Public Storage — Director's Dealing 2011

Mar 30, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2011-03-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-30	Common Stock	M	10000	$50.30	Acquired	24815	Direct
2011-03-30	Common Stock	S	10000	$110.00	Disposed	14815	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-30	Stock Option (right to buy)	$50.30	M	10000	Disposed	2019-03-02	Common Stock (10000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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 7,127 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.