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: GUSTAVSON TAMARA HUGHES (Director, 10% Owner)

Derivative Transactions

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

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2500	Indirect
Common Stock	11348	Direct
Common Stock	17890	Indirect
Common Stock	17890	Indirect
Common Stock	15668792	Direct
Common Stock	1425	Indirect
Common Stock	1300	Indirect
Common Stock	251545.7097	Indirect
Common Stock	5500	Direct
Common Stock	2000000	Indirect
Common Stock	2000000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Options (right to buy)	$70.72	2018-11-25	Common Stock (15000)	15000	Direct

Footnotes

F1: By reporting person as custodian for son.

F2: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F3: By husband as custodian for son.

F4: By husband as custodian for daughter.

F5: By custodian of an IRA for benefit of reporting person.

F6: By husband.

F7: 401(k) plan units that represent interests in common stock; based on plan information as of May 6, 2010. There is not a one to one correlation between units and shares.

F8: By reporting person and husband.

F9: By Tamara Hughes Gustavson, trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of son.

F10: By Tamara Hughes Gustavson, trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of daughter.

F11: 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.