Ronald P. Spogli - 09 Apr 2024 Form 4 Insider Report for Public Storage (PSA)

Role: Director
Signature: /s/ Steven C. Babinski, Attorney-in-Fact
Issuer symbol: PSA
Transactions as of: 09 Apr 2024
Net transactions value: $0
Form type: 4
Filing time: 10 Apr 2024, 17:34:27 UTC
Previous filing: 03 Apr 2024
Next filing: 08 May 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	PSA	Common Shares						12,382	09 Apr 2024	Direct	F1
holding	PSA	Common Shares						2,000	09 Apr 2024	By Trust	F2

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		-5,163	-100%		0	09 Apr 2024	Common Shares	5,163	$170.60	Direct	F3, F4
transaction	PSA	LTIP Units	Options Exercise	$0	+2,160		$0.000000	2,160	09 Apr 2024	Common Shares	2,160		Direct	F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 2,219 deferred share units.
F2	By Ronald P. Spogli as trustee.
F3	On March 5, 2024, the reporting person exchanged an option to purchase 5,163 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 5,163 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 $170.60, 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.