Public Storage — Director's Dealing 2016

Mar 15, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2016-03-11

Reporting Person: KROL CANDACE N. (CHRO & SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-11	Common Stock	M	15000	$184.85	Acquired	61346	Direct
2016-03-11	Common Stock	S	15000	$255.0036	Disposed	46346	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-11	Stock Option (right to buy)	$184.85	M	15000	Disposed	2024-12-31	Common Stock (15000)	Direct

Footnotes

F1: Includes 17,400 restricted share units.

F2: Represents weighted average sale price. These shares were sold at prices ranging between $255.00 and $255.13. 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: 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.