Public Storage — Director's Dealing 2012

Mar 7, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2012-03-05

Reporting Person: GUSTAVSON TAMARA HUGHES (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-05	Common Stock	S	145000	$131.64	Disposed	17754349	Direct
2012-03-06	Common Stock	S	145000	$131.92	Disposed	17609349	Direct
2012-03-07	Common Stock	S	145000	$130.31	Disposed	17464349	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2500	Indirect
Common Stock	11348	Direct
Common Stock	17890	Indirect
Common Stock	17890	Indirect
Common Stock	27343	Indirect
Common Stock	1300	Indirect
Common Stock	400000	Indirect
Common Stock	5500	Direct
Common Stock	750000	Indirect
Common Stock	0	Indirect
Common Stock	0	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$115.96	2021-05-05	Common Stock (5000)	5000	Direct
Stock Options (right to buy)	$94.25	2020-05-06	Common Stock (5000)	5000	Direct
Stock Options (right to buy)	$62.80	2019-05-07	Common Stock (5000)	5000	Direct
Stock Options (right to buy)	$70.72	2018-11-25	Common Stock (15000)	15000	Direct

Footnotes

F1: By reporting person as custodian for son.

F2: By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

F3: By husband as custodian for son.

F4: By husband as custodian for daughter.

F5: By custodian of an IRA for benefit of reporting person.

F6: By husband.

F7: Reporting person is the successor trustee of two trusts for the benefits of her children that own a 50% interest in a limited liability company that owns a total of 800,000 shares.

F8: By reporting person and husband.

F9: By husband as trustee of charitable lead annunity trust.

F10: Stock 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.

F11: Represents weighted average sales price. These shares were sold at prices ranging between $131.10 and $132.51. Full information regarding the number of shares sold 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.

F12: Represents weighted average sales price. These shares were sold at prices between $131.25 and $132.90.Full information regarding the number of shares sold 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.

F13: Represents weighted average sales price. These shares were sold at prices between $130.00 and $131.15. Full information regarding the number of shares sold 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.

F14: By Tamara Hughes Gustavson, Trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of son. Reflects transfer of 535,000 shares to reporting person.

F15: By Tamara Hughes Gustavson, Trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of daughter. Reflects transfer of 535,000 shares to reporting person.

F16: Reflects transfer of a total of 1,070,000 shares from two GRATs described in notes (14) and (15).