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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
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FORM 11-K
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[X]  Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
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For the fiscal year ended December 31, 20 1 7
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OR
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[   ] Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
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For the transition period from  ____________  to  ____________.
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Commission File Number:  00 1- 33519
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A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
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PS 401(k) PROFIT SHARING PLAN	
701 Western Avenue	
Glendale, CA 91201-2349	
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B. Name of issuer of the securities held pursuant to the plan and the address of   its principal executive office:
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PUBLIC STORAGE	
701 Western Avenue	
Glendale, CA 91201-2349	
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PS 401(k) PROFIT SHARING PLAN
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FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE
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TABLE OF CONTENTS
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﻿	 	
﻿	Page	
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Report of Independent Registered Public Accounting Firm	1 - 2	
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Financial Statements:	 	
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Statements of Net Assets Available
for Benefits at December 31, 201 7 and 201 6	
3	
﻿	 	
Statement of Changes in Net Assets
Available for Benefits for the year ended December 31, 201 7	
4	
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Notes to Financial Statements	5 - 9	
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Supplemental Schedule:	 	
﻿	 	
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)	10	
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Signature s	1 1	
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Exhibit Index	1 2	
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Report of Independent Registered Public Accounting Firm
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To the Plan Participants and the Administrative Committee , as the Plan Administrator, of PS 401(k) Profit Sharing Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of PS 401(k) Profit Sharing Plan (the Plan) as of December 31, 2017 and 2016, and the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2017 and 2016, and the changes in its net assets available for benefits for the year ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

1

 
 
Supplemental Schedule
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2017,   has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2006.
Los Angeles, California
June 25 , 2018

2

PS 401(k) PROFIT SHARING PLAN
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STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
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﻿	 	 	 	 	 	
﻿	At December 31,	
﻿	201 7	 	201 6	
﻿	 	 	 	 	 	
ASSETS	 	 	 	 	 	
Investments at fair value	$	149,240,757 	 	$	128,579,838 	
﻿	 	 	 	 	 	
Receivables:	 	 	 	 	 	
Participant contributions	 	108,689 	 	 	98,983 	
Employer contributions	 	125,602 	 	 	240,367 	
Due from broker	 	41,691 	 	 	42,368 	
Total receivables	 	275,982 	 	 	381,718 	
﻿	 	 	 	 	 	
Total assets	 	149,516,739 	 	 	128,961,556 	
﻿	 	 	 	 	 	
LIABILITIES	 	 	 	 	 	
Due to broker	 	75,773 	 	 	54,781 	
Total liabilities	 	75,773 	 	 	54,781 	
﻿	 	 	 	 	 	
Net assets available for benefits	$	149,440,966 	 	$	128,906,775 	
﻿	 	 	 	 	 	

See accompanying notes.
3

 
PS 401(k) PROFIT SHARING PLAN
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STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
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For the Year Ended December 31, 201 7
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﻿
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﻿	 	 	
Additions to (Deductions from) Net Assets Attributed to:	 	 	
﻿	 	 	
Investment income:	 	 	
Net appreciation in fair value of investments	$	16,963,931 	
Interest and dividends	 	2,039,257 	
﻿	 	19,003,188 	
﻿	 	 	
Contributions:	 	 	
Participant	 	7,014,695 	
Participant rollovers	 	705,430 	
Employer	 	3,368,796 	
﻿	 	11,088,921 	
﻿	 	 	
Benefits paid to participants	 	(9,485,133)	
Administrative expenses	 	(72,785)	
﻿	 	 	
Increase in net assets available for benefits	 	20,534,191 	
Net assets available for benefits - beginning of the year	 	128,906,775 	
﻿	 	 	
Net assets available for benefits - end of the year	$	149,440,966 	
﻿	 	 	
﻿

See accompanying notes.
4

PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 201 7
 
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	1.		Description of the Plan	
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General
The PS 401(k) Profit Sharing Plan (the “Plan”) encompasses Public Storage , PS Business Parks, Inc. and certain of their majority owned subsidiaries ( collectively, the “Company”).  The following description of the Plan provides only general information.  Participants should refer to the Plan document for a more complete description of the Plan’s provisions. 
The Plan is a defined contribution plan available for the benefit of all permanent employees of the Company who have completed at least 30 days of service and are at least 21 years of age.  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  Although it has not expressed the intention to do so, the Company has the right to terminate the Plan subject to ERISA provisions.  The Plan allows interim allocations of Company contributions and earnings or losses of trust fund assets among participants. 
The Company appoints a committee (the “Plan Administrator”) to administer the Plan. At December   31, 20 1 7 , the Plan Administra tor is comprised of seven   officers of the Company with Wells Fargo   Bank acting as Trustee (the “Trustee”).   Wells Fargo Bank has custody of the Plan’s investments under a non-discretionary trust agreement with the Plan.
Other significant provisions of the Plan are as follows:
Contributions
Employee contributions to the Plan (voluntary contributions) are deferrals of the employee’s compensation made through a direct reduction of compensation in payrol l   during the year .  During 2017 , each eligible participant could elect a pretax contribution rate from 1% to 100% of their compensation, as defined in the Plan document, subject to the maximum annual elective deferral amount set by the Internal Revenue Code (the “Code”) .  Participants may also contribute rollover amounts representing distributions from other qualified benefit or defined contribution plans.
The Company contributes one dollar ($1.00) for each dollar deferred by a participant up to three percent (3%) of compensation, as defined and subject to certain limitations as described in the Plan document.  The Company also contributes an additional fifty cents ($ 0 .50) for each dollar that each participant defers in excess of three percent (3%) of compensation up to five percent (5%) of compensation .  The Company’s aggregate contributions are limited to four percent (4%) of compensation, as defined and subject to certain limitations as described in the Plan document.  Additional amounts , including profit sharing contributions, may be contributed at the discretion of the Company.  No such additional contributions were made in 201 7 .
Vesting
Since January 1, 2005 , employee deferrals and the Company’s safe harbor matching contribution are 100% vested and non-forfeitable .
Investment Options
Upon enrollment in the Plan, a participant may direct their contributions and holdings in various investment options.
Prior to December 19, 2005, participants had the option to direct contributions to the Company’s securities.  Effective December 19, 2005, participants no longer had that option.  Existing holdings of

5

PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 201 7
 
the Company’s securities on December 19, 2005, were either held or transferred to other Plan investmen t alternatives at the option of each participant .  Participants with individually directed accounts remain able to acquire and dispose of the Company’s securities at their discretion.  S ee Note  5   for disclosure of the remaining holdi ngs in the Company’s securities . 
The Plan ’s invest ment options include   the We lls Fargo Stable Return Fund N and the W F/BlackRock S&P 500 Index CIT N   which are common/collective trust funds.  The We lls Fargo Stable Return Fund   N seeks to provide a moderate level of stable income without principal volatility, while seeking to maintain adequate liquidity and returns superior to shorter maturity investments.  It invests in a variety of investment contracts and instruments issued by selected high-quality insurance companies and financial institutions.  Participant-directed redemptions have no restrictions; however, the Plan is required to provide a one-year redemption notice to liquidate its entire share in the fund.  The W F/BlackRock S&P 500 Index CIT N is an index fund that invests in the equity securities of companies that comprise the S&P 500 Index (the “Index”) and seeks to approximate as closely as practicable the total return, before deduction of fees and expenses, of the Index.  The W F/BlackRock S&P 500 Index CIT N has no redemption restrictions.  See “Investment Valuation and Income Recognition” in Note 2 below for further information regarding common collective trusts.
The Individually Directed Account is considered a self-directed brokerage account which allows participants access to a broader range of investment choices than that which is offered through the Plan’s menu.  Participants with Individually Directed Accounts remain able to acquire and dispose of the Company’s securities at their discretion.     At December 31, 201 7 , the Individually Directed Accounts were primarily invested in money market funds and common equity securities of publicly-traded companies, including those of the Company.
Distributions from the Plan
Distributions of each participant ’ s vested account balance upon severance or death are made in a single lump sum payment; however, upon severance if the participant’s vested account balance exceeds   $5,000, payment may be deferred at the election of the participant until April 1 st of the calendar year in which the participant reaches 70 ½ years of age.
Additionally, the Plan provides for hardship distributions (as defined).
Forfeited Accounts
Forfeitures of profit sharing contributions may be used (i) as a non-elective allocation to all eligible Plan participants, (ii) to reduce the Company’s safe harbor matching contribution or (iii) to reduce Plan expenses in the current Plan year or within one year following the end of the current Plan year.  During 201 7 , a total of $ 1,000 in non-vested amounts was forfeited from prior Plan year s , all of which were applied to Plan administrative expenses for eligible Plan participants in 201 7 .  As of December 31, 201 7 ,   there were no remaining non-vested forfeited amounts in the Plan.

	2.		Summary of Significant Accounting Principles	
Basis of Accounting
The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting and are in conformity with U.S. generally accepted accounting principles.

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PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 201 7
 
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.
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Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service (“IRS”) dated February 9 ,   2016 , stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation.  Subsequent to the issuance of the determination letter, the Plan has been amended.  Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification.  The P lan A dministrator has indicated that it will take the necessary steps, if any, to bring the Plan’s operations into compliance with the Code .  
U.S. generally accepted accounting principles require Plan management to evaluate uncertain tax positions taken by the Plan.  The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS.  The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 201 7 , there are no uncertain positions taken or expected to be taken.  The Plan is subject to routine audits by taxing jurisdictions .   There are currently no audits for any tax periods in progress.    
Investment Valuation and Income Recognition
Plan participants’ investments in Company equity securities ,   mutual funds , and the self-directed brokerage account investments   are recorded at fair value as determined by the quoted market price on the last business day of the plan year.  Common collective trusts are recorded at fair value based on the net asset value of the investment reported by the Trustee . 
Purchases and sales of securities are recorded on a trade-date basis.  Interest income is recorded on the accrual basis.  Dividends are recorded on the payment date.
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	3.		Fair Value Measurements	
“Accounting Standards Codification 820, Fair Value Measurement (“ ASC 820 ”)” defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.  Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price).  ASC 820 includes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).  The three levels of the fair value hierarchy are described below :
Level 1 – Valuation is based on quoted prices in active markets for identical securities.
Level 2 – Valuation is based upon other significant observable inputs .
Level 3 – Valuation is based upon significant u nobservable inputs (i.e., supported by little or no market activity).   Level 3 inputs include the Company ’s own assumption about the assumptions that market participants would use in pricing the securities (including assumptions about risk).
The level in the fair value hierarchy within which the fair value measurement is classified is

7

PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 201 7
 
determined based on the lowest level input that is significant to the fair value measure in its entirety.
The following table set s forth, within the fair value hierarchy, the Plan’s investments   carried at fair value as of December 31, 20 1 7   and 201 6 :
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﻿	 	 	 	 	 	 	
﻿	 	December 31,	
﻿	Hierarchy Level	 	2017	 	 	2016	
Investments:	 	 	 	 	 	 	
Company common and preferred stock	Level 1	$	18,640,844 	 	$	20,164,239 	
Mutual funds	Level 1	 	100,308,157 	 	 	79,334,200 	
Self-directed brokerage accounts	Level 1	 	6,893,823 	 	 	5,901,701 	
﻿	 	 	125,842,824 	 	 	105,400,140 	
Common/collective trusts:	 	 	 	 	 	 	
Wells Fargo Stable Return Fund N	Not applicable	 	9,879,424 	 	 	12,687,122 	
WF/BlackRock S&P 500 Index CIT N	Not applicable	 	13,518,509 	 	 	10,492,576 	
Total investments	 	$	149,240,757 	 	$	128,579,838 	
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	4.		Administration Fees	
For the year ended December 31, 201 7 , the Plan paid to the Trustee a   portion of the annual participant fee per eligible participant and certain transaction related expenses incurred for the administration of the Plan , totaling $ 72,785 .  The Company directly paid for all other   T rustee fees and all other expenses related to the Plan , totaling $221,879 for the year ended December 31, 2017 .

	5.		Parties-In-Interest Transactions	
The Company is the Plan sponsor as defined by the Plan document.  As described more fully under “Investment Options” in Note 1, while participants no longer have the option of directing contributions to the Company’s securities, participants can continue to hold such investments and participants with individually directed accounts remain able to acquire and dispose of the Company’s securities at their discretion.  Plan participants held the following shares in the Company’s securities :
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﻿	 	 	 	 	 	 	 	 	 	
﻿	At December 31, 201 7	 	At December 31, 201 6	
﻿	Shares	 	Fair value	 	Shares	 	Fair value	
﻿	 	 	 	 	 	 	 	 	 	
Public Storage common shares	82,544 	 	$	17,251,696 	 	83,959 	 	$	18,764,837 	
Public Storage preferred shares	6,926 	 	 	177,527 	 	7,123 	 	 	155,066 	
PS Business Parks, Inc. common stock	9,686 	 	 	1,211,622 	 	9,483 	 	 	1,104,959 	
PS Business Parks, Inc. preferred stock	  -	 	 	-	 	5,987 	 	 	139,377 	
﻿	 	 	$	18,640,845 	 	 	 	$	20,164,239 	
﻿	 	 	 	 	 	 	 	 	 	
At December 31, 201 7   and 201 6 , Plan participants held $ 9,879,424   and $ 12,687,122 ,   respectively, in the Wells Fargo Stable Return Fund N , a common / collective trust fund offered by the Plan’s Trustee .  At December 31, 201 7   and 201 6 , Plan participants held $ 544,686 and $ 452,847 , respectively, in the Wells Fargo Short Term Investment Fund S , a money market fund offered by the Plan’s Trustee .  The WF/BlackRock S&P 500 Index  CIT N   is an index fund offered by the Plan’s Trustee .  At December 31, 201 7   and 201 6 , Plan participants held $ 13,518,509   and  $ 10,492,576 , respectively, in this investment selection. 

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PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 201 7
 
6 . Risks and Uncertainties
The Plan provides for invest ment in various investment securities .  Investment securities are exposed to various risks, such as interest rate, market, and credit risks .  Due to the level of risk associated wit h certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near or long   term and that such changes could materially affect participants’ account balances and the amounts reported in the financial statements.
7 . Concentrations
Investments in the Company’s securities comprised approximately of 1 2 % and 1 6 % of the Plan’s total investments as of December 31, 201 7   and 201 6 , respectively.

9

 
 
SUPPLEMENTAL INFORMATION
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SCHEDULE I
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PS 401(k) PROFIT SHARING PLAN
SCHEDULE H, LINE 4 i –
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 3 1, 201 7
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Employer Identification Number: 95-3551121
Plan Number: 001
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﻿	 	 	 	 	 	 	
(a)	(b)	 	(c)	 	 	(e)	
﻿	 	 	Description of investment including maturity	 	 	 	
﻿	Identity of issue, borrower, lessor, or	 	date, rate of interest, collateral, par or	 	Current	
﻿	similar party	 	maturity value	 	Value	
﻿	 	 	 	 	 	 	
*	Wells Fargo	 	Wells Fargo Stable Return Fund N	 	$	9,879,424 	
*	Wells Fargo	 	Wells Fargo Short Term Investment Fund S	 	 	544,686 	
*	Wells Fargo	 	WF/BlackRock S&P 500 Index CIT N	 	 	13,518,509 	
﻿	Eagle Funds	 	Carillon Eagle Mid Cap Growth Fund/R 6	 	 	3,412,933 	
﻿	Dodge & Cox Funds	 	Dodge & Cox International Stock Fund	 	 	4,560,945 	
﻿	American Funds	 	EuroPacific Growth Fund/R6	 	 	3,534,429 	
﻿	Fidelity Investments	 	Fidelity Contrafund	 	 	4,134,697 	
﻿	Fidelity Investments	 	Fidelity Low Price Stock Fund	 	 	3,704,774 	
﻿	Harbor Funds	 	Harbor Capital Appreciation Retirement	 	 	16,128,612 	
﻿	The Oakmark Funds	 	Equity & Income I Fund	 	 	26,597,806 	
﻿	The Oakmark Funds	 	Select I Fund	 	 	1,733,854 	
﻿	MetWest Funds	 	Metropolitan West Total Return Bond Fund	 	 	4,201,531 	
﻿	JP Morgan Funds	 	JP Morgan Value Advantage Fund – R6	 	 	3,100,973 	
﻿	T. Rowe Price	 	T. Rowe Price Real Estate I   Fund	 	 	3,408,536 	
﻿	The Vanguard Group Mutual Funds	 	Explorer Admiral Fund	 	 	5,845,586 	
﻿	The Vanguard Group Mutual Funds	 	Short Term Federal Admiral Fund	 	 	2,537,412 	
﻿	The Vanguard Group Mutual Funds	 	Windsor II Admiral Fund	 	 	8,618,365 	
﻿	The Vanguard Group Mutual Funds	 	Total Bond Market Index Admiral Fund	 	 	1,312,805 	
﻿	The Vanguard Group Mutual Funds	 	Mid-Cap Index Admiral Fund	 	 	3,786,991 	
﻿	The Vanguard Group Mutual Funds	 	Small-Cap Index Admiral Fund	 	 	1,960,537 	
﻿	The Vanguard Group Mutual Funds	 	Total International Stock Market Admiral Fund	 	 	1,182,684 	
*	Public Storage	 	Company common shares	 	 	17,251,696 	
*	Public Storage	 	Company preferred shares	 	 	177,527 	
*	PS Business Parks, Inc.	 	Company common stock	 	 	1,211,622 	
﻿	Individually directed accounts	 	Various investment securities	 	 	6,893,823 	
﻿	Total	 	 	 	$	149,240,757 	
﻿	 	 	 	 	 	 	
﻿	 	 	 	 	 	 	
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* Indicates a party-in-interest of the Plan.
Note: As all Plan   investments are participant directed, column (d) providing certain participant - directed transaction cost information is not applicable and has been omitted.

10

 
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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PS 401(k) PROFIT SHARING PLAN	
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Date: June 25 ,   201 8

﻿	 	
By:	/s/ Natalia Johnson	
﻿	Natalia Johnson	
﻿	Chairman, Administrative Committee	
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﻿

11

 
EXHIBIT INDEX
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﻿	 	
Exhibit
Number	
Description	
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23	Consent of Independent Registered Public Accounting Firm.  Filed herewith.	
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12

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Exhibit 23
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CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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We consent to the incorporation by reference in Post-effective Amendment No. 1 on Form S-8 to the Registration Statement on Form S-4 (No. 333-141448) for the registration of common shares of beneficial interest pertaining to the PS 401(k) Profit Sharing Plan of Public Storage of our report dated June 25 , 201 8 , with respect to the financial statements and schedule of the PS 401(k) Profit Sharing Plan included in this Annual Report (Form 11-K) for the year ended December 31, 201 7 .
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﻿
/s/ Ernst & Young LLP
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﻿ Los Angeles ,   California
June 25 , 2018
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