| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | PSA | Common Shares | Disposed to Issuer | $0 | -9K | -71.35% | $0.00 | 3.61K | Feb 26, 2024 | Direct | F1, F2 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | PSA | LTIP Units | Award | +9K | 9K | Feb 26, 2024 | Common Shares | 9K | Direct | F2, F3 | ||||
| transaction | PSA | Stock Option (Right to Buy) | Disposed to Issuer | -6.2K | -100% | 0 | Feb 26, 2024 | Common Shares | 6.2K | $228.74 | Direct | F4 | ||
| transaction | PSA | AO LTIP Units | Award | +6.2K | 6.2K | Feb 26, 2024 | Common Shares | 6.2K | Direct | F5 | ||||
| transaction | PSA | Stock Option (Right to Buy) | Disposed to Issuer | -77.5K | -100% | 0 | Feb 26, 2024 | Common Shares | 77.5K | $222.66 | Direct | F6 | ||
| transaction | PSA | AO LTIP Units | Award | +77.5K | 77.5K | Feb 26, 2024 | Common Shares | 77.5K | Direct | F7 |
| 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 26, 2024, the Company canceled the unvested RSUs upon surrender to the Company by the reporting person (the "Canceled RSUs"). |
| F2 | This amendment is being filed to correct the number of RSUs held by the reporting person prior to the cancellations and substitutions described in this report and thus eligible to be canceled as Canceled RSUs and granted as LTIP Units. |
| F3 | 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. |
| F4 | This option was previously reported as an option for 10,000 common shares at an exercise price of $236.23, but, pursuant to anti-dilution 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. Previously, the reporting person exercised this option as to 4,000 common shares. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option"). |
| F5 | In exchange for each 2019 Canceled Option, the reporting person received a replacement award of membership interests in 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 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. |
| F6 | On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option"). |
| F7 | In exchange for each 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. |