Public Storage — Director's Dealing 2014

Mar 17, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2014-03-14

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-14	Common Stock	M	83000	$69.87	Acquired	159303	Indirect
2014-03-14	Common Stock	S	83000	$168.1791	Disposed	76303	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-14	Stock Option (right to buy)	$69.87	M	83000	Disposed	2015-12-08	Common Stock (83000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	84454	Direct

Footnotes

F1: Includes 16,667 restricted share units.

F2: By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.

F3: Represents weighted average price. These shares were sold at prices ranging between $167.805 and $168.56. 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: Includes 80,000 restricted share units.

F5: Stock option granted pursuant to the 2001 Stock Option and Incentive Plan. Option vests in three (3) equal annual installments beginning one (1) year from grant date.