Ownership Submission
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 OF SECURITIES

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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(Print or Type Responses)
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 (Month/Day/Year)
12/12/2014
(Street)

GLENDALE, CA 91201		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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               8,105 D (1)  
Common Stock               11,348 D (2)  
Common Stock 12/12/2014   G V 5,390 D $ 0 5,583,155 I As Trustee (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)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 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) $ 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             05/05/2006 05/05/2015 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, CA 91201		   X   X    

Signatures

 /s/ David Goldberg, Attorney-in-Fact   02/09/2015
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) By reporting person and wife as joint tenants.
(2) By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
(3) By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust.
(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. Options vest in three (3) equal annual installments beginning one (1)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.

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