Public Storage — Director's Dealing 2012

Mar 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2012-02-28

Reporting Person: KROL CANDACE N. (SR. VP OF HUMAN RESOURCES)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-28	Common Stock	A	15000	$0.00	Acquired	29710	Direct
2012-02-28	Common Stock	F	1112	$135.03	Disposed	28598	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$50.3	2019-03-02	Common Stock (40000)	40000	Direct
Stock Option (right to buy)	$80.48	2018-02-27	Common Stock (74282)	74282	Direct
Stock Option (right to buy)	$97.47	2017-03-15	Common Stock (40000)	40000	Direct

Footnotes

F1: Includes 21,252 restricted share units.

F2: Includes 18,252 restricted share units.

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: Award of restricted share units that vest 20 percent on the date of grant, and 20 percent each year thereafter.