Public Storage — Director's Dealing 2016

Mar 4, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2016-03-03

Reporting Person: DOLL DAVID F (SENIOR VICE PRESIDENT)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-03	Common Stock	M	20000	$184.85	Acquired	74975	Direct
2016-03-03	Common Stock	S	20000	$252.2505	Disposed	54975	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-03	Stock Option (right to buy)	$184.85	M	20000	Disposed	2024-12-31	Common Stock (20000)	Direct

Footnotes

F1: Includes 31,200 restricted share units.

F2: Represents weighted average purchase price. These shares were sold at prices ranging from $252.00 to $253.31. 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 2007 Equity and Performance-Based Incentive Compensation Plan, as amended. Options vest in five (5) equal annual installments beginning one (1) year from the date of grant.