Christopher Sambar - Nov 5, 2024 Form 4 Insider Report for Public Storage (PSA)

Role: Chief Operating Officer
Signature: /s/ Steven C. Babinski, Attorney-in-Fact
Stock symbol: PSA
Transactions as of: Nov 5, 2024
Transactions value $: -$962,876
Form type: 4
Date filed: 11/6/2024, 02:38 PM
Previous filing: Nov 1, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Shares	Award	$0	+7.18K		$0.00	7.18K	Nov 5, 2024	Direct	F1
transaction	PSA	Common Shares	Tax liability	-$963K	-2.83K	-39.36%	$340.60	4.36K	Nov 5, 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	+14.4K		$0.00	14.4K	Nov 5, 2024	Common Shares	14.4K		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.