Form 4 for PSA Public Storage
Accepted 2024-02-20 00:00:00 ET · period of report 2024-02-15 · accession 0001393311-24-000036 · SEC index · Original document
Summary rows
Aggregated the way they appear in lists: one row per insider, transaction code and security table.
| X | Filed | Traded | Ticker | Insider | Title | Type | Price | Qty | Owned | ΔOwn | Value |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D | 2024-02-20 | 2024-02-15 | PSA | REYES JOHN | Dir | D - Sale to Iss | $0.00 | -15.5K | 14.3K | -52% | $0 |
| D | 2024-02-20 | 2024-02-15 | PSA | REYES JOHN | Dir | A - Grant | — | +15.5K | 15.5K | New | — |
Purchase Sale Sale after option exercise All abbreviations
Every reported transaction
| # | Table | Security | Date | Code | A/D | Shares | Price | Owned after | Own | Exercise / expiry | Underlying | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Common | Common Shares | 2024-02-15 | D | D | 15,500 | $0.00 | 14,251 | D | — | — | (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. |
| 2 | Derivative | LTIP Units | 2024-02-15 | A | A | 15,500 | — | 15,500 | D | — · — to — | 15,500 Common Shares | (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. |