Public Storage — Director's Dealing 2010

May 10, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2010-05-06

Reporting Person: LENKIN HARVEY (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-06	Stock Option (right to buy)	$94.25	A	5000	Acquired	2020-05-06	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Depositary Shares Representing Series D Preferred Stock	6000	Indirect
Depositary Shares Representing Series X Preferred Stock	6000	Indirect
Common Stock	100473	Indirect
Common Stock	777	Indirect
Common Stock	308	Indirect
Common Stock	31029	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$91.81	2018-05-08	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$74.23	2017-08-02	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$91.68	2017-05-03	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$85.50	2016-08-22	Common Stock (2500)	2500	Direct

Footnotes

F1: By trust of which the reporting person and his spouse are trustees.

F2: By a custodian of an IRA rollover for benefit of wife.

F3: By a custodian of a SEP IRA for benefit of wife.

F4: By a custodian of an IRA rollover for benefit of self. Includes shares rolled over from previously reported 401(k)account and includes automatic reinvestment of dividends.

F5: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 3 equal annual installments beginning 1 year from grant date.

F6: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan; options vest in 3 equal annual installments beginning 1 year from grant date.