Public Storage — Director's Dealing 2015

Dec 16, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2015-12-14

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-12-14	Common Stock	M	25000	$50.30	Acquired	173822	Direct
2015-12-14	Common Stock	S	25000	$248.4971	Disposed	148822	Direct
2015-12-14	Common Stock	I	67791.3569	$25.046	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-12-14	Stock Option (right to buy)	$50.30	M	25000	Disposed	2019-03-02	Common Stock (25000)	Direct

Footnotes

F1: Includes 85,375 restricted share units.

F2: Represents weighted average purchase price. These shares were sold at prices ranging between $248.4385 and $248.67. 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 December 14, 2015. There is not a one to one correlation between units and shares.

F4: Represents per unit price of unitized company stock.

F5: 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.