Form 4 for PSA Public Storage
Accepted 2024-02-28 00:00:00 ET · period of report 2024-02-26 · accession 0001393311-24-000055 · 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 | 2024-02-28 | 2024-02-26 | PSA | Johnson Natalia | Chief Administrative Off | D - Sale to Iss | $0.00 | -11.3K | 8,110 | -58% | $0 |
| DM | 2024-02-28 | 2024-02-26 | PSA | Johnson Natalia | Chief Administrative Off | A - Grant | — | +174.0K | 10.3K | New | — |
| DM | 2024-02-28 | 2024-02-26 | PSA | Johnson Natalia | Chief Administrative Off | D - Sale to Iss | — | -162.7K | 0 | -100% | — |
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 | 2024-02-26 | D | D | 11,310 | $0.00 | 8,110 | 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 26, 2024, the Company canceled the unvested RSUs upon surrender to the Company by the reporting person (the "Canceled RSUs"). |
| 2 | Derivative | AO LTIP Units | 2024-02-26 | A | A | 10,327 | — | 10,327 | D | — · — to 2029-03-07 | 10,327 Common Shares | (F6) In exchange for each 2019 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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. |
| 3 | Derivative | Stock Option (Right to Buy) | 2024-02-26 | D | D | 77,456 | — | 0 | D | $222.66 · 2024-02-16 to 2031-02-15 | 77,456 Common Shares | (F9) On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2021 Canceled Option"). |
| 4 | Derivative | AO LTIP Units | 2024-02-26 | A | A | 64,546 | — | 64,546 | D | — · — to 2030-03-05 | 64,546 Common Shares | (F8) In exchange for each 2020 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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. |
| 5 | Derivative | AO LTIP Units | 2024-02-26 | A | A | 77,456 | — | 77,456 | D | — · — to 2031-02-15 | 77,456 Common Shares | (F10) In exchange for each 2021 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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. |
| 6 | Derivative | Stock Option (Right to Buy) | 2024-02-26 | D | D | 10,327 | — | 0 | D | $207.52 · 2020-03-08 to 2029-03-07 | 10,327 Common Shares | (F5) This option was previously reported as an option for 10,000 common shares at an exercise price of $214.32, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2019 Canceled Option"). |
| 7 | Derivative | LTIP Units | 2024-02-26 | A | A | 11,310 | — | 11,310 | D | — · — to — | 11,310 Common Shares | (F2) 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. |
| 8 | Derivative | Stock Option (Right to Buy) | 2024-02-26 | D | D | 10,327 | — | 0 | D | $225.38 · 2017-08-05 to 2026-08-04 | 10,327 Common Shares | (F3) This option was previously reported as an option for 10,000 common shares at an exercise price of $232.76, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2016 Canceled Option"). |
| 9 | Derivative | AO LTIP Units | 2024-02-26 | A | A | 10,327 | — | 10,327 | D | — · — to 2026-08-04 | 10,327 Common Shares | (F4) In exchange for each 2016 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP designated as AO LTIP Units ("AO LTIP Units"), which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into 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. |
| 10 | Derivative | Stock Option (Right to Buy) | 2024-02-26 | D | D | 64,546 | — | 0 | D | $221.68 · 2023-03-06 to 2030-03-05 | 64,546 Common Shares | (F7) On February 26, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the "2020 Canceled Option"). |