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*
GUSTAVSON TAMARA HUGHES
(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)
11/10/2016
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 11/10/2016 P 69,000 A $214.9737(1) 16,396,449 D
Common Stock 11/11/2016 P 763 A $215.29 16,397,212 D
Common Stock 11,348 D(2)
Common Stock 17,890 I By husband as custodian(3)
Common Stock 27,343 I By IRA(4)
Common Stock 1,300 I By husband(5)
Common Stock 5,500 D(6)
Common Stock 895,390 I By son(7)
Common Stock 675,000 I By custodian(8)
Common Stock 200,000 I By LLC(9)
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)(10) $258.49 04/25/2017 04/25/2026 Common Stock 5,000 5,000 D
Stock Option (right to buy)(10) $187.91 04/30/2016 04/30/2025 Common Stock 5,000 5,000 D
Stock Option (right to buy)(10) $176.19 05/01/2015 05/01/2024 Common Stock 5,000 5,000 D
Stock Option (right to buy)(10) $164.42 05/09/2014 05/09/2023 Common Stock 5,000 5,000 D
Stock Option (right to buy)(10) $144.97 05/03/2013 05/03/2022 Common Stock 5,000 5,000 D
Stock Option (right to buy)(10) $115.96 05/05/2012 05/05/2021 Common Stock 5,000 5,000 D
Stock Option (right to buy)(10) $94.25 05/06/2011 05/06/2020 Common Stock 5,000 5,000 D
Stock Option (right to buy)(10) $62.8 05/07/2010 05/07/2019 Common Stock 5,000 5,000 D
Stock Option (right to buy)(10) $70.72 11/25/2009 11/25/2018 Common Stock 15,000 15,000 D
Explanation of Responses:
1. Represents weighted average purchase price. These shares were purchased at prices ranging between $214.45 and $216.07. Full information regarding the number of shares purchased at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer or a security holder of the issuer.
2. By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
3. By husband as custodian for daughter.
4. By custodian of an IRA for benefit of reporting person.
5. By husband.
6. By reporting person and husband
7. By son. Includes 875,000 shares previously reported as owned by husband as trustee of a charitable lead annuity trust, 2,500 shares previously reported as owned by reporting person as custodian for son and 17,890 shares previously reported as owned by husband as custodian for son.
8. By third party custodian for the benefit of daughter. Includes 675,000 shares previously reported as owned by husband as trustee of a charitable lead annuity trust.
9. By limited liability company wholly-owned by daughter. Previously reported as owned by husband as trustee of a charitable lead annuity trust.
10. Stock Option 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.
/s/ David Goldberg, Attorney-in-Fact 11/14/2016
** 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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