# EDGAR Filing Document

**Accession Number:** 0001393311
**File Stem:** 0001567619-23-004138
**Filing Date:** 2023-3
**Character Count:** 6670
**Document Hash:** e6fd01bf4b47789e419f3e4798562350
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567619-23-004138.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001567619-23-004138

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230117

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** RUSSELL JOSEPH D JR
- **CENTRAL INDEX KEY:** 0001230471

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33519
- **FILM NUMBER:** 23697543

**MAIL ADDRESS:**
- **STREET 1:** PUBLIC STORAGE
- **STREET 2:** 701 WESTERN AVENUE
- **CITY:** GLENDALE
- **STATE:** CA
- **ZIP:** 91201
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Public Storage
- **CENTRAL INDEX KEY:** 0001393311
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 953551121
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 701 WESTERN AVENUE
- **CITY:** GLENDALE
- **STATE:** CA
- **ZIP:** 91201-2349
- **BUSINESS PHONE:** 818-244-8080

**MAIL ADDRESS:**
- **STREET 1:** 701 WESTERN AVENUE
- **CITY:** GLENDALE
- **STATE:** CA
- **ZIP:** 91201-2349

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>RUSSELL JOSEPH D JR<br><sub>(Last) (First) (Middle)</sub><br>C/O PUBLIC STORAGE<br>701 WESTERN AVENUE<br><sub>(Street)</sub><br>GLENDALE, CA 91201<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_President and CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Public Storage [ PSA ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-02-28 |  | F |  | 217 | D | $298.95 | 45131<sup>(1)</sup> | D |  |
| Common Stock | 2023-02-28 |  | F |  | 1790 | D | $298.95 | 43341<sup>(2)</sup> | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Option (Right to Buy)<sup>(3)</sup> | 221.68<sup>(3)</sup> | 2023-01-17<sup>(3)</sup> |  | A |  | 103275<sup>(3)</sup> |  | 2023-03-06<sup>(3)</sup> | 2030-03-06<sup>(3)</sup> | Common Stock | 103275<sup>(3)</sup> | $0 | 103275<sup>(3)</sup> | D |  |

---

### Footnotes:

(1) Includes 30,650 restricted stock units.

(2) Includes 26,900 restricted stock units.

(3) Reflects an award of performance-based stock options originally granted March 6, 2020, subject to a three year (2020-2022) performance period. As originally granted, this award was for 80,000 options (at target) with an exercise price of $228.94 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On January 17, 2023, following completion of the performance period, the Compensation Committee certified performance at 125% of target, as reflected here. Three-fifths of these options will vest on March 6, 2023, with the remaining vesting ratably over the next two years. These options were previously inadvertently omitted.

**Signature:** /s/ Nathaniel A. Vitan, Attorney-in-Fact  
**Date:** 2023-03-02

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**