Public Storage — Director's Dealing 2014

Jan 27, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2013-12-16

Reporting Person: HUGHES B WAYNE ET AL (10% Owner, Chairman Emeritus)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-12-16	Common Stock	G	122755	—	Disposed	2235386	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1428	Indirect

Footnotes

F1: By B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77 (the "Living Trust").

F2: By custodian of an IRA for the reporting person's benefit. Includes 1 share not previously reported.

F3: Includes 735,000 shares previously reported as owned by B. Wayne Hughes, trustee of Wayne Hughes 6-07 Annuity Trust.