Vitan Nathaniel A. 4

Accession 0001393311-24-000174

CIK 0001393311other

View on SEC.gov Company Profile

Filed

Sep 12, 8:00 PM ET

Accepted

Sep 13, 4:27 PM ET

Size

19.7 KB

Accession

0001393311-24-000174

Insider Transaction Report

Form 4

Period: 2024-09-12

Public StoragePSA

Vitan Nathaniel A.

Chief Legal Officer

Transactions

Exercise/Conversion
AO LTIP Units
2024-09-12−6,196→ 0 total
Exercise: $228.74Exp: 2029-05-26→ Common Shares (6,196 underlying)
Exercise/Conversion
LTIP Units
2024-09-12+19,762.17→ 31,011.65 total
→ Common Shares (19,762.17 underlying)
Exercise/Conversion
LTIP Units
2024-09-12+2,249.48→ 11,249.48 total
→ Common Shares (2,249.48 underlying)
Exercise/Conversion
AO LTIP Units
2024-09-12−46,473→ 30,983 total
Exercise: $222.66Exp: 2031-02-15→ Common Shares (46,473 underlying)
Exercise/Conversion
AO LTIP Units
2024-09-12−51,637→ 12,909 total
Exercise: $221.68Exp: 2030-03-05→ Common Shares (51,637 underlying)
Exercise/Conversion
LTIP Units
2024-09-12+17,659.02→ 48,670.67 total
→ Common Shares (17,659.02 underlying)

Footnotes (8)

[F1]On February 26, 2024, the reporting person exchanged an option to purchase 6,196 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 6,196 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 $228.74, 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]
[F2][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.
[F3]Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
[F4]Includes 7,250 LTIP Units subject to time vesting conditions.
[F5]On May 7, 2024, the reporting person exchanged an option to purchase 64,546 Company Common Shares for 64,546 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $221.68, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.
[F6]Reflects an award of performance-based AO LTIP Units. Following certification of performance upon conclusion of the three year (2020-2022) performance period, 60% of of the earned award vested on March 6, 2023, with an additional 20% scheduled to vest, subject to the reporting person's continued employment, on each of March 6, 2024 and 2025.
[F7]On February 26, 2024, the reporting person exchanged an option to purchase 77,456 Company Common Shares for 77,456 AO LTIP Units. AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested 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 $222.66, 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, conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of 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.
[F8]Reflects an award of performance-based AO LTIP Units. Following certification of performance upon conclusion of the three year (2021-2023) performance period, 60% of of the earned award vested on February 16, 2024, with an additional 20% scheduled to vest, subject to the reporting person's continued employment, on each of February 16, 2025 and 2026.

Documents

1 file

4
wk-form4_1726259239.xmlPrimary
FORM 4

Issuer

Public Storage

CIK 0001393311

→

Entity typeother

Related Parties

filerCIK 0001774586

Filing Metadata

Form type: 4
Filed: Sep 12, 8:00 PM ET
Accepted: Sep 13, 4:27 PM ET
Size: 19.7 KB

View on SEC.gov