Public Storage — Director's Dealing 2024

Nov 6, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2024-11-05

Reporting Person: Sambar Christopher (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-11-05	Common Shares	A	7182	—	Acquired	7182	Direct
2024-11-05	Common Shares	F	2827	$340.60	Disposed	4355	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-11-05	LTIP Units	$	A	14363	Acquired		Common Shares (14363)	Direct

Footnotes

F1: Reflects a new hire make whole award of unrestricted common shares, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company").

F2: Reflects shares withheld for taxes upon granting the award of unrestricted Common Shares.

F3: Reflects a new hire make whole award of membership interests in Public Storage OP, L.P. ("Public Storage OP"), a subsidiary of the Company, designated as LTIP Units ("LTIP Units"), which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units vest in three equal annual installments beginning one year from the grant date. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital account of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for Common Shares or the equivalent cash value of Common Shares, as determined by the Company.