SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
HUGHES B WAYNE JR
(Last) (First) (Middle)
C/O PUBLIC STORAGE
701 WESTERN AVENUE
(Street)
GLENDALE CA 91201
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
03/03/2015
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/03/2015 M 2,500 A $60.06 2,500 D
Common Stock 5,583,155 I As Trustee(1)
Common Stock 8,105 D(2)
Common Stock 11,348 D(3)
Common Stock 65,358 I By daughter(4)
Common Stock 3,390 I As custodian for son(5)
Common Stock 31,160 I By son(6)
Common Stock 233 I By wife IRA(7)
Common Stock 444 I By wife(8)
Common Stock 44,312 I By IRA(9)
Common Stock 17,890 I By wife as custodian(10)
Common Stock 400,000 I By LLC(11)
Common Stock 300,000 I By LLC(12)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)(13) $176.19 05/01/2015 05/01/2024 Common stock 5,000 5,000 D
Stock Option (right to buy)(13) $164.62 05/09/2014 05/09/2023 Common Stock 5,000 5,000 D
Stock Option (right to buy)(13) $144.97 05/03/2013 05/03/2022 Common Stock 5,000 5,000 D
Stock Option (right to buy)(13) $115.96 05/05/2012 05/05/2021 Common Stock 5,000 5,000 D
Stock Option (right to buy)(13) $94.25 05/06/2011 05/06/2020 Common Stock 5,000 5,000 D
Stock Option (right to buy)(13) $62.8 05/07/2010 05/07/2019 Common Stock 5,000 5,000 D
Stock Option (right to buy)(13) $91.81 05/08/2009 05/08/2018 Common Stock 5,000 5,000 D
Stock Option (right to buy)(13) $74.23 08/02/2008 08/02/2017 Common Stock 2,500 2,500 D
Stock Option (right to buy)(13) $91.68 05/03/2008 05/03/2017 Common Stock 2,500 2,500 D
Stock Option (right to buy)(14) $60.06 03/03/2015 M 2,500 05/05/2006 05/05/2015 Common Stock 2,500 $0 0 D
Explanation of Responses:
1. By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust.
2. By reporting person and wife as joint tenants.
3. By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
4. By daughter.
5. By reporting person as custodian for son.
6. By son.
7. By custodian of an IRA for benefit of wife.
8. By wife.
9. By custodian of an IRA for benefit of reporting person.
10. By wife as custodian for son.
11. Reporting person is the successor trusteee of two trusts for the benefit of his children that own a 50% interest in a limited liability company that owns a total of 800,000 shares.
12. Reporting person and wife are trustees of two trusts for the benefit of their children, each of which owns a 50% interest in a limited liability company that owns a total of 300,000 shares.
13. 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.
14. Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan. Options vest in three (3) equal annual installments beginning one (1) year from grant date.
Remarks:
/s/ David Goldberg, Attorney-in-Fact 03/05/2015
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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