Public Storage — Director's Dealing 2010

Sep 17, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2010-09-16

Reporting Person: KROL CANDACE N. (SR. VP OF HUMAN RESOURCES)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-09-16	Common Stock	M	8000	$67.97	Acquired	22815	Direct
2010-09-16	Common Stock	S	8000	$103.194	Disposed	14815	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-09-16	Stock Option (right to buy)	$67.97	M	8000	Acquired	2015-09-05	Common Stock (8000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$50.30	2019-03-02	Common Stock (40000)	40000	Direct
Stock Option (right to buy)	$80.48	2018-02-27	Common Stock (90000)	90000	Direct
Stock Option (right to buy)	$97.47	2017-03-15	Common Stock (40000)	40000	Direct

Footnotes

F1: Includes 8,064 restricted share units.

F2: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan.

F3: 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.

F4: Represents weighted average purchase price. These shares were sold at prices ranging between $103.1631 and $103.2900. 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.