Public Storage — Director's Dealing 2014

May 14, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2014-05-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-13	Common Stock	M	7398	$50.30	Acquired	44406	Direct
2014-05-13	Common Stock	S	7398	$173.00	Disposed	37008	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-13	Stock Option (right to buy)	$50.30	M	7398	Disposed	2019-03-02	Common Stock (7398)	Direct

Footnotes

F1: Includes 19,813 restricted share units.

F2: 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.