 0 Mar 5, 2024 Common Shares 5.16K $386.32 Direct F5
transaction PSA AO LTIP Units Award +5.16K 5.16K Mar 5, 2024 Common Shares 5.16K Direct F6
transaction PSA Stock Option (Right to Buy) Disposed to Issuer -5K -100% 0 Mar 5, 2024 Common Shares 5K $286.81 Direct F7
transaction PSA AO LTIP Units Award +5K 5K Mar 5, 2024 Common Shares 5K Direct F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This option was previously reported as an option for 15,000 common shares, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") at an exercise price of $236.23, but, pursuant to antidilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On March 5, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2020 Canceled Option").
F2 In exchange for the 2020 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units"), which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units 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 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.
F3 This option was previously reported as an option for 5,000 Common Shares at an exercise price of $275.12, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On March 5, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option").
F4 In exchange for the 2021 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.
F5 This option was previously reported as an option for 5,000 Common Shares at an exercise price of $398.97, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On March 5, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2022 Canceled Option").
F6 In exchange for the 2022 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.
F7 On March 5, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2023 Canceled Option").
F8 In exchange for the 2023 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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.