Public Storage — Director's Dealing 2021

May 3, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2021-04-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-30	Common Stock	G	2283400	—	Disposed	2330000	Indirect
2021-04-29	Common Stock	M	5000	$115.96	Acquired	2673316	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-29	Stock Option (Right to Buy)	$115.96	M	5000	Disposed	2021-05-05	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11348	Direct
Common Stock	44312	Indirect
Common Stock	22100	Indirect

Footnotes

F1: This option to purchase 5,000 shares of common stock vested as to one-third on each of May 5, 2012, 2013 and 2014.

F2: On December 24, 2020, the reporting person transferred 2,330,000 shares of common stock to GasDog 2020 LLC, in which the reporting person owned a 100% interest. On December 30, 2020, 98% of the interest in GasDog 2020 LLC was transferred to the B. Wayne Hughes, Jr. Irrevocable Trust, of which the reporting person is a beneficiary. The reporting person disclaims beneficial ownership of the LLC's holdings except to the extent of his pecuniary interest in them.

F3: By reporting person as trustee for the B. Wayne Hughes, Jr. Living Trust.

F4: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F5: By custodian of an IRA for benefit of reporting person.

F6: By reporting person as a trustee of a trust for the benefit of reporting person's son.