Public Storage — Director's Dealing 2023

Mar 2, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2023-01-17

Reporting Person: RUSSELL JOSEPH D JR (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-28	Common Stock	F	217	$298.95	Disposed	45131	Direct
2023-02-28	Common Stock	F	1790	$298.95	Disposed	43341	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-01-17	Stock Option (Right to Buy)	$221.68	A	103275	Acquired	2030-03-06	Common Stock (103275)	Direct

Footnotes

F1: Includes 30,650 restricted stock units.

F2: Includes 26,900 restricted stock units.

F3: 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 80,000 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.