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: GUSTAVSON TAMARA HUGHES (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	2500	Indirect
Common Stock	11348	Direct
Common Stock	17890	Indirect
Common Stock	17890	Indirect
Common Stock	16327449	Direct
Common Stock	27343	Indirect
Common Stock	1300	Indirect
Common Stock	5500	Direct
Common Stock	375000	Indirect
Common Stock	375000	Indirect
Common Stock	1000000	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)	$164.42	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 Options (right to buy)	$94.25	2020-05-06	Common Stock (5000)	5000	Direct
Stock Options (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Options (right to buy)	$70.72	2018-11-25	Common Stock (15000)	15000	Direct

Footnotes

F1: Reporting person is the successor trustee of two trusts for the benefit of her 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 referred 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 $195.00 and $197.0575. 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 referred to in footnote 1, sold a total of 71,732 shares and, after this sale, it 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 reporting person as custodian for son.

F8: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F9: By husband as custodian for son.

F10: By husband as custodian for daughter.

F11: By custodian of an IRA for benefit of reporting person.

F12: By husband.

F13: By reporting person and husband.

F14: By son. Previously reported as owned by husband as trustee of a charitable lead annuity trust.

F15: By trust for the benefit of daughter. Previously reported as owned by husband as trustee of a charitable lead annuity trust.

F16: By husband as trustee of charitable lead annuity trust.

F17: 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.