Nathaniel A. Vitan - Sep 12, 2024 Form 4 Insider Report for Public Storage (PSA)

Role: Chief Legal Officer
Signature: /s/ Nathaniel A. Vitan
Stock symbol: PSA
Transactions as of: Sep 12, 2024
Transactions value $: $0
Form type: 4
Date filed: 9/13/2024, 04:27 PM
Previous filing: Aug 27, 2024
Next filing: Dec 16, 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	Options Exercise		-6.2K	-100%		0	Sep 12, 2024	Common Shares	6.2K	$228.74	Direct	F1, F2
transaction	PSA	LTIP Units	Options Exercise	$0	+2.25K	+24.99%	$0.00	11.2K	Sep 12, 2024	Common Shares	2.25K		Direct	F1, F2, F3, F4
transaction	PSA	AO LTIP Units	Options Exercise		-51.6K	-80%		12.9K	Sep 12, 2024	Common Shares	51.6K	$221.68	Direct	F5, F6
transaction	PSA	LTIP Units	Options Exercise	$0	+19.8K	+175.67%	$0.00	31K	Sep 12, 2024	Common Shares	19.8K		Direct	F3, F4, F5
transaction	PSA	AO LTIP Units	Options Exercise		-46.5K	-60%		31K	Sep 12, 2024	Common Shares	46.5K	$222.66	Direct	F7, F8
transaction	PSA	LTIP Units	Options Exercise	$0	+17.7K	+56.94%	$0.00	48.7K	Sep 12, 2024	Common Shares	17.7K		Direct	F3, F4, F7

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

Explanation of Responses:

Id	Content
F1	On February 26, 2024, the reporting person exchanged an option to purchase 6,196 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 6,196 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 $228.74, 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 7,250 LTIP Units subject to time vesting conditions.
F5	On May 7, 2024, the reporting person exchanged an option to purchase 64,546 Company Common Shares for 64,546 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.
F6	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.
F7	On February 26, 2024, the reporting person exchanged an option to purchase 77,456 Company Common Shares for 77,456 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 $222.66, 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.
F8	Reflects an award of performance-based AO LTIP Units. Following certification of performance upon conclusion of the three year (2021-2023) performance period, 60% of of the earned award vested on February 16, 2024, with an additional 20% scheduled to vest, subject to the reporting person's continued employment, on each of February 16, 2025 and 2026.