Public Storage — Director's Dealing 2016

Dec 14, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2016-12-14

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-14	Common Stock	M	50000	$97.47	Acquired	227150	Direct
2016-12-14	Common Stock	S	50000	$215.4208	Disposed	177150	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-14	Stock Option (right to buy)	$97.47	M	50000	Disposed	2017-03-15	Common Stock (50000)	Direct

Footnotes

F1: Includes 102,000 restricted share units.

F2: Represents weighted average purchase price. These shares were sold at prices ranging between $214.77 and $216.42. 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: Stock option granted pursuant to the 2001 Stock Option and Incentive Plan. Option vested in eight (8) annual installments beginning one (1) year from date of grant.