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			b4c693cd5ba644d
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			<a name="_GoBack"></a><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">As filed with the Securities and Exchange Commission on May 2, 2014</font>
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		<p style="margin:0pt 0pt 0pt 355.5pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Registration No. 333&#x2013;</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:14pt;">UNITED STATES</font>
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		<p style="margin:2.25pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 14pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">WASHINGTON, D.C. 20549</font>
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		<p style="margin:9pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 18pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:18pt;">Form S-8</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">REGISTRATION STATEMENT</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">UNDER</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">THE SECURITIES ACT OF 1933</font>
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		<p style="margin:9pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 24pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:24pt;">PUBLIC STORAGE</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
			<font style="display: inline;font-family:Times New Roman;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-family:Calibri;">&nbsp;</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
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					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Maryland</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
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					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">95-3551121</font></p>
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					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">(State or other jurisdiction of</font></p>
					<p style="margin:0pt 0pt 0.75pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">incorporation or organization)</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">(I.R.S. Employer</font></p>
					<p style="margin:0pt 0pt 0.75pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Identification No.)</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">701 Western Avenue</font></p>
					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Glendale, California</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">91201</font></p>
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					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">(Address of Principal Executive Offices)</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
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					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">(Zip Code)</font></p>
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		<p style="margin:9pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan </font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">(Full Title of the Plan) </font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Steven M. Glick</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Senior Vice President, Chief Legal Officer and Corporate Secretary</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Public Storage </font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">701 Western Avenue </font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Glendale, California 91201 </font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">(818) 244-8080 </font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">(Name and address and telephone number, including area code, of agent for service) </font>
		</p><hr style="border-bottom-style:solid;width:17%;height:.75pt; ;color:#000000" align="center"></hr>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:18pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;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.&nbsp;&nbsp;See the definitions of &#x201C;large accelerated filer,&#x201D; </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201C;accelerated filer&#x201D;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and &#x201C;smaller reporting company&#x201D; in Rule 12b-2 of the Exchange Act. </font>
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		<p style="margin:9pt 0pt 0pt 342pt;line-height:100%;text-indent: -342pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Large accelerated filer </font><font style="display: inline;font-size:10pt;">&#x2611;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer </font><font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer </font><font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> &nbsp;(Do not check if a smaller reporting company)</font>
		</p>
		<p style="margin:0pt 0pt 0pt 342pt;line-height:100%;text-indent: -342pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Smaller reporting company </font><font style="display: inline;font-size:10pt;">&#x2610;</font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;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>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;"></font>
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		<p style="margin:9pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">CALCULATION OF REGISTRATION FEE</font>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Calibri;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Title of Securities to Be Registered</font></p>
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						&nbsp;</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;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Amount to Be</font><br /><font style="display: inline;font-family:Times New Roman;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;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Proposed</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Maximum</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Offering Price</font><br /><font style="display: inline;font-family:Times New Roman;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;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Proposed</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Maximum</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Aggregate</font><br /><font style="display: inline;font-family:Times New Roman;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;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 7pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Amount of</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Registration</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Fee</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:39.14%;padding:0pt;">
					<p style="margin:5pt 0pt 5pt 12pt;line-height:100%;text-indent: -12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Common shares of beneficial interest, par value $.10 per share (&#x201C;Common Shares&#x201D;)</font></p>
				</td>
				<td valign="bottom" style="width:03.18%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>771,269&nbsp;
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">$174.57</font></p>
				</td>
				<td valign="bottom" style="width:02.86%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">$</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">134,640,429</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.45pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">$</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">17,342</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-family:Times New Roman;font-size:1pt;">&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%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(1)</font></p>
				</td>
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Represents additional Common Shares reserved for issuance under the Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#x201C;Securities Act&#x201D;), this registration statement also covers such undeterminable number of additional Common Shares as may become issuable by reason of any share dividend, share split, recapitalization, reorganization, merger, consolidation, combination or exchanges of shares, or any other similar change affecting the Common Shares. No additional registration fee is included for these shares. </font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(2)</font></p>
				</td>
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Estimated solely for the purposes of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) promulgated under the Securities Act, based upon the average of the high and low sales prices per share of the Common Shares reported on the New York Stock Exchange on April 28, 2014.</font></p>
				</td>
			</tr>
		</table></div><hr style="border-bottom-style:solid;width:100%;height:2.25pt; ;color:#000000" align="left"></hr>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt;line-height:100%;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>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">PART I</font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">EXPLANATORY STATEMENT</font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:48.95pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">We are filing this registration statement to register an additional 771,269 Common Shares for issuance pursuant to the Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan (the &#x201C;Plan&#x201D;). The increase in the number of Common Shares authorized for issuance under the Plan, as well as certain other amendments to the Plan that are described in our definitive proxy materials for our 2014 Annual Meeting of Shareholders, were approved by our shareholders at our 2014 Annual Meeting of Shareholders, held on May 1, 2014. Pursuant to General Instruction E to Form S-8, the contents of the earlier registration statement related to the Plan on Form S-8 filed on July 27, 2007 (File No. 333-144907) are incorporated herein by reference except to the extent supplemented, amended or superseded by the information set forth herein.</font>
		</p>
		<p style="margin:18pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">PART II</font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<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:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Item 3.</font></p>
				</td>
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Incorporation of Documents by Reference</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:4.5pt 0pt 9pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Securities and Exchange Commission (the &#x201C;SEC&#x201D;) allows Public Storage to incorporate by reference the information that Public Storage discloses in its filings with the SEC. Incorporation by reference means that Public Storage can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and later information that Public Storage files with the SEC will automatically update and supersede this information. The following documents previously filed by Public Storage with the SEC pursuant to the Securities Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;), are incorporated herein by reference:</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="middle" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-family:Calibri;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:05.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(a)</font></p>
				</td>
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Annual Report on Form 10-K for the fiscal year ended December 31, 2013, including the portions of Public Storage&#x2019;s definitive proxy statement for its 2014 Annual Meeting incorporated by reference therein;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						<font style="display: inline;font-family:Calibri;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:05.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(b)</font></p>
				</td>
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Current Reports on Form 8-K filed on February 25, 2014, March 12, 2014, April 10, 2014 and May 2, 2014; and</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						<font style="display: inline;font-family:Calibri;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:05.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(c)</font></p>
				</td>
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The description of Public Storage&#x2019;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.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;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. Unless expressly incorporated into this Registration Statement, information &#x201C;furnished&#x201D; to the SEC on Form 8-K or through another report or otherwise shall not be incorporated by reference into this Registration Statement.</font>
		</p>
		<p style="margin:9pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Any statement contained in a document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded to the extent that a statement contained in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such prior statement. The documents required to be so modified or superseded shall not be deemed to constitute a part of this 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 the SEC&#x2019;s rules, deemed to be &#x201C;filed&#x201D; with the SEC or subject to the liabilities of Section 18 of the Exchange Act.</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;line-height:100%;margin-bottom:0pt;font-family:Calibri;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:42.50pt;height:9.35pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Item 5.</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:426.25pt;height:9.35pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 6.5pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Interests of Named Experts and Counsel</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;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 Steven M. Glick, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Senior Vice President, Chief Legal Officer and Corporate Secretary</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> of Public Storage. As of the date hereof, Mr. Glick beneficially owns an aggregate of less than one percent of the outstanding Common Shares.</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>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;"></font>
		</p>
		<p style="margin:4.5pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
		</p>
		<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:07.70%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Item 8.</font></p>
				</td>
				<td valign="top" style="width:07.70%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:84.60%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Exhibits</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:07.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.1&nbsp;
				</td>
				<td valign="top" style="width:07.70%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:84.60%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Opinion of Steven M. Glick</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:07.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.1&nbsp;
				</td>
				<td valign="top" style="width:07.70%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:84.60%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan, as amended (incorporated by reference to the same-numbered exhibit to our Current Report on Form 8-K filed on May 2, 2014)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:07.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23.1&nbsp;
				</td>
				<td valign="top" style="width:07.70%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:84.60%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Consent of Ernst &amp; Young LLP</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:07.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23.2&nbsp;
				</td>
				<td valign="top" style="width:07.70%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:84.60%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Consent of Steven M. Glick (included in Exhibit 5.1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:07.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.1&nbsp;
				</td>
				<td valign="top" style="width:07.70%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:84.60%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Power of Attorney (included on the signature page of this registration statement)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt;line-height:100%;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>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">SIGNATURES </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;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 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Glendale, State of California, on the 2</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">nd</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> day of May, 2014.</font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="right" style="border-collapse:collapse;width: 40.00%;CellSpacing:0;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="middle" style="width:06.00%;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;line-height:normal;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;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;line-height:115%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:79.00%;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;line-height:115%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;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;line-height:115%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.00%;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;line-height:115%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="middle" style="width:06.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-family:Calibri;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:79.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:13.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td colspan="3" valign="top" style="width:167.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">PUBLIC STORAGE</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="middle" style="width:14.45pt;height:6.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;overflow: hidden;font-size:0pt;">
						<font style="display: inline;font-family:Calibri;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:153.05pt;height:6.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="middle" style="width:19.70pt;height:6.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:14.45pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">By:</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:152.75pt;padding:0pt;">
					<p style="margin:5pt 0pt 0.75pt;border-bottom:1pt solid #000000 ;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ Ronald L. Havner, Jr.</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:14.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						<font style="display: inline;font-family:Calibri;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:152.75pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Ronald L. Havner, Jr.</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:14.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						<font style="display: inline;font-family:Calibri;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:152.75pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Chairman of the Board, </font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:14.45pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:152.75pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Chief Executive Officer and President</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:14.45pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:152.75pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.30pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;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:9pt 0pt 0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;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 May 2, 2014.</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;line-height:100%;margin-bottom:0pt;font-family:Calibri;margin-left:0pt;">
			<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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ 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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:9pt 0pt 0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</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 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;text-indent:24.5pt;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>
		<p style="margin:0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt;line-height:100%;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>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">EXHIBIT INDEX</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;line-height:100%;margin-bottom:0pt;font-family:Calibri;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:46.25pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 5.75pt 10pt 0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;"> &nbsp;&nbsp;Exhibit </font></p>
					<p style="margin:0pt 5.75pt 10pt 0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;"> &nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Number</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:432.55pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 0pt 10pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
					<p style="margin:0pt 0pt 10pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Exhibit Description</font></p>
					<p style="margin:0pt 0pt 10pt;font-family:Times New Roman;line-height:115%;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:46.25pt;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.1&nbsp;
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:432.55pt;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Opinion of Steven M. Glick</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:46.25pt;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.1&nbsp;
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:432.55pt;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan, as amended (incorporated by reference to the same-numbered exhibit to our Current Report on Form 8-K filed on May 2, 2014)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:46.25pt;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23.1&nbsp;
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:432.55pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 0pt 0pt 45pt;text-indent: -45pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Consent of Ernst &amp; Young LLP</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:46.25pt;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23.2&nbsp;
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:432.55pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 0pt 0pt 45pt;text-indent: -45pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Consent of Steven M. Glick (included in Exhibit 5.1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:46.25pt;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.1&nbsp;
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:432.55pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 0pt 0pt 45pt;text-indent: -45pt;font-family:Times New Roman;line-height:115%;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Power of Attorney (included on the signature page of this registration statement)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 45pt;line-height:100%;text-indent: -45pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:right;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "psa-20140502xs8.htm", "description": "S-8", "secsgml_size_bytes": 87468}]
{"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": "333-195646", "film-number": "14808434"}, "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"}}
b4c693cd5ba644d
As filed with the Securities and Exchange Commission on May 2, 2014
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 2007 Equity and Performance-Based Incentive Compensation Plan
(Full Title of the Plan)
Steven M. Glick
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 area 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
Common shares of beneficial interest, par value $.10 per share ("Common Shares")
771,269
$174.57
$
134,640,429
$
17,342
(1)
Represents additional Common Shares reserved for issuance under the Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement also covers such undeterminable number of additional Common Shares as may become issuable by reason of any share dividend, share split, recapitalization, reorganization, merger, consolidation, combination or exchanges of shares, or any other similar change affecting the Common Shares. No additional registration fee is included for these shares.
(2)
Estimated solely for the purposes of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) promulgated under the Securities Act, based upon the average of the high and low sales prices per share of the Common Shares reported on the New York Stock Exchange on April 28, 2014.
PART I
EXPLANATORY STATEMENT
We are filing this registration statement to register an additional 771,269 Common Shares for issuance pursuant to the Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan (the "Plan"). The increase in the number of Common Shares authorized for issuance under the Plan, as well as certain other amendments to the Plan that are described in our definitive proxy materials for our 2014 Annual Meeting of Shareholders, were approved by our shareholders at our 2014 Annual Meeting of Shareholders, held on May 1, 2014. Pursuant to General Instruction E to Form S-8, the contents of the earlier registration statement related to the Plan on Form S-8 filed on July 27, 2007 (File No. 333-144907) are incorporated herein by reference except to the extent supplemented, amended or superseded by the information set forth herein.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
The Securities and Exchange Commission (the "SEC") allows Public Storage to incorporate by reference the information that Public Storage discloses in its filings with the SEC. Incorporation by reference means that Public Storage can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and later information that Public Storage files with the SEC will automatically update and supersede this information. The following documents previously filed by Public Storage with the SEC pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated herein by reference:
(a)
Annual Report on Form 10-K for the fiscal year ended December 31, 2013, including the portions of Public Storage's definitive proxy statement for its 2014 Annual Meeting incorporated by reference therein;
(b)
Current Reports on Form 8-K filed on February 25, 2014, March 12, 2014, April 10, 2014 and May 2, 2014; and
(c)
The description of Public Storage'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, information "furnished" to the SEC on Form 8-K or through another report or otherwise shall not be incorporated by reference into this Registration Statement.
Any statement contained in a document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded to the extent that a statement contained in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such prior statement. The documents required to be so modified or superseded shall not be deemed to constitute a part of this 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 the SEC's rules, deemed to be "filed" with the SEC or subject to the liabilities of Section 18 of the Exchange Act.
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 Steven M. Glick,
Senior Vice President, Chief Legal Officer and Corporate Secretary
of Public Storage. As of the date hereof, Mr. Glick beneficially owns an aggregate of less than one percent of the outstanding Common Shares.
Item 8.
Exhibits
5.1
Opinion of Steven M. Glick
10.1
Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan, as amended (incorporated by reference to the same-numbered exhibit to our Current Report on Form 8-K filed on May 2, 2014)
23.1
Consent of Ernst & Young LLP
23.2
Consent of Steven M. Glick (included in Exhibit 5.1)
24.1
Power of Attorney (included on the signature page of this registration statement)
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 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Glendale, State of California, on the 2
nd
day of May, 2014.
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 May 2, 2014.
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
/s/ B. Wayne Hughes, Jr.
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
Exhibit
Number
Exhibit Description
5.1
Opinion of Steven M. Glick
10.1
Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan, as amended (incorporated by reference to the same-numbered exhibit to our Current Report on Form 8-K filed on May 2, 2014)
23.1
Consent of Ernst & Young LLP
23.2
Consent of Steven M. Glick (included in Exhibit 5.1)
24.1
Power of Attorney (included on the signature page of this registration statement)