Public Storage — Director's Dealing 2011

May 6, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: HUGHES B WAYNE JR (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-15	Common Stock	G	4799	—	Disposed	4704914	Indirect
2011-03-30	Common Stock	G	139	—	Disposed	4704775	Indirect
2011-04-11	Common Stock	G	920	—	Disposed	4703855	Indirect
2011-04-05	Common Stock	G	1785	—	Disposed	4702070	Indirect
2011-04-26	Common Stock	G	44	—	Disposed	4702026	Indirect

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	8005	Direct
Common Stock	11348	Direct
Common Stock	1000000	Indirect
Common Stock	25692	Indirect
Common Stock	3390	Indirect
Common Stock	8506	Indirect
Common Stock	233	Indirect
Common Stock	444	Indirect
Common Stock	44312	Indirect
Common Stock	17890	Indirect
Common Stock	400000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$94.25	2020-05-06	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$91.81	2018-05-08	Common Stock (5000)	5000	Direct
Stock Option (right to buy)	$91.68	2017-05-03	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$74.23	2017-08-02	Common Stock (2500)	2500	Direct
Stock Option (right to buy)	$60.06	2015-05-05	Common Stock (2500)	2500	Direct

Footnotes

F1: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F2: By wife as custodian for daughter.

F3: By reporting person as custodian for son.

F4: By reporting person as custodian for daughter.

F5: By custodian of an IRA for benefit of wife.

F6: By wife.

F7: By custodian of an IRA for benefit of reporting person. Includes rollover of 43,081 shares from reporting person's 401(K) plan.

F8: By wife as custodian for son.

F9: Reporting person is the successor trusteee of two trusts for the benefit of his children that own a 50% interest in a limited liability company that owns a total of 800,000 shares.

F10: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 3 equal annual installments beginning 1 year from grant date.

F11: By reporting person and wife as joint tenants.

F12: 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.

F13: By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust.

F14: By reporting person as successor trustee and holder of remainder interest in charitable lead annuity trusts.