Public Storage — Director's Dealing 2016

Dec 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2016-12-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-15	Common Stock	G	34320	—	Disposed	5034127	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11348	Direct
Common Stock	44312	Indirect
Common Stock	22100	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$258.49	2026-04-25	Common Stock (5000)	5000	Direct
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

Footnotes

F1: Includes 5,000 shares previously reported as directly owned.

F2: By reporting person as trustee for the B. Wayne Hughes, Jr. Living Trust.

F3: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F4: By custodian of an IRA for benefit of reporting person.

F5: By reporting person as a trustee of a trust for the benefit of reporting person's son.

F6: 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.