Sec Form 4 Filing - HUGHES B WAYNE JR @ Public Storage - 2015-05-18

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person HUGHES B WAYNE JR 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) (Last) (First) (Middle) C/O PUBLIC STORAGE, 701 WESTERN AVENUE 3. Date of Earliest Transaction (MM/DD/YY) 05/18/2015 (Street) GLENDALE, CA91201 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 05/18/2015 S 78,050 ( 1 ) D $ 200.1409 ( 2 ) 321,950 ( 1 ) I By LLC ( 1 ) Common Stock 05/19/2015 S 81,700 ( 3 ) D $ 198.1371 ( 4 ) 240,250 ( 3 ) I By LLC ( 3 ) Common Stock 5,000 D Common Stock 5,580,655 I As Trustee ( 5 ) Common Stock 8,105 D ( 6 ) Common Stock 11,348 D ( 7 ) Common Stock 65,358 I By daughter ( 8 ) Common Stock 3,390 I As custodian for son ( 9 ) Common Stock 31,160 I By son ( 10 ) Common Stock 233 I By wife IRA ( 11 ) Common Stock 444 I By wife ( 12 ) Common Stock 44,312 I By IRA ( 13 ) Common Stock 17,890 I By wife as custodian ( 14 ) Common Stock 300,000 I By LLC ( 15 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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) ( 16 ) $ 187.91 04/30/2016 04/30/2025 Common Stock 5,000 5,000 D Stock Option (right to buy) ( 16 ) $ 176.19 05/01/2015 05/01/2024 Common stock 5,000 5,000 D Stock Option (right to buy) ( 16 ) $ 164.62 05/09/2014 05/09/2023 Common Stock 5,000 5,000 D Stock Option (right to buy) ( 16 ) $ 144.97 05/03/2013 05/03/2022 Common Stock 5,000 5,000 D Stock Option (right to buy) ( 16 ) $ 115.96 05/05/2012 05/05/2021 Common Stock 5,000 5,000 D Stock Option (right to buy) ( 16 ) $ 94.25 05/06/2011 05/06/2020 Common Stock 5,000 5,000 D Stock Option (right to buy) ( 16 ) $ 62.8 05/07/2010 05/07/2019 Common Stock 5,000 5,000 D Stock Option (right to buy) ( 16 ) $ 91.81 05/08/2009 05/08/2018 Common Stock 5,000 5,000 D Stock Option (right to buy) ( 16 ) $ 74.23 08/02/2008 08/02/2017 Common Stock 2,500 2,500 D Stock Option (right to buy) ( 16 ) $ 91.68 05/03/2008 05/03/2017 Common Stock 2,500 2,500 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other HUGHES B WAYNE JR C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE, CA91201 X X Signatures /s/ David Goldberg, Attorney-in-Fact 05/20/2015 Signature of Reporting Person Date

Explanation of Responses:

( 1 )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 sold a total of 156,100 shares and, after this sale, owns a total of 643,900 shares. ( 2 )Represents weighted average price. These shares were sold at prices ranging between $199.39 and $200.51. 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 refered to in footnote 1, sold a total of 163,400 shares and, after this sale, owns a total of 480,500 shares. ( 4 )Represents weighted average price. These shares were sold at prices ranging between $197.00 and $199.40. 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 )By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust. ( 6 )By reporting person and wife as joint tenants. ( 7 )By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property. ( 8 )By daughter. ( 9 )By reporting person as custodian for son. ( 10 )By son. ( 11 )By custodian of an IRA for benefit of wife. ( 12 )By wife. ( 13 )By custodian of an IRA for benefit of reporting person. ( 14 )By wife as custodian for son. ( 15 )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. ( 16 )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.

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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