Public Storage — Director's Dealing 2015

Aug 11, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2015-08-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-08-10	Common Stock	M	25334	$95.18	Acquired	89424	Indirect
2015-08-10	Common Stock	S	25334	$207.7652	Disposed	64090	Indirect
2015-08-11	Common Stock	M	40000	$95.18	Acquired	104090	Indirect
2015-08-11	Common Stock	S	40000	$209.5161	Disposed	64090	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-08-10	Stock Option (right to buy)	$95.18	M	25334	Disposed	2016-12-08	Common Stock (25334)	Indirect
2015-08-11	Stock Option (right to buy)	$95.18	M	40000	Disposed	2016-12-08	Common Stock (40000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	127466	Direct

Footnotes

F1: By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.

F2: Represents weighted average price. These shares were sold at prices ranging between $207.50 and $208.71. 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: Represents weighted average price. These shares were sold at prices ranging between $208.98 and $210.57. 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.

F4: Includes 110,487 restricted share units.

F5: Stock option granted pursuant to the 2001 Stock Option and Incentive Plan. Option vests in three (3) equal annual installments beginning one (1) year from grant date.