Public Storage — Director's Dealing 2017

Feb 23, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2017-02-21

Reporting Person: HAVNER RONALD L JR (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-21	Common Stock	F	13788	$227.73	Disposed	138073	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	81069	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$233.61	2026-02-15	Common Stock (100000)	100000	Direct
Stock Option (right to buy)	$198.79	2025-02-19	Common Stock (100000)	100000	Direct
Stock Option (right to buy)	$166.71	2024-02-20	Common Stock (100000)	100000	Direct
Stock Option (right to buy)	$152.01	2023-02-21	Common Stock (100000)	100000	Direct
Stock Option (right to buy)	$50.30	2019-03-02	Common Stock (100000)	100000	Direct
Stock Option (right to buy)	$81.81	2017-12-08	Common Stock (83000)	83000	Direct

Footnotes

F1: Includes 115,487 restricted stock units. Mr. Havner has postponed receipt of 10,000 shares of vested restricted stock units granted on February 19, 2015 with an original vesting date of April 1, 2016, for receipt in 10 equal installments over 10 years starting on each April 1, 2021 to April 1, 2030.

F2: By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.

F3: Stock Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan, as amended. Option vests in five (5) equal annual installments beginning one (1) year from the date of grant.

F4: Stock Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan, as amended. Option vests in three (3) equal annual installments beginning one (1) year from the date of grant.