4//SEC Filing
RUSSELL JOSEPH D JR 4
Accession 0001393311-24-000176
CIK 0001393311other
Filed
Sep 30, 8:00 PM ET
Accepted
Oct 1, 1:23 PM ET
Size
9.5 KB
Accession
0001393311-24-000176
Insider Transaction Report
Form 4
RUSSELL JOSEPH D JR
DirectorPresident and CEO
Transactions
- Exercise/Conversion
AO LTIP Units
2024-09-30−36,000→ 42,275 totalExercise: $221.68Exp: 2030-03-05→ Common Shares (36,000 underlying) - Exercise/Conversion
LTIP Units
2024-09-30+14,067.77→ 59,552.82 total→ Common Shares (14,067.77 underlying)
Footnotes (5)
- [F1]On February 26, 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 $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, [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. The reporting person previously converted 25,000 of the vested AO LTIP Units into vested LTIP Units.
- [F3]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.
- [F4]Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.
- [F5]Includes 17,975 LTIP Units subject to time vesting conditions.
Documents
Issuer
Public Storage
CIK 0001393311
Entity typeother
Related Parties
1- filerCIK 0001230471
Filing Metadata
- Form type
- 4
- Filed
- Sep 30, 8:00 PM ET
- Accepted
- Oct 1, 1:23 PM ET
- Size
- 9.5 KB