Public Storage — Director's Dealing 2020

Jan 2, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2019-12-31

Reporting Person: HAVNER RONALD L JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-12-31	COMMON STOCK	A	141	—	Acquired	136153	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	145683	Indirect

Footnotes

F1: Grant of fully-vested deferred stock units pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2016 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 upon 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 135,625 restricted stock units. Mr. Havner has postponed receipt of 10,000 shares of vested restricted stock units granted on February 19, 2015 with an original vesting date of April 1, 2016, for receipt in 10 equal installments over 10 years starting on April 1, 2021 to April 1, 2030.

F3: By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.