Public Storage — Director's Dealing 2011

Nov 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2011-11-15

Reporting Person: DOLL DAVID F (SENIOR VICE PRESIDENT)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-15	Common Stock	M	479	$55.66	Acquired	14966	Direct
2011-11-15	Common Stock	S	479	$126.00	Disposed	14487	Direct
2011-11-15	Common Stock	M	2388	$97.47	Acquired	16875	Direct
2011-11-15	Common Stock	S	2388	$126.0060	Disposed	14487	Direct
2011-11-16	Common Stock	M	6321	$97.47	Acquired	20808	Direct
2011-11-16	Common Stock	S	6321	$126.0051	Disposed	14487	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-15	Stock Option (right to buy)	$97.47	M	2388	Disposed	2017-03-15	Common Stock (2388)	Direct
2011-11-16	Stock Option (right to buy)	$97.47	M	6321	Disposed	2017-03-15	Common Stock (6321)	Direct
2011-11-15	Stock Option (right to buy)	$55.66	M	479	Disposed	2015-02-21	Common Stock (479)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$50.30	2019-03-02	Common Stock (50000)	50000	Direct
Stock Option (right to buy)	$80.48	2018-02-27	Common Stock (150000)	150000	Direct
Stock Option (right to buy)	$82.90	2016-03-16	Common Stock (40000)	40000	Direct

Footnotes

F1: Includes 7,125 restricted stock units.

F2: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 5 equal annual installments beginning 1 year from date of grant.

F3: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 8 equal annual installments beginning 1 year from date of grant.

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.

F5: By David F. Doll for benefit of minor son.

F6: These shares were sold at prices ranging between $126.0000 and $126.0076. 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.

F7: These shares were sold at prices ranging between $126.0000 and $126.0800. 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.