Public Storage — Director's Dealing 2014

Aug 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2014-08-12

Reporting Person: KROL CANDACE N. (SR. VP OF HUMAN RESOURCES)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-12	Common Stock	M	1900	$80.48	Acquired	38908	Direct
2014-08-12	Common Stock	S	1900	$175.0528	Disposed	37008	Direct
2014-08-13	Common Stock	M	8100	$80.48	Acquired	45108	Direct
2014-08-13	Common Stock	S	8100	$175.7367	Disposed	37008	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-12	Stock Option (right to buy)	$80.48	M	1900	Disposed	2018-02-27	Common Stock (1900)	Direct
2014-08-13	Stock Option (right to buy)	$80.48	M	8100	Disposed	2018-02-27	Common Stock (8100)	Direct

Footnotes

F1: Includes 19,813 restricted share units.

F2: Represents weighted average price. These shares were sold at prices ranging between $175.00 and $175.22. 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 prices ranging between $175.00 and $176.33. 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 Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan As Amended. Options vest in five (5) equal annual installments beginning one (1) year from date of grant.