Public Storage — Director's Dealing 2011

Feb 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2010-12-30

Reporting Person: HUGHES B WAYNE ET AL (Director, 10% Owner, CHAIRMAN OF THE BOARD)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-30	Common Stock	G	800000	—	Disposed	1923141	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	0	Indirect
Common Stock	1427	Indirect
Common Stock	735000	Indirect
Common Stock	535092	Indirect

Footnotes

F1: By B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77 (the "Living Trust").

F2: By The Northern Trust Company of Delaware, trustee for B. Wayne Hughes 2008 Irrevocable Intervivos Trust ("NTCD").

F3: By custodian of an IRA for the reporting person's benefit.

F4: By B. Wayne Hughes, trustee of Wayne Hughes 6-07 Annuity Trust.

F5: 401 (k) plan units that represent interests in common stock or equity stock; based on plan information as of February 2, 2011. There is not a one to one correlation between units and shares. Any reduction in the number of units from prior filings represents the liquidation of units by the trustee of the plan to fund mandatory distributions to the reporting person.