Public Storage — Director's Dealing 2024

May 9, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2024-05-07

Reporting Person: Vitan Nathaniel A. (Chief Legal Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-05-07	Stock Option (Right to Buy)	$221.68	D	64546	Disposed	2030-03-05	Common Shares (64546)	Direct
2024-05-07	AO LTIP Units	$	A	64546	Acquired	2030-03-05	Common Shares (64546)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	3614	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
LTIP Units	$		Common Shares (9000)	9000	Direct
AO LTIP Units	$228.74	2029-05-26	Common Shares (6196)	6196	Direct
AO LTIP Units	$222.66	2031-02-15	Common Shares (77456)	77456	Direct
AO LTIP Units	$279.51	2034-03-04	Common Shares (6470)	6470	Direct

Footnotes

F1: Three-fifths of this multi-year (2020-2022) performance-based option vested following certified achievement of the applicable performance targets at the conclusion of the performance period, with the remaining vesting ratably over the subsequent two years beginning one year from March 6, 2023.

F2: On May 7, 2024, Public Storage (the "Company") canceled the option upon surrender to the Company by the reporting person (the "Canceled Option").

F3: In exchange for the Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units"), which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The OP Units may be exchanged by the reporting person for Company common shares, par value $0.10 per share ("Common Shares"), or the equivalent cash value of Common Shares, as determined by the Company.

F4: LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into 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.

F5: The final tranche of these AO LTIP Units will become exercisable on May 27. 2024.

F6: Three-fifths of these AO LTIP Units vested February 16, 2024, with the remaining vesting ratably over the following two years.

F7: These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2025, 2026, 2027, 2028, and 2029.