Nathaniel A. Vitan - Mar 5, 2024 Form 4 Insider Report for Public Storage (PSA)

Role
Chief Legal Officer
Signature
/s/ Nathaniel A. Vitan
Stock symbol
PSA
Transactions as of
Mar 5, 2024
Transactions value $
$0
Form type
4
Date filed
3/7/2024, 08:41 PM
Previous filing
Feb 28, 2024
Next filing
May 9, 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 AO LTIP Units Award $0 +6.47K $0.00 6.47K Mar 5, 2024 Common Shares 6.47K $279.51 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in five (5) equal annual installments beginning one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which 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"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.
F2 These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2025, 2026, 2027, 2028, and 2029.