Public Storage — Director's Dealing 2012

Feb 24, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2012-02-23

Reporting Person: HAVNER RONALD L JR (Director, CHAIRMAN & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-23	Common Stock	A	50000	—	Acquired	85000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	300	Indirect
Depositary Shares Representing Series G. Preferred Stock	0	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$50.30	2018-03-02	Common Stock (46683)	100000	Direct
Stock Option (right to buy)	$81.81	2017-12-08	Common Stock (83000)	83000	Direct
Stock Option (right to buy)	$95.18	2016-12-08	Common Stock (83000)	83000	Direct
Stock Option (right to buy)	$69.87	2015-12-08	Common Stock (83000)	83000	Direct

Footnotes

F1: Award of restricted stock units that vest in three equal installments beginning one year from the date of grant.

F2: Includes 50,000 restricted stock units.

F3: By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.

F4: By Ronald L. Havner, Jr. for benefit of son.

F5: The previously reported 8,570 Depositary Shares representing Series G Preferred Stock were redeemed by the issuer at $25 per share.

F6: Stock options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 3 equal annual installments beginning 1 year from grant date.

F7: Share 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.