Public Storage — Director's Dealing 2016

Jan 22, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2015-11-23

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-23	Common Stock	G	1445	—	Disposed	5087785	Indirect
2015-12-23	Common Stock	G	24146	—	Disposed	5063639	Indirect
2016-01-05	Common Stock	G	1990	—	Disposed	5061649	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2500	Direct
Common Stock	8005	Direct
Common Stock	11348	Direct
Common Stock	44312	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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
Stock Option (right to buy)	$74.23	2017-08-02	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$91.68	2017-05-03	Common Stock (2500)	2500	Direct

Footnotes

F1: By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust.

F2: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F3: By custodian of an IRA for benefit of reporting person.

F4: 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.