Tamara Hughes Gustavson Form 4 Public Storage / TAMARA HUGHES GUSTAVSON ownership change

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)
05/20/2015

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	05/20/2015		S		139,500(1)	D	$196.7298(2)	100,750(1)	I	By LLC(1)
Common Stock	05/21/2015		S		64,884(3)	D	$195.2724(4)	35,866(3)	I	By LLC(3)
Common Stock	05/22/2015		S		35,866(5)	D	$195.3892(6)	0(5)	I	By LLC(5)
Common Stock								2,500	I	As custodian(7)
Common Stock								11,348	D(8)
Common Stock								17,890	I	By husband as custodian(9)
Common Stock								17,890	I	By husband as custodian(10)
Common Stock								16,327,449	D
Common Stock								27,343(11)	I	by IRA(11)
Common Stock								1,300	I	By husband(12)
Common Stock								5,500	D(13)
Common Stock								375,000	I	By son(14)
Common Stock								375,000	I	By trust(15)
Common Stock								1,000,000	I	By husband as trustee(16)

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)(17)	$187.91							04/30/2016	04/30/2025	Common Stock	5,000		5,000	D
Stock Option (right to buy)(17)	$176.19							05/01/2015	05/01/2024	Common Stock	5,000		5,000	D
Stock Option (right to buy)(17)	$164.42							05/09/2014	05/09/2023	Common Stock	5,000		5,000	D
Stock Option (right to buy)(17)	$144.97							05/03/2013	05/03/2022	Common Stock	5,000		5,000	D
Stock Option (right to buy)(17)	$115.96							05/05/2012	05/05/2021	Common Stock	5,000		5,000	D
Stock Options (right to buy)(17)	$94.25							05/06/2011	05/06/2020	Common Stock	5,000		5,000	D
Stock Options (right to buy)(17)	$62.8							05/07/2010	05/07/2019	Common Stock	5,000		5,000	D
Stock Options (right to buy)(17)	$70.72							11/25/2009	11/25/2018	Common Stock	15,000		15,000	D

Explanation of Responses:

1. Reporting person is the successor trustee of two trusts for the benefit of her children that own a 50% interest in a limited liability company that sold a total of 279,000 shares and, after this sale, owns a total of 201,500 shares.

2. Represents weighted average price. These shares were sold at prices ranging between $196.15 and $198.00. Full information regarding the number of shares sold 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.

3. The limited liability company referred to in footnote 1, sold a total of 129,768 shares and, after this sale, owns a total of 71,732 shares.

4. Represents weighted average price. These shares were sold at prices ranging between $195.00 and $197.0575. Full information regarding the number of shares sold 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.

5. The limited liability company referred to in footnote 1, sold a total of 71,732 shares and, after this sale, it no longer owns any shares.

6. Represents weighted average price. These shares were sold at prices ranging between $195.00 and $196.18. Full information regarding the number of shares sold 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.

7. By reporting person as custodian for son.

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

9. By husband as custodian for son.

10. By husband as custodian for daughter.

11. By custodian of an IRA for benefit of reporting person.

12. By husband.

13. By reporting person and husband.

14. By son. Previously reported as owned by husband as trustee of a charitable lead annuity trust.

15. By trust for the benefit of daughter. Previously reported as owned by husband as trustee of a charitable lead annuity trust.

16. By husband as trustee of charitable lead annuity trust.

17. 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.

Remarks:

	/s/ David Goldberg, Attorney-in-Fact	05/22/2015
	** 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).
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