Public Storage — Director's Dealing 2014

Feb 21, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2014-02-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-20	Common Stock	A	50000	$0.00	Acquired	87500	Direct
2014-02-20	Common Stock	F	3046	$166.71	Disposed	84454	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-20	Stock Option (right to buy)	$166.71	A	100000	Acquired	2024-02-20	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	85000	Indirect

Footnotes

F1: Award of restricted share units that vest in five (5) equal annual installments beginning one (1) year from the date of grant.

F2: Includes 80,000 restricted share units.

F3: Includes 33,334 restricted share units.

F4: By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.

F5: Stock Options 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.