Public Storage — Director's Dealing 2017

Jan 3, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2016-12-30

Reporting Person: HUGHES B WAYNE ET AL (10% Owner, Chairman Emeritus)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-30	Common Stock	J	295000	—	Disposed	1240386	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	994	Indirect

Footnotes

F1: Represents contribution of common stock by reporting person to a limited liability company owned by reporting person and Tamara Hughes Gustavson. Ms. Gustavson is the manager of the limited liability company and controls the voting and disposition of the shares. The limited liability company owns substantial assets in addition to these shares.

F2: By B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77 (the "Living Trust").

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