Joseph D. Russell Jr - Sep 30, 2024 Form 4 Insider Report for Public Storage (PSA)

Role: President and CEO, Director
Signature: /s/ Nathaniel A. Vitan, Attorney-in-Fact
Stock symbol: PSA
Transactions as of: Sep 30, 2024
Transactions value $: $0
Form type: 4
Date filed: 10/1/2024, 01:23 PM
Previous filing: Aug 19, 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		-36K	-45.99%		42.3K	Sep 30, 2024	Common Shares	36K	$221.68	Direct	F1, F2, F3
transaction	PSA	LTIP Units	Options Exercise	$0	+14.1K	+30.93%	$0.00	59.6K	Sep 30, 2024	Common Shares	14.1K		Direct	F1, F2, F4, F5

* 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 103,275 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 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 $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, [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. The reporting person previously converted 25,000 of the vested AO LTIP Units into vested LTIP Units.
F3	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.
F4	Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
F5	Includes 17,975 LTIP Units subject to time vesting conditions.