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			psa-20160426 S-8
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			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;font-size:10pt;">As filed with the Securities and Exchange Commission on </font><font style="display: inline;font-weight:bold;font-size:10pt;">April 26, 2016</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Registration No. 333</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">&#x2013;</font><font style="display: inline;font-size:10pt;">&nbsp;</font>
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			<font style="display: inline;font-weight:bold;font-size:14pt;">UNITED STATES</font>
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			<font style="display: inline;font-weight:bold;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-weight:bold;">WASHINGTON, D.C. 20549</font>
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			<font style="display: inline;font-weight:bold;font-size:18pt;">Form S-8</font>
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			<font style="display: inline;font-weight:bold;">REGISTRATION STATEMENT</font>
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			<font style="display: inline;font-weight:bold;">UNDER</font>
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			<font style="display: inline;font-weight:bold;">THE SECURITIES ACT OF 1933</font>
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			<font style="display: inline;font-weight:bold;font-size:24pt;">PUBLIC STORAGE</font>
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			<font style="display: inline;font-weight:bold;font-size:7.5pt;">(Exact Name of Registrant as Specified in its Charter) </font>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">Maryland</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">95-3551121</font></p>
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						<font style="display: inline;font-weight:bold;font-size:7.5pt;">(State or other jurisdiction of</font></p>
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						<font style="display: inline;font-weight:bold;font-size:7.5pt;">incorporation or organization)</font></p>
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						<font style="display: inline;font-weight:bold;font-size:7.5pt;">(I.R.S. Employer</font></p>
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						<font style="display: inline;font-weight:bold;font-size:7.5pt;">Identification No.)</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">701 Western Avenue</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">Glendale, California</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">91201</font></p>
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						<font style="display: inline;font-weight:bold;font-size:7.5pt;">(Address of Principal Executive Offices)</font></p>
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						<font style="display: inline;font-weight:bold;font-size:7.5pt;">(Zip Code)</font></p>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Public Storage 20</font><font style="display: inline;font-weight:bold;font-size:10pt;">16</font><font style="display: inline;font-weight:bold;font-size:10pt;"> Equity and Performance-Ba</font><font style="display: inline;font-weight:bold;font-size:10pt;">sed Incentive Compensation Plan</font>
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			<font style="display: inline;font-weight:bold;font-size:7.5pt;">(Full Title of the Plan)</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Lily Y. Hughes</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Senior Vice President, Chief Legal Officer and Corporate Secretary</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Public Storage</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">701 Western Avenue</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Glendale, California 91201</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">(818) 244-8080</font>
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			<font style="display: inline;font-weight:bold;font-size:7.5pt;">(Name and address and telephone number, including a</font><font style="display: inline;font-weight:bold;font-size:7.5pt;">rea code, of agent for service)</font>
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		<p style="margin:9pt 0pt 0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.</font><font style="display: inline;font-size:10pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-size:10pt;">See the definitions of &#x201C;large accelerated filer,&#x201D; &#x201C;accelerated filer&#x201D; and &#x201C;smaller reporting company&#x201D; in Rule 12b-2 of the Exchange Act.</font>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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						<font style="display: inline;font-size:10pt;">Large accelerated filer </font><font style="display: inline;font-family:MS Mincho;font-size:10pt;">&#x2611;</font></p>
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						<font style="display: inline;font-size:10pt;">Accelerated filer </font><font style="display: inline;font-family:MS Mincho;font-size:10pt;">&#x2610;</font></p>
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						<font style="display: inline;font-size:10pt;">Non-accelerated filer </font><font style="display: inline;font-family:MS Mincho;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> (Do not check if a smaller reporting company)</font></p>
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						<font style="display: inline;font-size:10pt;">Smaller reporting company </font><font style="display: inline;font-family:MS Mincho;font-size:10pt;">&#x2610;</font></p>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">CALCULATION OF REGISTRATION FEE</font>
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			<tr>
				<td valign="middle" style="width:39.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:05.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:05.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:06.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:39.14%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.18%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:11.54%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.86%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:05.38%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:05.44%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:06.10%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-weight:bold;font-size:7.5pt;">Title of Securities to Be Registered</font></p>
				</td>
				<td valign="bottom" style="width:03.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-weight:bold;font-size:7.5pt;">Amount to Be</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Registered (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-weight:bold;font-size:7.5pt;">Proposed</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Maximum</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Offering Price</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Per Share (2)</font></p>
				</td>
				<td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:16.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-weight:bold;font-size:7.5pt;">Proposed</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Maximum</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Aggregate</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Offering Price</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-weight:bold;font-size:7.5pt;">Amount of</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Registration</font><br /><font style="display: inline;font-size:7pt;"></font><font style="display: inline;font-weight:bold;font-size:7.5pt;">Fee</font><font style="display: inline;font-weight:bold;font-size:7.5pt;"> (3)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:39.14%;padding:0pt;">
					<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Common shares of beneficial interest, par value $.10 per share (</font><font style="display: inline;font-size:10pt;">the </font><font style="display: inline;font-size:10pt;">&#x201C;Common Shares&#x201D;)</font></p>
				</td>
				<td valign="top" style="width:03.18%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:11.90%;padding:0pt;">
					<p style="margin:6pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2,000,000</font></p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:11.54%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">$</font><font style="display: inline;font-size:10pt;">255.3</font><font style="display: inline;font-size:10pt;">55</font></p>
				</td>
				<td valign="middle" style="width:02.86%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.94%;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="middle" style="width:14.16%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">$510,7</font><font style="display: inline;font-size:10pt;">1</font><font style="display: inline;font-size:10pt;">0,000</font></p>
				</td>
				<td valign="middle" style="width:02.16%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="middle" style="width:11.54%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.45pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">$</font><font style="display: inline;font-size:10pt;">51,428.50</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp; &nbsp;</font>
		</p><hr style="border-bottom-style:solid;width:100%;height:2.25pt; ;color:#000000" align="left"></hr>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:04.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:96.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(1)</font></p>
				</td>
				<td valign="top" style="width:96.00%;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">The number of shares registered is the maximum number of Common Shares issuable</font><font style="display: inline;font-size:10pt;"> under the Public Storage 20</font><font style="display: inline;font-size:10pt;">16</font><font style="display: inline;font-size:10pt;"> Equity and Performance-Based Incentive Compensation Plan</font><font style="display: inline;font-size:10pt;"> (the &#x201C;2016 Plan&#x201D;)</font><font style="display: inline;font-size:10pt;">. &nbsp;</font><font style="display: inline;font-size:10pt;"> This registration statement also covers such undeterminable number of additional shares of Common Shares as may become issuable by reason of any stock dividend, stock split, recapitalization, reorganization, merger, consolidation, combination or exchange of shares, or any other similar change affecting the Common Shares.&nbsp;&nbsp;No additional registration fee is included for these shares.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:04.00%;height:35.54pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(2)</font></p>
				</td>
				<td valign="top" style="width:00.30pt;height:35.54pt;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Represents</font><font style="display: inline;font-size:10pt;"> the average of the high and low sales prices per share of the Common Shares reported on the New York Stock Exchange on April </font><font style="display: inline;font-size:10pt;">22</font><font style="display: inline;font-size:10pt;">, 201</font><font style="display: inline;font-size:10pt;">6</font><font style="display: inline;font-size:10pt;">.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:04.00%;height:35.54pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(</font><font style="display: inline;font-size:10pt;">3</font><font style="display: inline;font-size:10pt;">)</font></p>
				</td>
				<td valign="top" style="width:00.30pt;height:35.54pt;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Computed in accordance with </font><font style="display: inline;font-size:10pt;">Rule 457(c) and (h) under the Securities Act</font><font style="display: inline;font-size:10pt;"> of 1933, as amended (the &#x201C;Securities Act&#x201D;)</font><font style="display: inline;font-size:10pt;">.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p><hr style="border-bottom-style:solid;width:100%;height:2.25pt; ;color:#000000" align="left"></hr>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">EXPLANATORY STATEMENT</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">This registration statement on Form S-8 registers the offer and sale of 2,000,000 Common Shares available for issuance under the Company&#x2019;s 2016 Plan.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">PART I</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:45.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Item 1.</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Plan Information</font><font style="display: inline;font-size:10pt;">.</font><font style="display: inline;font-size:10pt;">*</font></p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Item</font><font style="display: inline;font-size:10pt;"> 2.</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Registrant Information and Employee Plan Annual Information</font><font style="display: inline;font-size:10pt;">.</font><font style="display: inline;font-size:10pt;">*</font></p>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">*</font><font style="display: inline;font-size:10pt;">The documents containing the information specified in </font><font style="display: inline;font-size:10pt;">this Part I </font><font style="display: inline;font-size:10pt;">will be sent or given to participants in the </font><font style="display: inline;font-size:10pt;">2016 </font><font style="display: inline;font-size:10pt;">Plan</font><font style="display: inline;font-size:10pt;"> in accordance with </font><font style="display: inline;font-size:10pt;">Rule 428</font><font style="display: inline;font-size:10pt;">(b)(1)</font><font style="display: inline;font-size:10pt;"> under the Securities Act.&nbsp;&nbsp;Such documents </font><font style="display: inline;font-size:10pt;">need</font><font style="display: inline;font-size:10pt;"> not be filed with the S</font><font style="display: inline;font-size:10pt;">ecurities and </font><font style="display: inline;font-size:10pt;">E</font><font style="display: inline;font-size:10pt;">xchange </font><font style="display: inline;font-size:10pt;">C</font><font style="display: inline;font-size:10pt;">ommission (the &#x201C;Commission&#x201D;)</font><font style="display: inline;font-size:10pt;"> pursuant to </font><font style="display: inline;font-size:10pt;">Rule </font><font style="display: inline;font-size:10pt;">424 </font><font style="display: inline;font-size:10pt;">under </font><font style="display: inline;font-size:10pt;">the Securities Act.</font><font style="display: inline;font-size:10pt;"> These documents and the documents incorporated by reference in this registration statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">PART II</font>
		</p>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font>
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						<font style="display: inline;font-size:10pt;">Item 3.</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Incorporation of Documents by Reference</font><font style="display: inline;font-size:10pt;">.</font></p>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">The </font><font style="display: inline;font-size:10pt;">following documents filed by </font><font style="display: inline;font-size:10pt;">Public Storage pursuant to the Securities Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;)</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> are </font><font style="display: inline;font-size:10pt;">hereby </font><font style="display: inline;font-size:10pt;">incorporated by reference</font><font style="display: inline;font-size:10pt;"> in, and shall be deemed to be a part of, this registration statement</font><font style="display: inline;font-size:10pt;">:</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(a)</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">The Company&#x2019;s </font><font style="display: inline;font-size:10pt;">Annual Report on Form 10-K for the fiscal year ended December 31, 201</font><font style="display: inline;font-size:10pt;">5</font><font style="display: inline;font-size:10pt;">, including the portions of Public Storage&#x2019;s definitive proxy statement for its 201</font><font style="display: inline;font-size:10pt;">6</font><font style="display: inline;font-size:10pt;"> Annual Meeting incorporated by reference therein;</font></p>
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					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(b)</font></p>
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				<td valign="top" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">The Company&#x2019;s </font><font style="display: inline;font-size:10pt;">Current Reports on Form 8-K filed on </font><font style="display: inline;font-size:10pt;">January 13, 2016 and February 17, 2016</font><font style="display: inline;font-size:10pt;">; &nbsp;</font></p>
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					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:05.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(</font><font style="display: inline;font-size:10pt;">c</font><font style="display: inline;font-size:10pt;">)</font></p>
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				<td valign="top" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">The Company&#x2019;s Proxy Statement filed with the Commission on March 16, 2016; and</font></p>
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					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:05.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(</font><font style="display: inline;font-size:10pt;">d</font><font style="display: inline;font-size:10pt;">)</font></p>
				</td>
				<td valign="top" style="width:87.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">The description of </font><font style="display: inline;font-size:10pt;">the Company&#x2019;s</font><font style="display: inline;font-size:10pt;"> common shares of beneficial interest, $0.10 par value per share, contained in our Current Report on Form 8-K12B filed on June 6, 2007.</font></p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">All documents subsequently filed by Public Storage pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such document.&nbsp;&nbsp;Unless expressly </font><font style="display: inline;font-size:10pt;">incorporated </font><font style="display: inline;font-size:10pt;">into this registration statement, a report furnished on Form 8-K </font><font style="display: inline;font-size:10pt;">or Form 8-K/A </font><font style="display: inline;font-size:10pt;">shall not be incorporated by reference into</font><font style="display: inline;font-size:10pt;">, or otherwise included in,</font><font style="display: inline;font-size:10pt;"> this registration statement.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Any statement contained in a document incorporated or deemed to be incorporated by reference </font><font style="display: inline;font-size:10pt;">herein </font><font style="display: inline;font-size:10pt;">shall be deemed to be modified or superseded to the extent that a statement contained </font><font style="display: inline;font-size:10pt;">herein </font><font style="display: inline;font-size:10pt;">in any subsequently filed document which also is or is deemed to be incorporated by reference herein</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> modifies or supersedes such statement.&nbsp;&nbsp;The documents required to be so modified or superseded shall not be deemed to constitute a part of the Registration Statement, except as so modified or superseded.&nbsp;&nbsp;To the extent that any proxy statement is incorporated by reference herein, such incorporation shall not include any information contained in such proxy statement which is not, pursuant to Commission&#x2019;s rules, deemed to be &#x201C;filed&#x201D; with the Commission or subject to the liabilities of Section 18 of the Exchange Act.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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			&nbsp;

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</div>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;font-size:10pt;">EXPERTS</font>
		</p>
		<p style="margin:9pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">The consolidated financial statements of Public Storage appearing in Public Storage&#x2019;s Annual Report (Form 10-K) for the year ended December&nbsp;31, 2015 (including the schedule appearing therein), and the effectiveness of Public Storage&#x2019;s internal control over financial reporting as of December&nbsp;31, 2015, have been audited by Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm, as set forth in their reports thereon included therein, and incorporated herein by reference. Such financial statements are, and audited financial statements to be included in subsequently filed documents will be, incorporated herein in reliance upon the reports of Ernst&nbsp;&amp; Young LLP pertaining to such financial statements (to the extent covered by consents filed with the Securities and Exchange Commission) given on the authority of such firm as experts in accounting and auditing.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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				<td valign="top" style="width:42.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:9.35pt">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Item </font><font style="display: inline;font-size:10pt;">4</font><font style="display: inline;font-size:10pt;">.</font></p>
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					<p style="margin:0pt 0pt 0pt 6.5pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Description of Securities</font><font style="display: inline;font-size:10pt;">.</font></p>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Not applicable.</font>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Item 5.</font></p>
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					<p style="margin:0pt 0pt 0pt 6.5pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Interests of Named Experts and Counsel</font><font style="display: inline;font-size:10pt;">.</font></p>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The validity of the additional authorized and unissued Common Shares to be issued under the Plan and registered hereby has been passed upon by </font><font style="display: inline;font-size:10pt;">Lily Y. Hughes</font><font style="display: inline;font-size:10pt;">, Senior Vice President, Chief Legal Officer and Corporate Secretary of Public Storage. </font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">As of the date hereof, M</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;">. &nbsp;</font><font style="display: inline;font-size:10pt;">Hughes</font><font style="display: inline;font-size:10pt;"> beneficially owns an aggregate of less than one percent of</font><font style="display: inline;font-size:10pt;"> the outstanding Common Shares.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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				<td valign="top" style="width:42.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:9.35pt">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Item </font><font style="display: inline;font-size:10pt;">6</font><font style="display: inline;font-size:10pt;">.</font></p>
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					<p style="margin:0pt 0pt 0pt 6.5pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Indemnification of Directors and Officers</font><font style="display: inline;font-size:10pt;">.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Maryland REIT Law permits a Maryland real estate investment trust </font><font style="display: inline;font-size:10pt;">(a &#x201C;REIT&#x201D;) </font><font style="display: inline;font-size:10pt;">to include in its declaration of trust a provision limiting the liability of its trustees and officers to the trust and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active or deliberate dishonesty established in a judgment or other final adjudication to be material to the cause of action.&nbsp;&nbsp;Our declaration of trust contains a provision that limits the liability of our trustees and officers to the maximum extent permitted by Maryland law.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Maryland REIT Law permits a Maryland </font><font style="display: inline;font-size:10pt;">REIT</font><font style="display: inline;font-size:10pt;"> to indemnify and advance expenses to its trustees, officers, employees and agents to the same extent as permitted by the Maryland General Corporation Law (the &#x201C;MGCL&#x201D;) for directors and officers of Maryland corporations.&nbsp;&nbsp;The MGCL permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be a party by reason of their service in those or other capacities unless it is establishe</font><font style="display: inline;font-size:10pt;">d that (a) the act or omission o</font><font style="display: inline;font-size:10pt;">f the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was a result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director </font><font style="display: inline;font-size:10pt;">or officer had reasonable cause to believe that the act or omission was unlawful.&nbsp;&nbsp;However, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right if the corporation o</font><font style="display: inline;font-size:10pt;">r</font><font style="display: inline;font-size:10pt;"> if the director or officer as adjudged to be liable to the corporation nor may a director be indemnified in circumstances in which the director is found liable for an improper personal benefit.&nbsp;&nbsp;In accordance with the MGCL and our bylaws, our bylaws require us, as a condition to advancement of expenses, to obtain (a) written affirmation by the trustees or officers of his good faith belief that he has met the standard of conduct necessary for indemnification and (b) a written statement by or on his behalf to repay the amount paid or reimbursed by us if it shall ultimately be determined that the standard of conduct was not met.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Our declaration of trust provides </font><font style="display: inline;font-size:10pt;">that we shall indemnify, to the maximum extent permitted by Maryland law in effect from time to time, any individual who is a present or former trustee or officer (including any individual who, at our request, serves or has served as an officer, partner, employee or agent o</font><font style="display: inline;font-size:10pt;">f</font><font style="display: inline;font-size:10pt;"> another corporation, partnership, joint venture, trust, employee benefit plan or any other enterprise) from and against any claim or liability to which such person may become subject by reason of service in such capacity.&nbsp;&nbsp;We have the power, with the approval of our board of trustees, to provide indemnification and advancement of expenses to a present or former trustee or officer who served a predecessor of our company in any of the capacities described above and to any </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"><font style="display: inline;font-size:10pt;">employee or agent of our company or a predecessor of our company.&nbsp;&nbsp;Maryland law requires us to indemnify a trustee or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he is made a party by reason of his service in that capacity.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">We have also entered into indemnity agreements with our management and non-management trustees and executive officers.&nbsp;&nbsp;We believe the indemnification agreements will assist us in attracting and retaining qualified individuals to serve as our trustees and executive officers.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:42.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:9.35pt">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Item </font><font style="display: inline;font-size:10pt;">7</font><font style="display: inline;font-size:10pt;">.</font></p>
				</td>
				<td valign="top" style="width:436.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:9.35pt">
					<p style="margin:0pt 0pt 0pt 6.5pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Exemption From Registration Claimed</font><font style="display: inline;font-size:10pt;">.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Not applicable.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 101.92%;margin-left:4.5pt;">
			<tr>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font><font style="display: inline;font-size:1pt;">Ppendix A to pur Proxy Statement filed on March 16, 2016</font></p>
				</td>
				<td valign="top" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:83.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Item 8.</font></p>
				</td>
				<td valign="top" style="width:07.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:83.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Exhibits</font><font style="display: inline;font-size:10pt;">.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:07.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:83.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:08.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">5.1&nbsp;
				</td>
				<td valign="top" style="width:07.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:83.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Opinion of </font><font style="display: inline;font-size:10pt;">Lily Y. Hughes</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:08.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">23.1&nbsp;
				</td>
				<td valign="top" style="width:07.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:83.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Consent of Ernst &amp; Young LLP</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:08.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">23.2&nbsp;
				</td>
				<td valign="top" style="width:07.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:83.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Consent of </font><font style="display: inline;font-size:10pt;">Lily Y. Hughes</font><font style="display: inline;font-size:10pt;"> (included in Exhibit 5.1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:08.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">24.1&nbsp;
				</td>
				<td valign="top" style="width:07.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:83.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Power of Attorney (included on the signature page of this registration statement)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:08.50%;height:17.10pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">99.1&nbsp;
				</td>
				<td valign="top" style="width:07.54%;height:17.10pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:83.96%;height:17.10pt;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Public Storage 20</font><font style="display: inline;font-size:10pt;">16</font><font style="display: inline;font-size:10pt;"> Equity and Performance-Based Incentive Compensation Plan (incorporated by reference to </font><font style="display: inline;font-size:10pt;">Appendix A to our 2016 Proxy Statement filed on March 16, 2016</font><font style="display: inline;font-size:10pt;">)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:07.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:83.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:42.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:9.35pt">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Item </font><font style="display: inline;font-size:10pt;">9</font><font style="display: inline;font-size:10pt;">.</font></p>
				</td>
				<td valign="top" style="width:436.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:9.35pt">
					<p style="margin:0pt 0pt 0pt 6.5pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">Undertakings</font><font style="display: inline;font-size:10pt;">.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0.9pt;">
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:356.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(a)</font></p>
				</td>
				<td colspan="3" valign="top" style="width:414.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">The undersigned registrant hereby undertakes:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:383.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
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				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(1)</font></p>
				</td>
				<td colspan="2" valign="top" style="width:383.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:383.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(i)</font></p>
				</td>
				<td valign="top" style="width:356.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">To include any prospectus required by Section 10(a)(3) of the Securities Act;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:414.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:27.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(ii)</font></p>
				</td>
				<td valign="top" style="width:356.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.&nbsp;&nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#x201C;Calculation of Registration Fee&#x201D; table in the effective registration statement.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:414.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="5" valign="top" style="width:477.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">Provided, however,</font><font style="display: inline;font-size:10pt;"> that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:414.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(2)</font></p>
				</td>
				<td colspan="2" valign="top" style="width:383.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:383.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(3)</font></p>
				</td>
				<td colspan="2" valign="top" style="width:383.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">To remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold at the termination of the offering.</font></p>
				</td>
			</tr></table>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0.9pt;">
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:383.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(b)</font></p>
				</td>
				<td colspan="3" valign="top" style="width:414.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#x2019;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#x2019;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="display: inline;font-style:italic;font-size:10pt;">bona fide</font><font style="display: inline;font-size:10pt;"> offering thereof.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:383.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:31.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(</font><font style="display: inline;font-size:10pt;">h</font><font style="display: inline;font-size:10pt;">)</font></p>
				</td>
				<td colspan="3" valign="top" style="width:414.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.&nbsp;&nbsp;In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;font-size:10pt;"></font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">SIGNATURES</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this </font><font style="display: inline;font-size:10pt;">r</font><font style="display: inline;font-size:10pt;">egistration </font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;">tatement </font><font style="display: inline;font-size:10pt;">to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Glendale, State of California, on the </font><font style="display: inline;font-size:10pt;">26th</font><font style="display: inline;font-size:10pt;"> day of </font><font style="display: inline;font-size:10pt;">April</font><font style="display: inline;font-size:10pt;"> 201</font><font style="display: inline;font-size:10pt;">6</font><font style="display: inline;font-size:10pt;">.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp; &nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="right" style="border-collapse:collapse;width: 45.98%;margin-left:0pt;">
			<tr>
				<td colspan="2" valign="middle" style="width:12.14%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:83.64%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">PUBLIC STORAGE</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:10.06%;height:6.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="middle" style="width:89.94%;height:6.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">By:</font></p>
				</td>
				<td valign="bottom" style="width:02.06%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:87.86%;padding:0pt;">
					<p style="margin:0pt;border-bottom:1pt solid #000000 ;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Ronald L. Havner, Jr.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.06%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.06%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:87.86%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Ronald L. Havner, Jr.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.06%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.06%;padding:0pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:87.86%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Chairman of the Board, </font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:87.86%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Chief Executive Officer and President</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:87.86%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Each person whose signature appears below hereby authorizes Ronald L. Havner, Jr. and John Reyes, and each of them, as attorney-in-fact, to sign on his or her behalf, individually and in each capacity stated below, any amendment, including post-effective amendments to this Registration Statement, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on </font><font style="display: inline;font-size:10pt;">April 26, 2016</font><font style="display: inline;font-size:10pt;">.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Name</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Title</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Ronald L. Havner, Jr.</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:6pt 0pt 0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Chairman of the Board, Chief Executive Officer, President</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Ronald L. Havner, Jr.</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">and Trustee (principal executive officer)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ John Reyes</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Senior Vice President and Chief Financial Officer</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">John Reyes</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(principal financial officer and principal accounting officer)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Tamara Hughes Gustavson</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Tamara Hughes Gustavson</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Uri P. Harkham</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Uri P. Harkham</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">B. Wayne Hughes, Jr.</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Avedick B. Poladian</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Avedick B. Poladian</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Gary E. Pruitt</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Gary E. Pruitt</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Ronald P. Spogli</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Ronald P. Spogli</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:9pt 0pt 0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Daniel C. Staton</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Trustee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Daniel C. Staton</font></p>
				</td>
				<td valign="top" style="width:18.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:306.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 7.8pt 0pt 7.8pt;">
					<p style="margin:0pt;line-height:115%;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">EXHIBIT INDEX</font><font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:53.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">O &nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:413.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Exhibit</font></p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Number</font></p>
				</td>
				<td valign="top" style="width:14.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:413.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Exhibit Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">5.1&nbsp;
				</td>
				<td valign="top" style="width:14.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:413.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;">
					<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Opinion of </font><font style="display: inline;font-size:10pt;">Lily Y. Hughes</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">23.1&nbsp;
				</td>
				<td valign="top" style="width:14.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 45pt;line-height:115%;text-indent: -45pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:413.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;">
					<p style="margin:0pt 0pt 0pt 45pt;line-height:115%;text-indent: -45pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Consent of Ernst &amp; Young LLP</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">23.2&nbsp;
				</td>
				<td valign="top" style="width:14.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 45pt;line-height:115%;text-indent: -45pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:413.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;">
					<p style="margin:0pt 0pt 0pt 45pt;line-height:115%;text-indent: -45pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Consent of </font><font style="display: inline;font-size:10pt;">Lily Y. Hughes</font><font style="display: inline;font-size:10pt;"> (included in Exhibit 5.1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">24.1&nbsp;
				</td>
				<td valign="top" style="width:14.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 45pt;line-height:115%;text-indent: -45pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:413.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;">
					<p style="margin:0pt 0pt 0pt 45pt;line-height:115%;text-indent: -45pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Power of Attorney (included on the signature page of this registration statement)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">99.1&nbsp;
				</td>
				<td valign="top" style="width:14.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:413.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;">
					<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Public Storage 20</font><font style="display: inline;font-size:10pt;">16</font><font style="display: inline;font-size:10pt;"> Equity and Performance-Based Incentive Compensation Plan (incorporated by reference </font><font style="display: inline;font-size:10pt;">to Appendix A to our 2016 Proxy Statement filed on March 16, 2016</font><font style="display: inline;font-size:10pt;">)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:14.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 45pt;line-height:115%;text-indent: -45pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:413.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 8.3pt 0pt 8.3pt;">
					<p style="margin:0pt 0pt 0pt 45pt;line-height:115%;text-indent: -45pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
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{"company-data": {"conformed-name": "Public Storage", "cik": "0001393311", "assigned-sic": "6798", "irs-number": "953551121", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-210937", "film-number": "161593098"}, "business-address": {"street1": "701 WESTERN AVENUE", "city": "GLENDALE", "state": "CA", "zip": "91201-2349", "phone": "818-244-8080"}, "mail-address": {"street1": "701 WESTERN AVENUE", "city": "GLENDALE", "state": "CA", "zip": "91201-2349"}}
psa-20160426 S-8
As filed with the Securities and Exchange Commission on
April 26, 2016
Registration No. 333
–
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PUBLIC STORAGE
(Exact Name of Registrant as Specified in its Charter)
﻿
Maryland
95-3551121
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
701 Western Avenue
Glendale, California
91201
(Address of Principal Executive Offices)
(Zip Code)
﻿
Public Storage 20
16
Equity and Performance-Ba
sed Incentive Compensation Plan
(Full Title of the Plan)
Lily Y. Hughes
Senior Vice President, Chief Legal Officer and Corporate Secretary
Public Storage
701 Western Avenue
Glendale, California 91201
(818) 244-8080
(Name and address and telephone number, including a
rea code, of agent for service)
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
﻿
Large accelerated filer
☑
Accelerated filer
☐
﻿
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
Smaller reporting company
☐
﻿
CALCULATION OF REGISTRATION FEE
﻿
Title of Securities to Be Registered
Amount to Be
Registered (1)
Proposed
Maximum
Offering Price
Per Share (2)
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration
Fee
(3)
Common shares of beneficial interest, par value $.10 per share (
the
"Common Shares")
2,000,000
$
255.3
55
$510,7
1
0,000
$
51,428.50
﻿
﻿
(1)
The number of shares registered is the maximum number of Common Shares issuable
under the Public Storage 20
16
Equity and Performance-Based Incentive Compensation Plan
(the "2016 Plan")
.
This registration statement also covers such undeterminable number of additional shares of Common Shares as may become issuable by reason of any stock dividend, stock split, recapitalization, reorganization, merger, consolidation, combination or exchange of shares, or any other similar change affecting the Common Shares.  No additional registration fee is included for these shares.
(2)
Represents
the average of the high and low sales prices per share of the Common Shares reported on the New York Stock Exchange on April
22
, 201
6
.
(
3
)
Computed in accordance with
Rule 457(c) and (h) under the Securities Act
of 1933, as amended (the "Securities Act")
.
﻿
EXPLANATORY STATEMENT
﻿
This registration statement on Form S-8 registers the offer and sale of 2,000,000 Common Shares available for issuance under the Company's 2016 Plan.
﻿
PART I
﻿
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
﻿
Item 1.
Plan Information
.
*
﻿
Item
2.
Registrant Information and Employee Plan Annual Information
.
*
﻿
*
The documents containing the information specified in
this Part I
will be sent or given to participants in the
2016
Plan
in accordance with
Rule 428
(b)(1)
under the Securities Act.  Such documents
need
not be filed with the S
ecurities and
E
xchange
C
ommission (the "Commission")
pursuant to
Rule
424
under
the Securities Act.
These documents and the documents incorporated by reference in this registration statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.
﻿
PART II
﻿
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
﻿
The
following documents filed by
Public Storage pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act")
,
are
hereby
incorporated by reference
in, and shall be deemed to be a part of, this registration statement
:
﻿
﻿
(a)
The Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 201
5
, including the portions of Public Storage's definitive proxy statement for its 201
6
Annual Meeting incorporated by reference therein;
(b)
The Company's
Current Reports on Form 8-K filed on
January 13, 2016 and February 17, 2016
;
(
c
)
The Company's Proxy Statement filed with the Commission on March 16, 2016; and
(
d
)
The description of
the Company's
common shares of beneficial interest, $0.10 par value per share, contained in our Current Report on Form 8-K12B filed on June 6, 2007.
﻿
All documents subsequently filed by Public Storage pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such document.  Unless expressly
incorporated
into this registration statement, a report furnished on Form 8-K
or Form 8-K/A
shall not be incorporated by reference into
, or otherwise included in,
this registration statement.
﻿
Any statement contained in a document incorporated or deemed to be incorporated by reference
herein
shall be deemed to be modified or superseded to the extent that a statement contained
herein
in any subsequently filed document which also is or is deemed to be incorporated by reference herein
,
modifies or supersedes such statement.  The documents required to be so modified or superseded shall not be deemed to constitute a part of the Registration Statement, except as so modified or superseded.  To the extent that any proxy statement is incorporated by reference herein, such incorporation shall not include any information contained in such proxy statement which is not, pursuant to Commission's rules, deemed to be "filed" with the Commission or subject to the liabilities of Section 18 of the Exchange Act.
﻿
﻿
﻿
EXPERTS
The consolidated financial statements of Public Storage appearing in Public Storage's Annual Report (Form 10-K) for the year ended December 31, 2015 (including the schedule appearing therein), and the effectiveness of Public Storage's internal control over financial reporting as of December 31, 2015, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon included therein, and incorporated herein by reference. Such financial statements are, and audited financial statements to be included in subsequently filed documents will be, incorporated herein in reliance upon the reports of Ernst & Young LLP pertaining to such financial statements (to the extent covered by consents filed with the Securities and Exchange Commission) given on the authority of such firm as experts in accounting and auditing.
﻿
Item
4
.
Description of Securities
.
﻿
Not applicable.
﻿
Item 5.
Interests of Named Experts and Counsel
.
﻿
The validity of the additional authorized and unissued Common Shares to be issued under the Plan and registered hereby has been passed upon by
Lily Y. Hughes
, Senior Vice President, Chief Legal Officer and Corporate Secretary of Public Storage.
As of the date hereof, M
s
.
Hughes
beneficially owns an aggregate of less than one percent of
the outstanding Common Shares.
﻿
Item
6
.
Indemnification of Directors and Officers
.
﻿
The Maryland REIT Law permits a Maryland real estate investment trust
(a "REIT")
to include in its declaration of trust a provision limiting the liability of its trustees and officers to the trust and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active or deliberate dishonesty established in a judgment or other final adjudication to be material to the cause of action.  Our declaration of trust contains a provision that limits the liability of our trustees and officers to the maximum extent permitted by Maryland law.
﻿
The Maryland REIT Law permits a Maryland
REIT
to indemnify and advance expenses to its trustees, officers, employees and agents to the same extent as permitted by the Maryland General Corporation Law (the "MGCL") for directors and officers of Maryland corporations.  The MGCL permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be a party by reason of their service in those or other capacities unless it is establishe
d that (a) the act or omission o
f the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was a result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director
or officer had reasonable cause to believe that the act or omission was unlawful.  However, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right if the corporation o
r
if the director or officer as adjudged to be liable to the corporation nor may a director be indemnified in circumstances in which the director is found liable for an improper personal benefit.  In accordance with the MGCL and our bylaws, our bylaws require us, as a condition to advancement of expenses, to obtain (a) written affirmation by the trustees or officers of his good faith belief that he has met the standard of conduct necessary for indemnification and (b) a written statement by or on his behalf to repay the amount paid or reimbursed by us if it shall ultimately be determined that the standard of conduct was not met.
﻿
Our declaration of trust provides
that we shall indemnify, to the maximum extent permitted by Maryland law in effect from time to time, any individual who is a present or former trustee or officer (including any individual who, at our request, serves or has served as an officer, partner, employee or agent o
f
another corporation, partnership, joint venture, trust, employee benefit plan or any other enterprise) from and against any claim or liability to which such person may become subject by reason of service in such capacity.  We have the power, with the approval of our board of trustees, to provide indemnification and advancement of expenses to a present or former trustee or officer who served a predecessor of our company in any of the capacities described above and to any
employee or agent of our company or a predecessor of our company.  Maryland law requires us to indemnify a trustee or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he is made a party by reason of his service in that capacity.
﻿
We have also entered into indemnity agreements with our management and non-management trustees and executive officers.  We believe the indemnification agreements will assist us in attracting and retaining qualified individuals to serve as our trustees and executive officers.
﻿
Item
7
.
Exemption From Registration Claimed
.
﻿
Not applicable.
﻿
﻿
Ppendix A to pur Proxy Statement filed on March 16, 2016
Item 8.
Exhibits
.
﻿
5.1
Opinion of
Lily Y. Hughes
23.1
Consent of Ernst & Young LLP
23.2
Consent of
Lily Y. Hughes
(included in Exhibit 5.1)
24.1
Power of Attorney (included on the signature page of this registration statement)
99.1
Public Storage 20
16
Equity and Performance-Based Incentive Compensation Plan (incorporated by reference to
Appendix A to our 2016 Proxy Statement filed on March 16, 2016
)
﻿
Item
9
.
Undertakings
.
﻿
﻿
﻿
(a)
The undersigned registrant hereby undertakes:
﻿
﻿
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
﻿
﻿
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act;
﻿
﻿
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.
﻿
Provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.
﻿
﻿
(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
﻿
﻿
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold at the termination of the offering.
﻿
﻿
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
﻿
﻿
(
h
)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
﻿
SIGNATURES
﻿
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
r
egistration
s
tatement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Glendale, State of California, on the
26th
day of
April
201
6
.
PUBLIC STORAGE
By:
/s/ Ronald L. Havner, Jr.
Ronald L. Havner, Jr.
Chairman of the Board,
Chief Executive Officer and President
﻿
﻿
﻿
﻿
﻿
﻿
﻿
﻿
﻿
﻿
Each person whose signature appears below hereby authorizes Ronald L. Havner, Jr. and John Reyes, and each of them, as attorney-in-fact, to sign on his or her behalf, individually and in each capacity stated below, any amendment, including post-effective amendments to this Registration Statement, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission.
﻿
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on
April 26, 2016
.
﻿
Name
Title
/s/ Ronald L. Havner, Jr.
Chairman of the Board, Chief Executive Officer, President
Ronald L. Havner, Jr.
and Trustee (principal executive officer)
/s/ John Reyes
Senior Vice President and Chief Financial Officer
John Reyes
(principal financial officer and principal accounting officer)
/s/ Tamara Hughes Gustavson
Trustee
Tamara Hughes Gustavson
/s/ Uri P. Harkham
Trustee
Uri P. Harkham
﻿
Trustee
B. Wayne Hughes, Jr.
/s/ Avedick B. Poladian
Trustee
﻿
Avedick B. Poladian
/s/ Gary E. Pruitt
Trustee
Gary E. Pruitt
/s/ Ronald P. Spogli
Trustee
Ronald P. Spogli
/s/ Daniel C. Staton
Trustee
Daniel C. Staton
﻿
﻿
﻿
﻿
﻿
EXHIBIT INDEX
O
Exhibit
Number
Exhibit Description
5.1
Opinion of
Lily Y. Hughes
23.1
Consent of Ernst & Young LLP
23.2
Consent of
Lily Y. Hughes
(included in Exhibit 5.1)
24.1
Power of Attorney (included on the signature page of this registration statement)
99.1
Public Storage 20
16
Equity and Performance-Based Incentive Compensation Plan (incorporated by reference
to Appendix A to our 2016 Proxy Statement filed on March 16, 2016
)
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