| 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 | -20.7K | -100% | 0 | Aug 16, 2024 | Common Shares | 20.7K | $213.09 | Direct | F1, F2 | ||
| transaction | PSA | LTIP Units | Options Exercise | $0 | +6.88K | +28.98% | $0.00 | 30.6K | Aug 16, 2024 | Common Shares | 6.88K | Direct | F1, F2, F3, F4 | |
| transaction | PSA | AO LTIP Units | Options Exercise | -20.7K | -100% | 0 | Aug 16, 2024 | Common Shares | 20.7K | $207.52 | Direct | F5 | ||
| transaction | PSA | LTIP Units | Options Exercise | $0 | +7.24K | +23.65% | $0.00 | 37.8K | Aug 16, 2024 | Common Shares | 7.24K | Direct | F3, F4, F5 | |
| transaction | PSA | AO LTIP Units | Options Exercise | -25K | -24.21% | 78.3K | Aug 16, 2024 | Common Shares | 25K | $221.68 | Direct | F6, F7 | ||
| transaction | PSA | LTIP Units | Options Exercise | $0 | +7.65K | +20.22% | $0.00 | 45.5K | Aug 16, 2024 | Common Shares | 7.65K | Direct | F3, F4, F6 |
| Id | Content |
|---|---|
| F1 | On February 26, 2024, the reporting person exchanged an option to purchase 20,655 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 20,655 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 $213.09, 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] |
| F2 | [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. |
| F3 | Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date. |
| F4 | Includes 17,975 LTIP Units subject to time vesting conditions. |
| F5 | On February 26, 2024, the reporting person exchanged an option to purchase 20,655 Company Common Shares for 20,655 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $207.52, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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. |
| F6 | On February 26, 2024, the reporting person exchanged an option to purchase 103,275 Company Common Shares for 103,275 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $221.68, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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. |
| F7 | Reflects an award of performance-based AO LTIP Units. Following certification of performance upon conclusion of the three year (2020-2022) performance period, 60% of of the earned award vested on March 6, 2023, with an additional 20% scheduled to vest, subject to the reporting person's continued employment, on each of March 6, 2024 and 2025. |