Public Storage — Director's Dealing 2013

May 14, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2013-05-14

Reporting Person: STATON DANIEL C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-14	Common Stock	M	3333	$115.96	Acquired	26916	Direct
2013-05-14	Common Stock	M	5000	$94.25	Acquired	31916	Direct
2013-05-14	Common Stock	M	1667	$62.80	Acquired	33583	Direct
2013-05-14	Common Stock	M	5000	$91.81	Acquired	38583	Direct
2013-05-14	Common Stock	M	2500	$91.68	Acquired	41083	Direct
2013-05-14	Common Stock	M	2500	$85.50	Acquired	43583	Direct
2013-05-14	Common Stock	M	2500	$74.23	Acquired	46083	Direct
2013-05-14	Common Stock	S	12398	$165.2069	Disposed	33685	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-14	Stock Option (right to buy)	$115.96	M	3333	Disposed	2021-05-05	Common Stock (3333)	Direct
2013-05-14	Stock Option (right to buy)	$94.25	M	5000	Disposed	2020-05-06	Common Stock (5000)	Direct
2013-05-14	Stock Option (right to buy)	$62.80	M	1667	Disposed	2019-05-07	Common Stock (1667)	Direct
2013-05-14	Stock Option (right to buy)	$91.81	M	5000	Disposed	2018-05-08	Common Stock (5000)	Direct
2013-05-14	Stock Option (right to buy)	$74.23	M	2500	Disposed	2017-08-02	Common Stock (2500)	Direct
2013-05-14	Stock Option (right to buy)	$91.68	M	2500	Disposed	2017-05-03	Common Stock (2500)	Direct
2013-05-14	Stock Option (right to buy)	$85.50	M	2500	Disposed	2016-08-22	Common Stock (2500)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$164.62	2023-05-09	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$144.97	2022-05-03	Common Stock (5000)	5000	Direct

Footnotes

F1: Represents weighted average purchase price. These shares were sold at prices ranging between $165.00 and $165.50. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

F2: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Options vest in 3 equal annual installments beginning 1 year from date of grant.

F3: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan. Options vest in 3 equal annual installments beginning 1 year from date of grant.