Public Storage — Director's Dealing 2010

May 21, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2010-05-20

Reporting Person: REYES JOHN (SENIOR VICE PRESIDENT / CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-20	Common Stock	M	8600	$23.0625	Acquired	63805	Direct
2010-05-20	Common Stock	S	8600	$89.2349	Disposed	55205	Direct
2010-05-21	Common Stock	M	21400	$23.0625	Acquired	76605	Direct
2010-05-21	Common Stock	S	21400	$89.1327	Disposed	55205	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-20	Stock Option (right to buy)	$23.0625	M	8600	Disposed	2010-12-13	Common Stock (8600)	Direct
2010-05-21	Stock Option (right to buy)	$23.0625	M	21400	Disposed	2010-12-13	Common Stock (21400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	57025.1749	Indirect
Depositary Shares Representing Series A Preferred Stock	2500	Direct
Depositary Shares Representing Series D Preferred Stock	10500	Direct
Depositary Shares Representing Series F Preferred Stock	945	Direct
Depositary Shares Representing Series I Preferred Stock	500	Direct
Depositary Shares Representing Series K Preferred Stock	1000	Direct
Depositary Shares Representing Series M Preferred Stock	765	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$50.30	2019-03-02	Common Stock (100000)	100000	Direct
Stock Option (right to buy)	$80.48	2018-02-27	Common Stock (250000)	250000	Direct
Stock Option (right to buy)	$97.47	2017-03-15	Common Stock (140000)	140000	Direct
Stock Option (right to buy)	$78.36	2016-03-03	Common Stock (50000)	50000	Direct
Stock Option (right to buy)	$47.65	2014-08-05	Common Stock (100000)	100000	Direct

Footnotes

F1: 401(k) plan units that represent interests in common stock; based on plan information as of May 19, 2010. There is not a one to one correlation between units and shares.

F2: Stock Options granted pursuant to the 1996 Stock Option and Incentive Plan.

F3: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan.

F4: Includes 16,500 restricted share units.

F5: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan; options vest in 5 equal annual installments beginning 1 year from date of grant.

F6: Represents weighted average purchase price. These shares were sold at prices ranging between $89.00 and $89.43. Full information regarding the number of shares purchased at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.