Public Storage — Director's Dealing 2014

Mar 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2014-03-12

Reporting Person: REYES JOHN (SENIOR VICE PRESIDENT / CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-12	Common Stock	M	50000	$50.30	Acquired	168353	Direct
2014-03-12	Common Stock	S	50000	$166.7797	Disposed	118353	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-12	Stock Option (right to buy)	$50.30	M	50000	Disposed	2019-03-02	Common Stock (50000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	64124.9585	Indirect

Footnotes

F1: Includes 65,250 restricted share units.

F2: Represents weighted average purchase price. These shares were sold at prices ranging between $166.6946 and $166.803. Full information regarding the number of shares purchased 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: 401(k) plan units that represent interests in common stock; based on plan information as of February 28, 2014. There is not a one to one correlation between units and shares.

F4: Stock option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Options vest in five (5) equal annual installments beginning one (1) year from date of grant.