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Public Storage — Director's Dealing 2024
Feb 20, 2024
30014_dirs_2024-02-20_8918ea99-953b-4ecd-9b0d-e4455a1a2e55.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2024-02-15
Reporting Person: REYES JOHN (Director)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2024-02-15 | Common Shares | D | 15500 | — | Disposed | 14251 | Direct |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2024-02-15 | LTIP Units | $ | A | 15500 | Acquired | Common Shares (15500) | Direct |
Holdings (Non-Derivative)
| Security | Shares | Ownership |
|---|---|---|
| Common Shares | 145170 | Indirect |
Footnotes
F1: These restricted share units (the "RSUs") in respect of common shares, par value $0.10 per share ("Common Shares"), of Public Storage (the "Company") were previously granted to the reporting person and provided for time-based vesting. On February 15, 2024, the Company canceled the unvested RSUs upon surrender to the Company by the reporting person (the "Canceled RSUs").
F2: Includes 1,800 restricted share units and 2,306 deferred share units.
F3: These Common Shares were previously reported in the reporting person's directly-held shares.
F4: Reporting person and spouse, trustees of Reyes Trust, date December 27, 2012.
F5: In exchange for the Canceled RSUs, the reporting person received a replacement 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 vesting schedule for each LTIP Unit is the same as the vesting schedule for the corresponding Canceled RSU. 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 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.