PUBLIC STORAGE (NYSE:PSA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item5.02

On February 22, 2017, the Board of Trustees (the Board) of Public
Storage (the Company) increased the size of the Board to nine
trustees and, in connection with such increase,appointedLeslie S.
Heisz, age 56, to serve as trustee of the Company effective
February 23, 2017. Ms. Heisz has extensive experience in
investment banking and finance, serving in executive-level roles
at firms including Lazard Freres Co., Wasserstein Perella Co. and
Salomon Brothers. She currently serves on the boards of directors
of Kaiser Permanente and Edwards Life Sciences, and she recently
completed service to the boards of Ingram Micro Inc. and Towers
Watson.

Ms. Heiszs will receive compensation consistent with that
received by the Companys other non-employee trustees, as
disclosed in the Companys definitive proxy statement, filed with
the Securities and Exchange Commission on March 16, 2016, in
connection with the Companys 2016 annual meeting of
shareholders.. Ms. Heisz is not a party to any transaction
requiring disclosure to Item 404(a) of Regulation S-K.

On February 22, 2017, the Company issued a press release
announcing Ms. Heiszs appointment to the Board. A copy of this
press release is furnished hereto as Exhibit 99.1 to this Current
Report on Form 8-K.

About PUBLIC STORAGE (NYSE:PSA)

Public Storage is a real estate investment trust. The Company’s business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. It operates through Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe segments. It also has direct and indirect equity interests in over 30 million net rentable square feet of commercial space located in over nine states in the United States primarily owned and operated by PSB under the PS Business Parks name. It manages approximately 30 self-storage facilities for third parties, and has equity interests in and manages over 12 additional self-storage facilities.

PUBLIC STORAGE (NYSE:PSA) Recent Trading Information

PUBLIC STORAGE (NYSE:PSA) closed its last trading session down -2.41 at 223.90 with 817,489 shares trading hands.