Public Storage — Director's Dealing 2015

May 22, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2015-05-20

Reporting Person: HUGHES B WAYNE JR (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-20	Common Stock	S	139500	$196.7298	Disposed	100750	Indirect
2015-05-21	Common Stock	S	64884	$195.2724	Disposed	35866	Indirect
2015-05-22	Common Stock	S	35866	$195.3892	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5000	Direct
Common Stock	5580655	Indirect
Common Stock	8105	Direct
Common Stock	11348	Direct
Common Stock	65358	Indirect
Common Stock	3390	Indirect
Common Stock	31160	Indirect
Common Stock	233	Indirect
Common Stock	444	Indirect
Common Stock	44312	Indirect
Common Stock	17890	Indirect
Common Stock	300000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$187.91	2025-04-30	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$176.19	2024-05-01	Common stock (5000)	5000	Direct
Stock Option (right to buy)	$164.62	2023-05-09	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$144.97	2022-05-03	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$115.96	2021-05-05	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$94.25	2020-05-06	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$91.81	2018-05-08	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$74.23	2017-08-02	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$91.68	2017-05-03	Common Stock (2500)	2500	Direct

Footnotes

F1: Reporting person is the successor trusteee of two trusts for the benefit of his children that own a 50% interest in a limited liability company that sold a total of 279,000 shares and, after this sale, owns a total of 201,500 shares.

F2: Represents weighted average price. These shares were sold at prices ranging between $196.15 and $198.00. 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: The limited liability company refered to in footnote 1, sold a total of 129,768 shares and, after this sale, owns a total of 71,732 shares.

F4: Represents weighted average price. These shares were sold at prices ranging between $197.00 and $199.40. 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.

F5: The limited liability company refered to in footnote 1, sold a total of 71,732 shares and, after this sale, no longer owns any shares.

F6: Represents weighted average price. These shares were sold at prices ranging between $195.00 and $196.18. 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.

F7: By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust.

F8: By reporting person and wife as joint tenants.

F9: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F10: By daughter.

F11: By reporting person as custodian for son.

F12: By son.

F13: By custodian of an IRA for benefit of wife.

F14: By wife.

F15: By custodian of an IRA for benefit of reporting person.

F16: By wife as custodian for son.

F17: Reporting person and wife are trustees of two trusts for the benefit of their children, each of which owns a 50% interest in a limited liability company that owns a total of 300,000 shares.

F18: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan as Amended. Options vest in three (3) equal annual installments beginning one (1) year from the grant date.