Public Storage — Director's Dealing 2013

Feb 1, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2009-10-07

Reporting Person: HUGHES B WAYNE JR (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-10-07	Common Stock	G	500	—	Disposed	5685580	Indirect
2010-04-30	Common Stock	G	1000	—	Disposed	5684580	Indirect
2010-06-30	Common Stock	G	200	—	Disposed	5684380	Indirect
2011-04-15	Common Stock	G	300	—	Disposed	5684080	Indirect
2012-12-21	Common Stock	G	95542	—	Disposed	5588545	Indirect
2012-12-21	Common Stock	G	31160	—	Acquired	65358	Indirect
2012-12-21	Common Stock	G	31160	—	Acquired	31160	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8005	Direct
Common Stock	11348	Direct
Common Stock	3390	Indirect
Common Stock	233	Indirect
Common Stock	444	Indirect
Common Stock	44312	Indirect
Common Stock	17890	Indirect
Common Stock	400000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$144.97	2022-05-03	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$115.96	2021-05-05	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$94.25	2020-05-06	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$91.81	2018-05-08	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$91.68	2017-05-03	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$74.23	2017-08-02	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$60.06	2015-05-05	Common Stock (2500)	2500	Direct

Footnotes

F1: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F2: By reporting person and wife as joint tenants.

F3: By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust. Includes 1000,000 shares previously reported as owned by reporting person as successor trustee and holder of remainder interest in charitable lead annuity trust.

F4: Includes a total of 34,198 shares previously reported as owned by reporting person or wife as custodians for daughter. Also reflects gift of 31,160 shares from reporting person.

F5: By reporting person as custodian for son.

F6: By son. Reflects gift of 31,160 shares from reporting person.

F7: By custodian of an IRA for benefit of wife.

F8: By wife.

F9: By custodian of an IRA for benefit of reporting person. Includes rollover of 43,081 shares from reporting person's 401(K) plan.

F10: By wife as custodian for son.

F11: Reporting person is the successor trusteee of two trusts for the benefit of his children that own a 50% interest in a limited liability company that owns a total of 800,000 shares.

F12: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 3 equal annual installments beginning 1 year from grant date.

F13: 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 grant date.

F14: Includes upward adjustment of 7 shares to reflect shares previously received under a dividend reinvestment plan through a securities brokerage firm.