Public Storage — Director's Dealing 2012

May 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2012-05-21

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-21	Common Stock	S	75000	$133.0786	Disposed	1671469	Indirect
2012-05-22	Common Stock	S	40418	$133.1637	Disposed	1631051	Indirect
2012-05-23	Common Stock	S	7910	$130.2182	Disposed	1623141	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 $130.5260 and $133.3200. 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 $131.6100 and $133.4400. 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.

F6: Represents weighted average sales price. These shares were sold at prices ranging between $129.7700 and $132.2800. 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.