Public Storage — Director's Dealing 2024

Feb 21, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2024-02-19

Reporting Person: HAVNER RONALD L JR (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-02-19	AO LTIP Units	$161.42	M	103275	Disposed	2024-02-19	Common Shares (103275)	Direct
2024-02-19	LTIP Units	$	M	44058.42	Acquired		Common Shares (44058.42)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	19548	Direct
Common Shares	310381	Indirect
Common Shares	1900	Indirect

Footnotes

F1: Includes 5,000 restricted share units and 2,306 deferred share units. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 7,000 remain subject to deferred receipt and are also included here.

F2: Ronald L. Havner and LeeAnn R. Havner, Trustee of Havner Family Trust.

F3: On February 15, 2024, the reporting person exchanged an option to purchase 103,275 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 103,275 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $161.42, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]

F4: [Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.

F5: Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.