Public Storage — Director's Dealing 2013

May 22, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2013-05-20

Reporting Person: Weidmann Shawn (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-20	Common Stock	M	5690	$122.45	Acquired	16460	Direct
2013-05-20	Common Stock	S	5690	$167.1561	Disposed	10770	Direct
2013-05-21	Common Stock	M	9310	$122.45	Acquired	20080	Direct
2013-05-21	Common Stock	S	9310	$167.3539	Disposed	10770	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-20	Stock Option (right to buy)	$122.45	M	5690	Disposed	2021-08-29	Common Stock (5690)	Direct
2013-05-21	Stock Option (right to buy)	$122.45	M	9310	Disposed	2021-08-29	Common Stock (9310)	Direct

Footnotes

F1: Includes 10,375 restricted share units.

F2: Represents weighted average price. These shares were sold at price ranging between $167.00 and $167.55. 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.

F3: Represents weighted average price. These shares were sold at price ranging between $167.05 and $167.85. 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.

F4: 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 date of grant.