Public Storage — Director's Dealing 2014

May 5, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2014-05-01

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-01	Stock Option (right to buy)	$176.19	A	5000	Acquired	2024-05-01	Common stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8105	Direct
Common Stock	11348	Direct
Common Stock	5588545	Indirect
Common Stock	65358	Indirect
Common Stock	3390	Indirect
Common Stock	31160	Indirect
Common Stock	233	Indirect
Common Stock	444	Indirect
Common Stock	44312	Indirect
Common Stock	17890	Indirect
Common Stock	400000	Indirect
Common Stock	300000	Indirect

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
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)	$74.23	2017-08-02	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$91.68	2017-05-03	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$60.06	2015-05-05	Common Stock (2500)	2500	Direct

Footnotes

F1: By reporting person and wife as joint tenants.

F2: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F3: By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust.

F4: By daughter.

F5: By reporting person as custodian for son.

F6: By son.

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

F8: By wife.

F9: By custodian of an IRA for benefit of reporting person.

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: Reporting person and wife are trustees of two trusts for the benefit of their children, each of which owns a 50% interest in a limited liability company that owns a total of 300,000 shares.

F13: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Options vest in three (3) equal annual installments beginning one (1)1 year from the grant date.

F14: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan. Options vest in three (3) equal annual installments beginning one (1) year from grant date.