Form 4 for PSA Public Storage
Accepted 2024-10-01 00:00:00 ET · period of report 2024-09-30 · accession 0001393311-24-000178 · 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DM | 2024-10-01 | 2024-09-30 | PSA | HAVNER RONALD L JR | Dir | A - Grant | $363.87 | +84.74 | 8,601 | +1.0% | +$30.8K |
| DM | 2024-10-01 | 2024-09-30 | PSA | HAVNER RONALD L JR | Dir | M - OptEx | $0.00 | -54.6K | 0 | -100% | $0 |
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 | 2024-09-30 | A | A | 83 | $363.87 | 8,599.09 | D | — | — | (F1) Grant of fully-vested deferred share units (DSUs) pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2021 Equity and Performance-Based Incentive Compensation Plan. Each DSU represents the right to receive one Company common share. The number of DSUs granted represents the quotient of the dollar amount of the portion of the cash retainers the reporting person has earned for the applicable calendar quarter and elected to be paid in DSUs, divided by the Company's closing share price on the grant date, rounded up to the nearest DSU. The DSUs will be settled in unrestricted common shares (i) in a lump sum upon the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company. In accordance with the reporting person's election, dividend equivalents paid on these DSUs will be issued as additional DSUs. (F2) Includes 2,599.09 DSUs, including 1.09 DSUs issued in lieu of dividend equivalents that were previously inadvertently omitted. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 6,000 remain subject to deferred receipt and are also included here. |
| 2 | Common | Common Shares | 2024-09-30 | A | A | 1.74 | $363.87 | 8,600.83 | D | — | — | (F3) Grant of fully-vested DSUs issued in lieu of dividend equivalents pursuant to the participant's elections. (F4) Includes 2,600.83 DSUs. Mr. Havner postponed receipt of 10,000 vested restricted share units granted February 19, 2015 with an original vesting date of April 1, 2016 in accordance with the following schedule: 10 equal installments over 10 years starting April 1, 2021 to April 1, 2030. 6,000 remain subject to deferred receipt and are also included here. |
| 3 | Derivative | LTIP Units | 2024-09-30 | M | A | 48,641.74 | $0.00 | 119,575.16 | D | — · — to — | 48,641.74 Common Shares | (F7) [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. (F6) On March 5, 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 $192.49, 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] (F9) Includes 17,500 LTIP Units subject to time vesting conditions. (F8) Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date. |
| 4 | Derivative | AO LTIP Units | 2024-09-30 | M | D | 103,275 | — | 0 | D | $192.49 · — to 2025-02-18 | 103,275 Common Shares | (F7) [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. (F6) On March 5, 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 $192.49, 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] |