Public Storage — Director's Dealing 2022

Dec 23, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2022-12-22

Reporting Person: GUSTAVSON TAMARA HUGHES (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-12-22	Common Stock	M	5163	$159.40	Acquired	14119639	Direct
2022-12-22	Common Stock	M	5163	$170.60	Acquired	14124802	Direct
2022-12-22	Common Stock	M	5163	$181.95	Acquired	14129965	Direct
2022-12-22	Common Stock	M	5163	$250.29	Acquired	14135128	Direct
2022-12-22	Common Stock	M	5163	$216.83	Acquired	14140291	Direct
2022-12-22	Common Stock	M	5163	$187.57	Acquired	14145454	Direct
2022-12-22	Common Stock	M	5163	$211.30	Acquired	14150617	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-12-22	Stock Option (Right to Buy)	$159.40	M	5163	Disposed	2023-05-09	Common Stock (5163)	Direct
2022-12-22	Stock Option (Right to Buy)	$170.60	M	5163	Disposed	2024-05-01	Common Stock (5163)	Direct
2022-12-22	Stock Option (Right to Buy)	$181.95	M	5163	Disposed	2025-04-30	Common Stock (5163)	Direct
2022-12-22	Stock Option (Right to Buy)	$250.29	M	5163	Disposed	2026-04-25	Common Stock (5163)	Direct
2022-12-22	Stock Option (Right to Buy)	$216.83	M	5163	Disposed	2027-04-26	Common Stock (5163)	Direct
2022-12-22	Stock Option (Right to Buy)	$187.57	M	5163	Disposed	2028-04-25	Common Stock (5163)	Direct
2022-12-22	Stock Option (Right to Buy)	$211.30	M	5163	Disposed	2029-04-24	Common Stock (5163)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11348	Direct
Common Stock	5500	Direct
Common Stock	2785000	Indirect
Common Stock	27343	Indirect
Common Stock	1300	Indirect
Common Stock	295000	Indirect

Footnotes

F1: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F2: By reporting person and husband.

F3: By custodian of an IRA for benefit of reporting person.

F4: By LLC of which reporting person is a member and manager.

F5: Stock option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from grant date.

F6: This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $164.62, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.

F7: This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $176.19, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.

F8: This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $187.91, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.

F9: This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $258.49, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.

F10: Stock option granted pursuant to the 2016 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from grant date.

F11: This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $223.93, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.

F12: This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $193.71, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.

F13: This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $218.22, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.