Tom Boyle - Jan 17, 2023 Form 4 Insider Report for Public Storage (PSA)

Role: CFO and CIO
Signature: /s/ Nathaniel A. Vitan, Attorney-in-Fact
Stock symbol: PSA
Transactions as of: Jan 17, 2023
Transactions value $: -$301,342
Form type: 4
Date filed: 3/2/2023, 11:41 AM
Previous filing: Jan 4, 2023
Next filing: Feb 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSA	Common Stock	Tax liability	-$301K	-1.01K	-3.62%	$298.95	26.9K	Feb 28, 2023	Direct	F1

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)	Award	$0	+77.5K		$0.00	77.5K	Jan 17, 2023	Common Stock	77.5K	$221.68	Direct	F2

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

Explanation of Responses:

Id	Content
F1	Includes 18,044 restricted stock units.
F2	Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 60,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

Content

Includes 18,044 restricted stock units.

Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 60,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.