Shankh Mitra - Dec 31, 2021 Form 4 Insider Report for Public Storage (PSA)

Role: Director
Signature: Nathaniel A. Vitan, Attorney-in-Fact
Stock symbol: PSA
Transactions as of: Dec 31, 2021
Transactions value $: $1,188,735
Form type: 4
Date filed: 1/3/2022, 08:00 PM
Previous filing: Oct 4, 2021
Next filing: Jan 14, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Stock	Award	$34.1K	+91	+25%	$374.56	455	Dec 31, 2021	Direct	F1, F2
transaction	PSA	Common Stock	Options Exercise	$1.15M	+5K	+1098.9%	$230.93	5.46K	Jan 3, 2022	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	Stock Option (Right to Buy)	Options Exercise	$0	+5K		$0.00^*	0	Jan 3, 2022	Common Stock	5K	$230.93	Direct

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

Explanation of Responses:

Id	Content
F1	Grant of fully-vested deferred stock units pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. Each deferred stock unit represents the right to receive one share of the Company's common stock. The number of deferred stock units granted represents the quotient of the dollar amount of the cash retainers the reporting person has earned for the applicable calendar quarter, divided by the Company's closing stock price on the grant date, rounded up to the nearest deferred stock unit. The deferred stock units will be settled in shares of unrestricted common stock (i) in a lump sum on January 1st of the calendar year following the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.
F2	Includes 455 deferred stock units.

Content

Grant of fully-vested deferred stock units pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. Each deferred stock unit represents the right to receive one share of the Company's common stock. The number of deferred stock units granted represents the quotient of the dollar amount of the cash retainers the reporting person has earned for the applicable calendar quarter, divided by the Company's closing stock price on the grant date, rounded up to the nearest deferred stock unit. The deferred stock units will be settled in shares of unrestricted common stock (i) in a lump sum on January 1st of the calendar year following the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.

Includes 455 deferred stock units.