Christopher Sambar - 05 Nov 2024 Form 4 Insider Report for Public Storage (PSA)

Role: Chief Operating Officer
Signature: /s/ Steven C. Babinski, Attorney-in-Fact
Issuer symbol: PSA
Transactions as of: 05 Nov 2024
Net transactions value: -$962,876
Form type: 4
Filing time: 06 Nov 2024, 14:38:12 UTC
Previous filing: 01 Nov 2024
Next filing: 07 Mar 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Shares	Award	$0	+7,182		$0.000000	7,182	05 Nov 2024	Direct	F1
transaction	PSA	Common Shares	Tax liability	$962,876	-2,827	-39%	$340.60	4,355	05 Nov 2024	Direct	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	LTIP Units	Award	$0	+14,363		$0.000000	14,363	05 Nov 2024	Common Shares	14,363		Direct	F3

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

Explanation of Responses:

Id	Content
F1	Reflects a new hire make whole award of unrestricted common shares, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company").
F2	Reflects shares withheld for taxes upon granting the award of unrestricted Common Shares.
F3	Reflects a new hire make whole 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 LTIP Units vest in three equal annual installments beginning one year from the grant date. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital account 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.