Public Storage — Director's Dealing 2013

Feb 26, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2013-02-20

Reporting Person: HAVNER RONALD L JR (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-02-20	Common Stock	A	37500	—	Acquired	37500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-02-21	Stock Option (right to buy)	$152.01	A	100000	Acquired	2023-02-21	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	85000	Indirect
Common Stock	300	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$50.30	2018-03-02	Common Stock (46683)	100000	Direct
Stock Option (right to buy)	$81.81	2017-12-08	Common Stock (83000)	83000	Direct
Stock Option (right to buy)	$95.18	2016-12-08	Common Stock (83000)	83000	Direct
Stock Option (right to buy)	$69.87	2015-12-08	Common Stock (83000)	83000	Direct

Footnotes

F1: Award of restricted share units that vest in 5 equal annual installments beginning 1 year from date of grant.

F2: Includes 37,500 restricted share units.

F3: Includes 50,000 restricted share units.

F4: By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.

F5: By Ronald L. Havner, Jr. for benefit of son.

F6: 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.

F7: Share 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.

F8: Stock options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Options vest in 5 equal annual installments beginning 1 year from grant date.