Public Storage — Director's Dealing 2025

Feb 6, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2025-01-22

Reporting Person: Boyle Tom (CFO and CIO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-22	AO LTIP Units	$343.76	A	29097	Acquired	2032-02-27	Common Shares (29097)	Direct
2025-01-22	LTIP Units	$	A	7974	Acquired		Common Shares (7974)	Direct

Footnotes

F1: Reflects an award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units") granted pursuant to the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. AO LTIP Units, if and as they become vested, are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which 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"). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F2: Reflects an award of performance-based AO LTIP Units (substituted on February 26, 2024 for an award of stock options originally granted February 28, 2022), subject to a three year (2022-2024) performance period. As originally granted, this award was for 21,674 options (at target) with an exercise price of $355.02 per share. Pursuant to anti-dilution provisions of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by Public Storage on July 22, 2022. On February 26, 2024, the option award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of AO LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F3: Three-fifths of these AO LTIP Units will vest on February 28, 2025, with the remaining vesting ratably over the next two years.

F4: Reflects an award of LTIP Units of Public Storage OP, which, 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. OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

F5: Reflects an award of performance-based LTIP Units (substituted on February 26, 2024 for an award of restricted share units originally granted February 28, 2022), subject to a three year (2022-2024) performance period. On February 26, 2024, the restricted share unit award was cancelled upon surrender to Public Storage and the reporting person received a replacement award of LTIP Units upon substantially identical terms. On January 22, 2025, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 130% of target, as reflected here.

F6: Includes 3,718 vested LTIP Units and 19,731 LTIP Units subject to time-based vesting.