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Public Storage Director's Dealing 2011

Dec 13, 2011

30014_dirs_2011-12-13_8039dd08-6fbd-4e7a-a9bc-04b32d4a64a0.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2011-12-09

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

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2011-12-09 Common Stock M 50000 $47.65 Acquired 103870 Direct
2011-12-09 Common Stock S 50000 $130.0411 Disposed 53870 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2011-12-09 Stock Option (right to buy) $47.65 M 50000 Disposed 2014-08-05 Common Stock (50000) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 59790.7375 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 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

Footnotes

F1: Includes 12,875 restricted share units.

F2: 401(k) plan units that represent interests in common stock; based on plan information as of December 13, 2011. There is not a one to one correlation between units and shares.

F3: Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan.

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: These shares were sold at prices ranging from $129.7500 to $130.4900. 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.