Public Storage — Director's Dealing 2011

May 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2011-05-05

Reporting Person: GUSTAVSON TAMARA HUGHES (Director, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-05	Stock Option (right to buy)	$115.96	A	5000	Acquired	2021-05-05	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	17259349	Direct
Common Stock	27343	Indirect
Common Stock	1300	Indirect
Common Stock	400000	Indirect
Common Stock	5500	Direct
Common Stock	535000	Indirect
Common Stock	535000	Indirect
Common Stock	750000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (right to buy)	$94.25	2020-05-06	Common Stock (5000)	5000	Direct
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. Includes roll over of 25,918 shares from reporting person's 401(K)plan.

F6: By husband.

F7: Reporting person is the successor trustee of two trusts for the benefits of her children that own a 50% interest in a limited liability company that owns a total of 800,000 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.

F12: By husband as trustee of charitable lead annunity trust.

F13: Reflects transfer of 1,465,000 shares to reporting person.

F14: Reflects transfer of a total of 2,930,000 shares from two GRATs described in notes (9) and (10).