Public Storage — Director's Dealing 2011

Dec 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2011-12-13

Reporting Person: HAVNER RONALD L JR (Director, CHAIRMAN & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-13	Common Stock	M	53317	$50.30	Acquired	88317	Indirect
2011-12-13	Common Stock	S	53317	$127.4295	Disposed	35000	Indirect
2011-12-14	Common Stock	M	46683	$50.30	Acquired	81683	Indirect
2011-12-14	Common Stock	S	46683	$126.8685	Disposed	35000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-13	Stock Option (right to buy)	$50.30	M	53317	Disposed	2018-03-02	Common Stock (53317)	Direct
2011-12-14	Stock Option (right to buy)	$50.30	M	46683	Disposed	2018-03-02	Common Stock (46683)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	300	Indirect
Depositary Shares Representing Series G. Preferred Stock	8570	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$81.81	2017-12-08	Common Stock (83000)	83000	Direct
Stock Option (right to buy)	$95.18	2016-12-08	Common Stock (83000)	83000	Direct
Stock Option (right to buy)	$69.87	2015-12-08	Common Stock (83000)	83000	Direct

Footnotes

F1: By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.

F2: By Ronald L. Havner, Jr. for benefit of son.

F3: 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.

F4: Share 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.

F5: Represents weighted average purchase price. These shares were sold at prices ranging between $127.0000 and $128.3000. Full information regarding the number of shares purchased at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

F6: Represents weighted average purchase price. These shares were sold at prices ranging between $126.1100 and $127.3533. Full information regarding the number of shares purchased at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.