Public Storage — Director's Dealing 2012

May 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Public Storage (PSA)
CIK: 0001393311
Period of Report: 2012-05-08

Reporting Person: Glick Steven M. (Sr. V.P. & Chief Legal Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-08	Common Stock	M	5000	$80.33	Acquired	15679	Direct
2012-05-08	Common Stock	S	5000	$140.00	Disposed	10679	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-08	Stock Option (right to buy)	$80.33	M	5000	Disposed	2020-02-23	Common Stock (5000)	Direct

Footnotes

F1: Includes 8,826 restricted share units.

F2: Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan; options vest in 5 equal annual installements beginning 1 year from date of grant.