Public Storage — Director's Dealing 2012

May 15, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2012-05-11

Reporting Person: HUGHES B WAYNE ET AL (Chairman Emeritus)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-11	Common Stock	S	125000	$139.341	Disposed	1798141	Indirect
2012-05-14	Common Stock	S	51672	$137.894	Disposed	1746469	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1427	Indirect
Common Stock	735000	Indirect

Footnotes

F1: By B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77 (the "Living Trust").

F2: By custodian of an IRA for the reporting person's benefit.

F3: By B. Wayne Hughes, trustee of Wayne Hughes 6-07 Annuity Trust.

F4: Represents weighted average sales price. These shares were sold at prices ranging between $138.10 and $140.28. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the Securities Exchange Commisson, the issuer or a security holder of the issuer.

F5: Represents weighted average sales price. These shares were sold at prices ranging between $136.87 and $139.63. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the Securities Exchange Commisson, the issuer or a security holder of the issuer.