Public Storage — Director's Dealing 2021

Jul 9, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2021-07-07

Reporting Person: HUGHES B WAYNE JR (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-07-07	Common Stock	M	5000	$144.97	Acquired	2678316	Indirect
2021-07-07	Common Stock	M	5000	$164.62	Acquired	2683316	Indirect
2021-07-07	Common Stock	M	5000	$176.19	Acquired	2688316	Indirect
2021-07-07	Common Stock	M	5000	$187.91	Acquired	2693316	Indirect
2021-07-07	Common Stock	M	5000	$258.49	Acquired	2698316	Indirect
2021-07-07	Common Stock	M	5000	$223.93	Acquired	2703316	Indirect
2021-07-07	Common Stock	M	5000	$193.71	Acquired	2708316	Indirect
2021-07-07	Common Stock	M	5000	$218.22	Acquired	2713316	Indirect
2021-07-07	Common Stock	M	5000	$190.90	Acquired	2718316	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-07-07	Stock Option (Right to Buy)	$144.97	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct
2021-07-07	Stock Option (Right to Buy)	$164.62	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct
2021-07-07	Stock Option (Right to Buy)	$176.19	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct
2021-07-07	Stock Option (Right to Buy)	$187.91	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct
2021-07-07	Stock Option (Right to Buy)	$258.49	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct
2021-07-07	Stock Option (Right to Buy)	$223.93	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct
2021-07-07	Stock Option (Right to Buy)	$193.71	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct
2021-07-07	Stock Option (Right to Buy)	$218.22	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct
2021-07-07	Stock Option (Right to Buy)	$190.90	M	5000	Disposed	2021-12-31	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2330000	Indirect
Common Stock	11348	Direct
Common Stock	44312	Indirect
Common Stock	22100	Indirect

Footnotes

F1: By reporting person as trustee for the B. Wayne Hughes, Jr. Living Trust.

F2: By GasDog 2020 LLC. The reporting person disclaims beneficial ownership of the LLC's holdings except to the extent of his pecuniary interest in them.

F3: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F4: By custodian of an IRA for benefit of reporting person.

F5: By reporting person as a trustee of a trust for the benefit of reporting person's son.

F6: On December 31, 2020, the reporting person retired as a trustee of the Company. Pursuant to the Company's Non-Employee Trustee Compensation Policy, all outstanding unvested stock options accelerate and vest on the date of retirement and all such stock options may be exercised during the one-year period following the date of retirement (but before the original expiration date of the option, if earlier).