Public Storage — Director's Dealing 2011

Mar 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2011-02-28

Reporting Person: REYES JOHN (SENIOR VICE PRESIDENT / CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-28	Common Stock	F	142	$112.25	Disposed	55063	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	58407.2608	Indirect
Depositary Shares Representing Series A Preferred Stock	2500	Direct
Depositary Shares Representing Series D Preferred Stock	10500	Direct
Depositary Shares Representing Series F Preferred Stock	945	Direct
Depositary Shares Representing Series I Preferred Stock	500	Direct
Depositary Shares Representing Series K Preferred Stock	1000	Direct
Depositary Shares Representing Series M Preferred Stock	765	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$50.30	2019-03-02	Common Stock (100000)	100000	Direct
Stock Option (right to buy)	$80.48	2018-02-27	Common Stock (250000)	250000	Direct
Stock Option (right to buy)	$97.47	2017-03-15	Common Stock (140000)	140000	Direct
Stock Option (right to buy)	$78.36	2016-03-03	Common Stock (50000)	50000	Direct
Stock Option (right to buy)	$47.65	2014-08-05	Common Stock (50000)	50000	Direct

Footnotes

F1: 401(k) plan units that represent interests in common stock; based on plan information as of March 1, 2011. There is not a one to one correlation between units and shares.

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

F3: Includes 16,125 restricted share units.

F4: 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.